Word: pension
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...seemed a splendid idea to France's Minister of State for Cultural Affairs, Author André Malraux, to have the state pay retirement pensions for legitimate writers. Accordingly, Malraux went before France's National Assembly, asked for a 1961 pension budget of $106,800. To determine who in France is really an author, Malraux applied the social security definition that a writer is one drawing at least 51% of his income from author's rights. To his dismay, Malraux found French letters in a sad state. Only 150 writers in all France qualified under the definition...
...feasted on lamb and rice, and Qatar's bankers and merchants flocked in to congratulate the old man, and wish his successor well. Everyone was happy when the new advisory council agreed to pay old Ali's debts out of state revenue and give him an annual pension big enough to continue his travels abroad, provided he cuts his retinue to a mere handful of servants and wives...
...stock holding that belonged to the widow and four children of Sherman Hoar Bowles, the papers' eccentric last dynastic proprietor, who died in 1952. But until 1967. voting rights to that 45% are held, by a voting trust controlled by trustees of the papers' pension funds. (Bowles, though he fought unions, was a paternalistic employer who wanted his own employees to have a big stake in their paper.) Thus, along with another 15% actually owned by the pension fund, the trustees (all of them staff members) are in control...
...Just as Stubborn." Confronted with such stern resistance, Newhouse has sued in U.S. District Court in Boston for the right to examine the books. He does not deny a consuming curiosity about the papers' pension fund, which finances employee benefits unparalleled in the U.S. press. A Springfield newspaper employee of 30 years can retire at 60 at full pay for life. To support such generosity, Newhouse says, the fund has assets in excess of $17 million...
...want to impair the pension rights of any present employee," says Newhouse, "but I want the profits hereafter to be used for the improvement of the physical plant and of the newspapers themselves." As far as Custodian Cook is concerned, Newhouse can whistle somewhere else for a meal-at least until 1967. Said Cook last week: "Newhouse has met a bunch of New England Yankees up here who are just as stubborn...