Word: pensioners
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Dates: during 1930-1939
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Breaking a long silence, University officials last night explained their pension plan for employees, asserting that it is more progressive than the pension system of industrial corporations and the federal government. The University, it was pointed out, is contributing $108,000 annually to the pension and insurance plans while the employees pay only $85,000. In most other pension plans, it was stated, employer and worker share the burden equally...
Their treatment under the University plan is actually more generous than it would be under the Social Security Act, it was said, as maids become eligible for pension payments under the University system after working a shorter period than would be necessary under the federal act. The Social Security Act requires that workers earn at least $2000 after January 1, 1936 before they can be eligible for payments, while the University requires three years preliminary service. It would take maids five years to earn enough money to qualify for federal pensions...
...computed that if a maid were to start work at the age of twenty-five and continue until the retirement age, she would receive a pension of $14 a month or $168 a year. However, University officials agreed that relatively few maids start to work for Harvard at the age of twenty-five and that an employee receiving the same salary as the hypothetical maid in question would after forty years under the federal plan receive $300 a year or 75 per cent of his salary...
University officials pointed out that in addition to pension payments most employees would receive payments for past service based on 1% of their previous salaries. The employees do not contribute anything to this plan. The percentage on which the grants are com- puted is typical in such arrangements, it was stated...
Leaders felt that maids as part time workers were entitled to more per hour than a steady worker of 40 hours a week. No maid works more than 26 hours, said Everitt, indicating that a weekly check for $8.88 was not an adequate living allowance. University pension and insurance plans are under discussion with Financial Vice-President Lowes. He stated that no conclusions had been reached...