Word: pensioned
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Dates: during 1970-1979
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...occupation, and 1961, when the hated Wall was erected, approximately 2,700,000 East Germans fled to the West, most of them young, talented and educated. Partly because of that drain, East Germany is still plagued by a shortage of labor. Some 35% of the work force is pension age; of the country's women between 16 and 60, 84% work outside the home-one of the highest percentages of any country in the world. Perhaps not coincidentally, the population growth is, next to Luxembourg's, the lowest in Europe...
Corporations have also caught the land bug. Hundreds have been going into land development or construction, or simply buying land and holding it for price appreciation. Chrysler Corp., for instance, has invested $89 million in diversified real estate ventures. General Electric has shifted 15% of its $3 billion pension fund into real estate. Other big players: ITT, Du Pont and U.S. Steel...
DIFFERENCES over the relative importance of the two major issues polarized the younger assembly line workers and their older colleagues. The senior employees wanted "30 and out," eligibility for full pension benefits after 30 years of service, regardless of age, and an increase over the current size of pension benefits. They got both...
Under the old contract a worker could retire after 30 year of service with full pension benefits only if he had reached the age of 56. Full pension was $500 a month. But the employee suffered a reduction in benefits once he became eligible for and began receiving social security checks...
...there is also a problem between the young and the middle-aged. There are no older people on the line, because even before the new pact, assembly line workers were able to retire at age 56 with full pension benefits...