Word: pension
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...back finally caved in, and the doctor said any man who works 46 years in a mine, mill or construction job, as I have, deserves a rest. So I retired on 80% Social Security and a small carpenter's pension. Millions of Americans work very hard for their money and are glad to retire at 65 or earlier...
...southwest, but last week letters from strikers describing the disturbances reached the West. Some 35,000 miners from the Jiul River basin, which provides 70% of the country's coal supply, went on strike in early August to protest food shortages, unpaid overtime work and a reduction of pension and sickness benefits. The walkout was by far the largest in Rumania since the Communist takeover...
...union's negotiating package includes a substantial wage hike from the present level of $65 a day (up to perhaps $100), better safety procedures and a restoration of payments to pension funds and health programs that were stopped during past wildcat strikes. But the key demand is to make the wildcats legal. For years, U.M.W. contracts have provided grievance and arbitration procedures to settle disputes between union locals and employers. But the union claims that the mine owners cynically drag out the proceedings, knowing that if the miners walk out, it is an easy matter to get an injunction...
Long before then, the U.M.W. itself would be in trouble. Wildcatting has all but destroyed the union's pension and benefit funds, which get their money from employers on the basis of man-hours worked and tons mined. One of the largest, which provides $20 million monthly in pension checks to 81,500 miners, has used up its cash reserves entirely and now survives month-to-month on a combination of bank loans and new payments from the mine operators. If the whole union walked out, the fund would not be able to meet its obligations, and the other...
...Congress's push for civil rights for the aged. Legislators could attempt to use the new forced retirement law to eliminate pressure for the reform of the Social Security system, Later retirements would help curtail the drain on Social Security as well as ease the burden on private sector pension funds...