Word: pensions
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Dates: during 1940-1949
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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...
...Motives of Two Men. Was there a valid principle at stake between Fairless' theory of contributory pensions and Murray's theory of pensions financed entirely by industry? The majority of pension plans in U.S. industry were noncontributory. But there was also plenty of precedent in the U.S. (including Social Security) for the other theory. On other fronts last week industries were busy making bargains based on both propositions (see below) as pragmatic matters of business rather than as items of far-reaching sociological or economic import...
Henry Ford II, after reading the steel fact finders' report, said in effect to his executives: "There's no reason why we should have this shoved down our throats. Let's take the lead on pensions." Last week Ford's Vice President John Bugas offered Walter Reuther an 8 3/4 ?-an-hour, company-financed pension...
Next day, B. F. Goodrich offered 16,000 rubber workers a 10?-an-hour pension and insurance program. The Goodrich offer supplemented a small program already in force-one to which workers contributed. The rubber workers' union accepted and the workers ended a month-old strike. Then the International Harvester Co. offered 65,000 employees a 10?-an-hour welfare package-on condition that workers also kick in something...
...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...