Word: pension
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...tough. The hardest confrontation is shaping up for the autumn in the auto industry, where sales have been running 12% below a year ago. The United Auto Workers will be fighting not only for substantial wage raises and a faster-rising cost-of-living escalator but for extremely expensive pension increases. At present, a U.A.W. member can retire at age 60, after 30 years' employment, with a maximum pension of $400 a month. Union men are talking of retirement at a minimum of $500 a month and at any age after 30 years' service. Officials of General Motors...
Coping with obsolescent executives, says Wayne M. Hoffman, chairman of Flying Tiger Lines, is "the toughest job of top management." U.S. business often goes to extraordinary lengths to shield its failures. Next to early retirement with an extra-generous pension, the most common tactic is to move the failure to an impressive-sounding job that has no content. In fact, says Harvard Business Professor Abraham Zaleznik, he is "vice president of nothing." The man with a lofty title, a high salary and little to do may seem to be in an enviable position, but few enjoy it. "I have talked...
...prime-rate cut should speed this movement. The rate is one of the most important in the money markets. Although only the biggest and most creditworthy U.S. corporations get the prime rate, other business-loan rates are keyed to it, and it affects some nonbusiness loan charges too. Many pension funds, for example, lend to their members at a point or two above the prime rate. It also has great psychological importance as a closely watched indicator of credit tightness or ease. When it fell last week, rates also dropped in the bond markets, and buyers crowded in. Stock market...
June 24: Received a letter saying that my family would no longer receive a pension. I understood this to be moral torture. My elderly, sick wife and my son, who has been an invalid since childhood, were deprived of any means of support...
During her year in Germany, Diana made the turn away from affluence that so often marks the contemporary young. She preferred a Pension to a luxury hotel, a bicycle to a taxicab. On a trip with her father, she carried a Michelin guidebook because, he recalled, she "didn't want to go to any of those places, she wanted to go to places unknown...