El Paso herald. (El Paso, Tex.) 1901-1931, 1912-12-13
CORPORATIONS
To PENSION
EMPLOYEES
Steel and Telephone Corpor-
atoms Provide For Faith
full Old Workers.
IDEA Is
EXPECTED TO GROW
Steel Pension Fund of S.
100000 Increased to $12,-
100000 by Carnegie.

New York. n. Y, Dec. 13.-The estab-
! lishment of an old age pension fund
! jointly by Andrew Carnegie and the
( United States Steel corporation in 1910,
and the recent announcement of the
American Telephone and Telegraph COM
pany that a similar and more liberal
| provision for employees would be put into
effect by that business organization on
January l, 1913, has crystalized in a
/ general campaign to include these bene-
tits in the business organizations of other
large corporations having their head
quarters in this city.
No well defined step has been taken
openly by these corporations as vet, but
it is known that the matter he's been
under advisement BY the heads of some
OF the foremost organizations IN the
local business world and it is expected
that the termination of the present
month viii see a definite announcement
as to the fate of the project.
Steel Pension Fund S12,0O0,O0O.
The steel fund for pensions was estab-
hshed in 1910 through the joint action Of
Andrew Carnegie and the United States
Steel corporation. The amount of money
set aside by the steel trust was $S,000,-
600, while Mr.. Carnegie added 100000,
making a total pension fund of $4,000,
600.
This fund provided three classes Of
pensions First, pensions BY compulsory
retirement, granted to employees who
have been 20 years or longer in the serv-
ice and who have reached the age of 20
years for men and so years for women.
Second, pensions by retirement at re-
quest, granted to employees who have
been 20 years or longer in the service
and have reached the age Of so year,
Tor men and so years Tor women.
Third, pensions for incapncity, granted
to employees who have been 20 years OF
longer in the service and have become
permanently incapacitated totally,
through no fault of their own.
The amount Of the allowance made to
retired and disabled employees under the
rules of this fund cannot be less than
month.
Telephone Company More Liberal
Much more liberal terms are embodied
IN the S10,000,000 provision made by the
American Telephone and Telegraph COM
pany. Male employees who have reached
the ace OF go years. and who have been
20 years or more in the service Of the
corporation OF any of its subsidiary COM
panies, may retire on pensions. They
may also retire on the option of the
company when they have reached the
fl[N VI C-f years anu nave DEeN in EIe
service OF the company for 25 wears The
pension age of female employees is in
each case five years younger thar thas
OF the males. ANY employee who has
been 80 years in the employ of the cor
poration may be pensioned, regardless OF
age, on the approval of the president of
the corporation. The minimum pension
viii not be less than $40 per month.
In addition to these provisions the
American Telephone and Telegraph COM
pany supplements its straight old agt
pensions with far more liberal sick and
death benefits than those established BY
the United States Steel corporation.
The regulations of the steel trust fund
provide that an employee who has been
in the service Of the company for 90
years may be pensioned at the discretion
Of the board of trustees after total in
through no fault Of his own.