Word: pensionable
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...steelworkers' Philip Murray could scarcely have been more overbearing. Jubilant over the presidential fact finders' recommendations that steel operators pay their workers up to 10? an hour for an insurance and pension program (TIME, Sept. 19), he wired U.S. Steel's austere President Benjamin Fairless: "Promptly and plainly advise me whether your companies are likewise willing to accept the recommendations of the board as a basis [for] settlement...
...Different Clothes. Fairless was for "proper" insurance and pension programs. By "proper" he meant programs to which the workers themselves contributed something. As for noncontributory welfare programs which provided benefits for the workers "at the expense of someone else" (i.e., management), this was "a revolutionary doctrine of far-reaching and serious consequences...
Question of Precedent. Although it was obviously true that pensions would cost the steelmen money, the fact finders had agreed among themselves that steel's profits were large enough to absorb the full cost of the pension and welfare plans. Nevertheless, Steelman Fairless was on firm ground when he insisted that this was a matter to be thrashed out at the bargaining table. That was a part of the original agreement...
...saying that a pension and welfare plan financed entirely by management would set a precedent, Ben Fairless was not on firm ground. Murray's union already had a number of noncontributory contracts among some 400 pension and insurance agreements with the steel industry and metal fabricators. Bethlehem Steel and Jones & Laughlin had been paying the full cost of pension plans for more than 20 years. Fairless' U.S. Steel itself had been an important party to the royalty-pension contract which operators of soft-coal mines had signed with John Lewis (see below). A steel spokesman said: "The Government...
...delegates got some evil-smelling doses to swallow. Leader of the House of Commons Herbert Morrison had sent up from London a cabinet decision that manual workers in nationalized industries for a period of two years must not even discuss pension plans with the nationalized boards running their industries. Said a Durham miners' leader: "Mind you, it's not that we trade unionists want to force the government into doing something the nationalized industries can't afford. We'd be perfectly willing to hold an inquiry on the point. But we're not going...