Word: pensionable
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...apparent injury to either side. It would cost Ben Fairless nothing more to waive his condition of worker contributions. Fairless pointed out that it would cost most of the workers nothing more in the long run to kick in a few cents; many of them were already contributing to pension and insurance funds. Pension money would belong to them as surely as if they had put it in a savings bank...
Once the bargaining got underway, something turned up almost at once. Standard Steel Works, a subsidiary of the Baldwin Locomotive Works, promptly agreed to the full 10?-an-hour pension and welfare package urged by the President as a sound basis for settling the contract dispute in the steel industry (TIME, Sept. 26). But other companies, as usual, would probably wait to see what U.S. Steel decided before they budged...
...talks wore on, with the Big Steel negotiators still at loggerheads, the biggest hope for a break appeared this week in an unexpected quarter. In Detroit, the Ford Motor Co. announced that it had offered the auto workers' Walter Reuther a company-paid pension plan in line with the recommendations of the steel board. Ford cautiously reported real progress, and Henry Ford II made plans to leave this week for Europe despite Reuther's peremptory announcement that he was issuing a strike notice, effective Sept. 29. If autos settled, there was still a good chance that steel would...
...telegraphed Fairless that the operators' attitude was "the public be damned," that steel was trying "to force a strike on the nation." Fairless wired Murray that he was being "dictatorial." Murray fired back that he would like to see Fairless (who was himself in line for a noncontributory pension of $50,000 a year) justify before the public his "attitude of horror towards noncontributory pensions and social insurance" for his workers. Fairless retired into silence...
...week, the fund had been taking in $5,000,000 a month and spending $8,000,000. Cut further by the halt of payments from the Southern operators, the fund had dwindled away to a bare $14 million. There was no way out; except for emergency payments all pension and welfare benefits would be suspended forthwith...