Word: pensionable
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...computed that if a maid were to start work at the age of twenty-five and continue until the retirement age, she would receive a pension of $14 a month or $168 a year. However, University officials agreed that relatively few maids start to work for Harvard at the age of twenty-five and that an employee receiving the same salary as the hypothetical maid in question would after forty years under the federal plan receive $300 a year or 75 per cent of his salary...
University officials pointed out that in addition to pension payments most employees would receive payments for past service based on 1% of their previous salaries. The employees do not contribute anything to this plan. The percentage on which the grants are com- puted is typical in such arrangements, it was stated...
Another superiority of the University's plan over other plans was considered the fact that employees who leave the University's service for any reason take the full value of their pension with them. Under many other plans, it was stated, the employee has to give up the amount his employer has contributed...
...pensions, of course, vary in amount according to the employee's length of service. Thus it was computed in the case of employees in the fifteen hundred dollar class that forty years service from the age of twenty-five would bring a pension 54% of the worker's salary, thirty years service 34%, 25 years...
When asked to comment upon the Pension plan, a University Hall pension authority issued the following statement...