Word: paying
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Dates: during 1970-1979
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...high inflation, spell trouble for the funds A pension bomb threatens the U.S. economy. Its fuse may now seem comfortably long, but it is indisputably burning. The toughest issue in the negotiations for a new contract between General Motors and the auto workers was not demands for more pay for the U.A.W.'s 460,000 workers on GM's pay roll, but for increased benefits for its fast-growing legion of retired employees. A big reason why policymakers in Washington are agonizing heavily over Chrysler's petition for federal help is the stark fact that...
Already, just about every employ with a pension plan is having to pay soaring retirement costs. At Atlantic Richfield, the eighth largest U.S. oil company, the pension payout jumped from $60 million in 1976 to $80 million last year. The pension burden has become heaviest in the older capital-intensive industries such as steel, rubber and farm equipment, often because tough unions have increasingly asked for fringe benefits instead of simple wage hikes. Among other firms carrying particularly weighty pension loads are Uniroyal, Wheeling-Pittsburgh Steel and the Budd Co. A great many other firms have not taken care...
...local government pension plans and found that 53 of them failed to make contributions on the level required by the Federal Government of private corporations. Says Michael Thome, head of the California state teachers retirement system: "Pension costs have been pushed into the future for somebody else to pay. Now, that day has arrived...
...longer term solution to the pension woes can only be painful to workers and the retired: they will have to pay more, and receive less. As the ratio of retired people to those holding jobs narrows in coming decades, active workers will have to increase their pension contributions. A congressional Joint Committee on Tax study has estimated that individual contributions will nearly double, from this year's $11.3 billion to $21.9 billion in 1984. Cutting back the growth of pension fund benefits in an era of double-digit inflation will be difficult but inevitable. Without some moderate increase...
...would be kept on the job. The company agreed to increase paid days off (not counting vacation) from 12 to 26 during the life of the contract. Pending ratification, neither side would discuss the noneconomic improvements or the size of the increases in the cost-of-living clause and pay rates. One unofficial estimate put the wage increase at between 9% and 12%. At present the combined basic wage rate for all classes of GM workers is $9 an hour; by the end of the contract period that could well have risen...