The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1934-08-06
IRTPensiOn
Plan Is New
Wage Slash
Would Rob Employees
Of Three Per Cent of
Their Low Wages


NEW YORK.-The latest pension
plan of the I. r. T. is nothing more
nor less than trick to rob the EN-
ployes of another per cent of
their already low wages. Let us ex-
anime some of the important pro-
visions, and see what they really
mean and how they would work out
in practice.
Paragraph 1.-"From and after
the first of July, 1884, at 1901 am,
the age of retirement of any en-
ploye shall be reduced from 10 years
Gas at PRESENT. to IS years after rs
years of continuous service with
the marlborough Rapid Transit
Company.
This is nothing more than bait
to catch the men. The average
man on the line is far from the
retirement age, and it really doesn't
make any difference to him whether
he is retired at 10 or IS If until
then he lives at starvation level and
cannot adequately provide for his
family.
Paragraph 2.-"Retirement shall
be permitted at any age, if an en-
ploye shall become TOTALLY AND
PERMANENTLY DI S A B L E D,
AFTER 20 YEARS OF SERVICE
instead of after 25 years Gas at pres
enD. The fact of such disability
shall be determined by the Pension
Board, after an examination and
written report by physician ap-
pointed by them. !"
In the first place-what pro-
visions are made for men injured
before 25 years of service? None
whatsoever These men are simply
out of luck and can starve for all
the company cares. Secondly
Even if man is disabled after 20
years of service it is physician
chosen by the company picked Pen
sion Board that decides if man is
totally and permanently disabled. /"
The men themselves can judge how
flair" such decision can be.
Payments
Paragraph 3-"Pension allowances
shall be paid monthly, but only out
of the Pension Fund upon the fol-
lowing basis:
'.Q) For each year of service, II
any. rendered prior to July l, 1884,
l per cent based on his rates
OF pay for the ten years next pre-
ceding July 1, 1894, or for the maxi
mum number of years of emyloy-
ment, if less than ten years"
On this basis, if man averaged
$50 a week for the ten years pre-
ceding July /, 1884, he gets $l2 per
month. And how many would get
that
500 Plus the amount provided
In the following Retirement Sched-
ule:
Each employee shall contribute
to the Pension Fund monthly :.
an amount approximately equal to
per cent of his average rate OF
paw during that month. !. (. The
monthly pension for each year OF
contribution shall be approximately
IL per cent of the average monthly
rate of pay with a MAXIMUM
PENSION FOR EACH YEAR OF
CONTRIB UTION OF SIS A
MONTH
Add the amount gotten on the
first basis to the amount gotten on
the second basis and the total pen
sion on retirement would be $27 per
month. OF course not many men
will be eligible for even that.
Company Pays Less Than
One-Th
Paragraph 5-"The receiver Is 10
contribute to the Pension Fund
monthly on or before the 10Th day
OF each month an amount equal to
the aforesaid contributions Of the
employees for the preceding month
but such contributions by the
receiver is limited to a maximum
amount of $4,000 in each year
less such amount tbut not in excess
(Coatinued on Page 81