Word: pension
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...many of the pickets, a more crucial issue is the union's demand for "30 and out"-voluntary retirement at any age after 30 years of service on a minimum pension of $500 a month. G.M. has 41,000 employees with 25 years or more of service, and, says the company's chief negotiator, Vice President Earl Bramblett, "the possibility of losing such a large number of highly skilled and experienced personnel could be a crippling blow." The company offers instead what might be called "58 and out"-retirement on a $500-a-month pension at 58, with...
Welcome Old Age. For many workers, the only escape is retirement on a pension. Old age is not unwelcome in the auto plants; it is common to hear young men talk longingly of retirement. That is why the union's demand that workers be allowed to retire after 30 years, regardless of age, on minimum pensions of $500 a month, has become a key issue in the G.M. strike. Says Pete Tipton, 34, a welder for Cadillac: "All I have to look forward to is '30 and out!' I only have a ninth-grade education...
...negotiations. Proclaiming a "crisis in costs," he declared that "we must restore the balance that has been lost between wages and productivity. We must receive the fair day's work for which we pay the fair day's wage." The companies also insist that fat pensions for all 30-year employees would be prohibitively expensive, probably doubling G.M.'s annual pension costs of $255 million...
...revolution would not take away the option of being a housewife. A woman who prefers to be her husband's housekeeper and/or hostess would receive a percentage of his pay determined by the domestic relations courts. If divorced, she might be eligible for a pension fund, and for a job-training allowance. Or a divorce could be treated the same way that the dissolution of a business partnership...
...problems that Stein and others deplore have been caused at least partially by the rise of the mutual funds and other institutional investors. The funds have grown from almost nothing before World War II to $39 billion in assets today. The mutual funds rank right after the pension funds as the biggest institutional shareholders. Though brokers derive some income from selling mutual fund shares, the funds nevertheless represent a threat not only to brokerage houses but also to savings banks and savings and loan associations. All are competing for the dollars that Americans have to invest or save. The institutions...