The labor world. [volume] (Duluth, Minn.) 1896-current, 1916-08-05
PACKING PLANT HAS
NEW PENSION SYSTEM
Two Million Dollars Get Aside BY
Swift & Compar ~; ~ed
Employees. a<e szo..
WORKMEN WILL NOT
HAVE TO CONTRIBUTE
Plan AS Outlined Is Result of
More Than Six Years
Investigation.

CHICAGO. Ill.,, Aus. 3.-Two mill
lion dollars was the gift made by
Swift & Co. to their employees Mon
day. Announcement of the accumu-
latlon OF this sum during the past six
years in the form of a pension fund
occasioned much qualification to
workers in the plants and branch
houses in all cities where it was made
simultaneously. It is estimated that
more than 10000 men and women are
eligible, in time, to come under the
provisions of the fund, which became
active Aug.
One of the striking features of the
plan as outlined is that the employees
do not contribute to the fund, the
company furnishing absolutely all
money needed to pay pensions. In
this connection it is expected that
Swift & Co. will be called upon to pay
s40O,0O0 a year in addition to the in
come from the fund. in order to meet
the demands. In Chicago alone 5000
persons will come under the plan as
outlined.
Studied tO,er Systems.
"Swift & CO. have had a pension
plan under considerat ton for over six
years and during that time haye ac-
cumulated for the purpose fund of
s2,0OO.OOO." said Louis F. Swift, presi-
dent of the company. "In that time
We have studied dozens of pension
plans in effect in othe: organizations
both contributory and non-contribu-
tory and we believe that we have Sc
lected the best points of these and
have added a number of good fea-
lures that are. distinctive. It has been
the aim of Swift & Co. to tie its en-
ployes to itself in many ways. We
have worked to that end for years.
The pension plan is our scheme for
rfwardine~thisSf faithful service -
! Features Of Plan.
The salient points of the plan as
outlined in the formal announcement
to employees follow:
1. The employees do not contribute
to the fund.
.. Income from the $4,000, 900
foundation fund is to be supplemented
annually by Swift & Company until
the fund is large enough to meet the
necessary demands.
3. More than 10000 employees to
benefit by the announcement.
4. Men in the employ Of the COM
<pany twenty-five years, who have
reached the age of sixty may be pen
stoned.
s. Men in the employ Of the COM
pany twenty five years and who have
reached the age of sixty-five years
shall be pensioned.
s. Women in service twenty-five
years, who have reached the age of
fifty may be pensioned.
7. Women in service twenty-five
years, who have reached the age Of
fifty-five shall be pensioned.
s. Employees in service fifteen
years and up to twenty-five years.
who are permanently incapacitated
for work may be pensioned.
9. Pension of those retired on ac-
count of age and length of service, or
II incapacitated after, servic Of
twenty-five years, but prior to the
age of retirement, shall be one-half
of the average salary for the five
years preceding retirement.
10. Pension of those retiring on
account of incapacity after from fif-
teen to twenty-five years of service
shall be computed on a. basis of one
and one-half per cent Of the average
salary for the five year period pre-
ceding retirement, for each year of
continuous service.
II. No pension shall be less than
$240 per year.
12. No pension shall be in ex-
cess of S. 600 Der year.