Word: pension
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...union won a considerable victory on the toughest issue"30 and out," or retirement at any age after 30 years of work on a pension of $500 a month. Management had argued intensely that it could not afford to lose its most skilled veterans, and that such a provision would double its pension costs of $250 million a year. In the end G.M. gave in on the principle, though not on the details...
...their job security, and one-quarter are concerned about their safety; 14,000 were killed in on-the-job accidents last year, more than the number of U.S. servicemen who died in Viet Nam in 1969. Fully 28% have no medical coverage, 38% no life insurance and 39% no pension beyond Social Security...
...want additional increases if strong inflation continues. They are also in revolt against the numbing prospect of spending all their years until old age on the assembly lines. The central issue is a demand for "30 and out": retirement at any age after 30 years of service, on a pension of $500 a month. The walkout is costing the economy $1 billion a week and so far has led to layoffs of more than 50,000 other workers in industries that supply or service...
...third quarter and could lose up to $1 billion in this quarter, sees its role in the strike as a Horatio at the bridge, holding fast against the onslaught of inflationary demands. The company has offered the men "58 and out," or retirement on a $500-a-month pension at age 58. G.M. argues that it cannot afford to lose too many of its most experienced hands. Fully 42,000 workers have 25 years or more of service. The public interest and the needs of the economy and of society, argues management, require that everyone work until close...
...closely studying a much-discussed memo written by Assistant Secretary Rosow, who has a cornucopia of ideas. All of them fall far short of labor youth's demands but meet specific needs of their elders. The Administration, for instance, is considering legislation for the Government to regulate corporate pension plans more closely and require that all of them be vested, becoming the workers' property after ten years on the job. Partly because workers often quit their jobs before they qualify for pensions?and also because many plans are badly funded and ill-managed?half of the 30 million employees covered...