Word: pensionable
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...passed during the Depression, was to force workers to retire and get out of the labor force to make room for someone else. Since then, the labor shortage has changed the need for such a requirement, and 26 bills to let a worker over 65 collect his pension no matter how much he earns are now awaiting action by Congress. But the chances are slim that all restrictions on earnings will be dropped. The chief objection is that the total cost of paying benefits to those over 65, no matter what their income, would amount to some $10 billion...
Many unions fear that older workers who are on a pension would take lower pay and thus depress all wages. But the attitude is changing. C.I.O. President Walter Reuther now denounces compulsory retirement programs as "socially wrong and economically unsound." Actually, the enforced idleness of oldsters is estimated to cost the nation $5 billion a year in lost production, more than the annual cost of all industrial and governmental pension systems...
...SECURITY. The man in the service today is a pawn in the murky chessboard maneuvers of Congress and the services heads, continually changing the size, shape and pattern of the armed forces. A 20-year pension plan, which induces a man to rejoin the service, might be rescinded the year after he comes in. An officer who has spent most of his professional life in some branch of specialized research is apt to find that Congress or the Defense Department has scrapped his whole branch overnight...
...talking coal, Lewis exposed a weak point in a major argument advanced by all economic nationalists. U.S. coal never had much of an export market. Coal has been an increasingly sick industry-in part because Lewis' continued demands for wages and pension funds have priced it out of the U.S. market; consumers have turned to oil and gas for cheaper fuel. The sickness was happily concealed immediately after World War II because both European and Asian coal mines were out of commission, and the U.S. exported shipload after shipload of coal to fill the gap. Now foreign mines...
French Premier Joseph Laniel's first try at national economizing was a cut in the government's huge pension payments. Result: a chain explosion of crippling strikes that threw him into retreat. Last week Laniel tried a couple of other, less risky approaches-a fiat lowering prices and a crackdown on France's multitude of tax evaders...