Word: pensions
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Dates: during 1950-1959
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...High Commissioner for a judicial inquiry into Seretse's fitness to rule. The British found that Seretse, by marrying without consulting his tribe had, like Britain's own Edward VIII, failed in his public duty. They banished both Seretse and Uncle Tshekedi from Bechuanaland, offered Seretse a pension of $3,080 a year. In five years, they might be allowed back if things cooled...
...entries about the Foreign Service and about Clubb's colleagues. These convinced the State Department Loyalty and Security Board that first examined the case that Clubb was too indiscreet to be a secure repository of secret information. Nevertheless, a month ago Clubb was allowed to retire with a pension of $5,800 a year; he announced that he had been cleared by departmental "processes," which everyone assumed meant State's investigating board...
...Sears." In the low-paying retailing industry, Sears pays clerks an average of $60 a week, considerably above the retail average. But the real device for making capitalists is Sears' profit-sharing plan, which was started by Rosenwald in 1916 and has become the wonder of the pension world. Thousands of Sears employees have retired with small fortunes. Sample: a woman clerk who never made more than $3,900 a year and contributed only $3,400 to the retirement fund in 35 years retired last year with $117,580 in cash and securities...
Since the fund began, employee and company contributions and earnings have totaled $377 million. Currently, 80% of the fund is invested in Sears stock, of which it holds by far the biggest block. In effect, the employees, through their trustees, have working control of the company. Outside pension experts sometimes view this with alarm; if Sears goes broke, the employees would lose heavily though cash and Government bonds protect the employees' own contributions. But Wood thinks that it makes employees work hard for Sears, and is thus the best insurance against the company's going broke...
While some civilian goods centers (e.g., Detroit and Providence) have been hard hit by unemployment, defense centers (e.g., San Diego and Indianapolis) were short of help. But the jobless showed few signs of abandoning seniority, pension plans, etc., in their old plants and moving...