Word: staying
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Dates: during 1970-1979
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...tell you about inflation. There's petrochemical inflation, energy inflation, machinery and steel inflation, wage inflation, and all of it comes down on the farmer. It just corks me off. It seems like we're always having to work harder and harder just to stay where...
Despite the new law, few workers want to stay past...
...retirement at 65-indicates that the numbers will be small. As companies have made retirement benefits more generous, the trend for decades has been toward earlier, not later retirement. For example, at Republic Steel Corp., which has never had mandatory retirement, less than 1% of the 40,000 workers stay on past 65; the average age of retirees is below...
Office workers, who sit at desks in pleasant buildings, may stay on in larger numbers, but not all that much larger. Less than 15% of Du Pont's employees, both blue-collar and whitecollar, elect to keep working until they reach 65. Says Employee Benefits Manager Leonard J. Bardsley: "This trend continued through 1978 even when they knew of the change in the law." Pitney-Bowes, Inc., abolished mandatory retirement last April 1. Since then, 105 of its workers have retired on or before their 65th birthday, and only ten have chosen to keep working more than...
Also, a worker who stays on until 70 need not be paid a higher pension than he would have collected if he had retired at 65. Thus companies' pension costs will not rise; they may even drop, since a worker who retires at 70 will draw a pension for fewer years. The cost of providing life and supplementary medical insurance for older workers may rise, but that will be offset by guidelines that the Department of Labor will issue within three months. They will declare that an employer will not have to pay any more to provide benefits...