Word: pension
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...Storting (Parliament), but Gerhardsen hung on to a razor's-edge majority with the help of two votes from the leftist Socialist Peoples Party. Two years ago he made a leftward gamble for fresh support: he promised four weeks' vacation for all workers and an old-age pension that. many believed, would put impossible strains on the budget...
...Abel, 57. Reminding steelmen that the union had meekly accepted "modest" settlements in 1962 and 1963, and that generous contracts were being signed in other industries "almost daily," Abel refused to scale down his demands. One of Abel's major goals was to win retirement on full pension after 30 years of work, reflecting a nationwide trend among unions to emphasize such fringe benefits as earlier retirement and longer vacations-mostly designed to soften the blow of automation by spreading the work thinner. That was the idea behind the U.S.W.'s pioneering 13-week vacation plan adopted...
...like the lower membership fees, the lower capital requirements and the less restrictive rules; some regionals go so far as to let their members split fees with nonmembers. The Big Board, on the other hand, bans fee splitting with nonmembers, including even such big customers as mutual funds and pension funds, who buy and sell shares in mammoth blocks. In a move that stunned most of the investment community, the Pacific Exchange recently became the nation's first to admit mutual-fund management companies to membership-a move that, if it becomes a trend, could cause brokers...
...present crisis go back to the early 1900s, when a young reform-minded President named José Battle y Ordóñez started the country on a spree of welfare-statism. He and his successors set up workmen's compensation, minimum-wage and old-age-pension plans, organized a sprawl of government industries (insurance, electricity, petroleum refining) to cut consumer costs and-in an effort to guarantee democracy-replaced Uruguay's one-man presidency with a nine-man National Council. As benefits piled on benefits, the Council became less a government than a gigantic octopus that today...
...institutional impact is destined to become stronger in the market. Mutual-fund assets have grown by an average 14% annually in recent years, and more and more labor settlements call for increased pension benefits. This tide of new money can have a major effect on the market, often helping to stabilize stock prices. Says Robert Driscoll, president of the Manhattan-based Affiliated Fund: "When the market goes up, we sell-and when the market goes down we buy." As the past few weeks have illustrated, the institutions' very size can make them an unsettling force, even when they...