Word: pay-as-you-go
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...pension whenever . . . the pensioner displays a decided lack of appreciation . . . or is guilty of other serious misconduct . . ." By 1929 industrial pension plans covered 1,451,485 workers. Most of the benefits were paid entirely by the employer, and employees contributed nothing; most of the plans were on a pay-as-you-go basis, i.e., the benefits were paid out of current earnings...
When the Depression put the pension plans to their first great test, many flunked it. As profits vanished, so did the pay-as-you-go pensions. Even the long-standing railroad plans faltered and had to be taken over by the Government.* When thousands of elderly workers finally realized the chilling fact that they would probably never find jobs again, a spate of fuzzy-brained solutions sprang up, e.g., the Townsend Plan, Upton Sinclair's E.P.I.C. (End Poverty in California). It was partially as a counterattack to them that federal Social Security-handled by the Government and paid...
...general, industrial pension plans are either contributory (employer & employee share the cost of the plan), or noncontributory (employer pays the full cost). Theoretically, either system may be financed and maintained on a pay-as-you-go basis, or funded (a reserve fund is set up to guarantee payments in good & bad years alike). Some plans-usually the contributory type-allow an employee to build up credits ("vesting"), and cash them in if he leaves the company before retirement. Still others permit an employee-should he leave the company before retirement-to leave his vested share in the company plan, collect...
...create jobs, a siphoning-off of $90 billion in cash, plus the reserves of private funds, might be dangerous. Thus, there are prospects that if & when the Senate finally approves the new bill, Congress may start another study to decide whether Social Security should move towards a pay-as-you-go basis, with only a modest reserve for emergencies...
...difference was a little black box with a face like a parking meter's and a slot like a piggy bank's. Called the Meter-Matic, it is similar to pay-as-you-go meters used during the depression, then discarded when money began growing on trees again. The gadget is fastened atop the refrigerator and the purchaser drops in a quarter a day (or more, depending on the installment conditions); if he fails to drop the coin in the slot, the electric current shuts...