The Waterbury Democrat., 1936-11-03

about this law, especially those parts of 1t which you have heard so grossly misrepresented-I mean the old-age benefits provisions.
 Old Age Benefits
 "The old-age benefits provisions are best understood if we compare them to insurance. They apply to wage and salary earners who are now young or iniddle-aged--men and women who work in industry, in business offices, in commercial enterprises of all kinds-about 26,- 100000 workers in all. Many em- ployers regard this old-age bene- fits plan as good business from their own standpoint, as well as that of their employe. Those employers are helping to get the plan launched.
 Let me give you some concrete examples of the true meaning of the act to those of you who work for wages or salary in the employ ments covered.
 First, what are the benefits the workers will receive? What will be the amounts of the monthly checks that go to them from the United States treasury after they are 60 years old and no longer at work?
 "The size of those checks will de- pend entirely upon how much the worker earns in wages or salary from his industrial or business em- ployment between January 1887, and his 65th birthday. A man or woman who gets good pay, and has a steady job most of his or her life can get as much as $85 6 month for life after 65. The least any worker can get who comes under these provisions at all Is $i0 Q month.
 Man of 35
 For an average example, take a man of 35 who is making $25 a week. He has 30 years ahead of him before he Is 65. If he works all that time and makes an average of $25 Q week or $l, 300 q year, his check when he Is 65 years old and retires will be $45 Q month for the rest of his life. If he makes $50 q week or $2,600 Q year, he will get $63.75 q month for the rest of his life after age 65. If he does not retire at 65, he will be- gin to get his checks when he does retire.
 But suppose he is about 55 years old now and has 10 years to work before he Is Go. Suppose he makes only $l5 week on the average. When he stops work at age 65, he will get a check for $l9 each month for the rest of his life. If he makes $25 week for ten years, be will get Q little over $23 month from the government as long as he lives af- ter his 65th birthday.
 Tn other words, every worker who comes under this part of the act at all gets benefits of some kind. If he doesn't get benefit paid in monthly installments, he or his family. get lump-sum payment. For another example. If the $25-a- week man should die at age GA, after working ten years, at that rate of pay, his family would re- ceive $455. If he had worked 30 years, the family would get $l,- 365. On the other hand, if this man has not worked enough to get the regular monthly checks by the time he is 65, he will get lump sum, or If he should die, his family or estate will get that sum. The lump-sum payment which corres- ponds in way to the cash value of the usual life-insurance policy, will be BIZ cents on every dollar of wages that man earns after 1886.
 50 much for the workers bene- fits. What about the costs? The worker pays one-half and the em- ployer pays one-half, and here is the way of 1t:
 Premiums
 "The taxes, or premiums, called for in this law will be paid by em- ployers and by workers. at the rate of cent on each dollar of the work CTS earnings, up to earnings of 5000 year. That will mean for the no-:t three years, Is cents Q week, 25 cents week. 30 cents week or more, according to what the worker earns. Tn other words. during the next three years. beginning January 1, 1887. the workers premium will be cent for every dollar he earns and at the same time the employer will pay cent for every dollar the worker earns. up to 5000 a year of earnings. Twenty-six million other workers and their employers will be paying at the same time.
 After the first three years the worker and the employer will each p,i half cent more every three years. until finally, beginning in i04D. twelve years from now, each wifi invest for oId-age security. 3 cents on each dollar the worker earns up to 5000 year. This is the most