The Skyland post. [volume] (West Jefferson, N.C.) 193?-1988, 1937-06-03
Big Number to Get
Old Age Benefits
in North Carolina
More Than Half of u. S. Wage
Farmers Contributing to
Social Security

Washington, May 29.-In North
Carolina $4,000 persons have al
ready obtained account numbers,
and $4,000 workers are listed to re-
ceive benefits under the social Sc
curity act held valid by the United
States Supreme Court. In South
Carolina 266,456 account numbers
have been issued, and III, 900 work.
ers are listed.
Business establishments through
out the States are preparing to file
their first information returns as of
June 80, on wages earned by one or
more of their employees before
reaching the age of IS for work after
December 81, 1886. With the pen
sion law now in full effect and sus-
tanned by the highest court, total
wages are used as basis for COM
putting old-age benefits. However, no
more than $4,000 for any one year
for any. one employer will be count
ed as wages.
More than one-half of the nations
wage earners are finding money de-
Quoted regularly from their pay en-
velopes because of the social secur-
ity act, but they are thereby qualify
ing for pensions that will bring fl
nancial security after they reach the
age of IS.
At the same time employers in A
h. 10 -
Columbia are paying taxes based on
their pay rolls in order to provide
funds for the system of unemploy-
ment insurance set up in the law.
Exempted workers include those
on farms, domestic help, seamen,
Federal and State employees and en-
ployes of religious and charitable or
CARNATIONS.
Monthly pension checks will be-
gin going out in January, 1912, to
those who have qualified and have
reach the age of IS. A maximum of
$35 month is provided.
The amount of pension depends on
the amount of wages received be-
tween January l, of this year and
the date when the worker retires at
IS. The rate in computing the pen
sion is one-half of one per cent on
the first $4,000 in wages, one-twelfth
of one per cent of the next 1000
received, and one-tWentyfourth of
one per cent on all abovev $45,0OO.
Thus, if person 80 years old at
the start Of this year should earn an
average of $4,000 year for the next
IS years or until he is IS, his total
earnings would amount to $87, 500.
The monthly pension would be
F,Omputed this way: IL of one per
cent of $4,000, SIS; LIP of one per
cent of $4,000, $35; 1-24 of one per
cents of remainder, $17.79; monthly
check, $67.79. That monthly pension
would be received until death of the
worker.
Should he die before reaching IS,
his estate would be given 3 IL per
cent of his earnings from January l,
1887, until the time of death. Should
dL L1lC age VI w, LII 4A1OIoAANO1
his total earnings would have been
$4,000 for the period. The estate
would get 1-2 per cent of this sum,
or $1,750.
Estate Gets Sum
Should he retire at IS and receive
the pension for only short time be-
fore dying, the estate would receive
the difference between the total
amount received in pensions before
death, and 3 1-2 per cent of the total
earnings up to retirement.
A worker will be entitled to
monthly pension checks if, after
1886, he meets these requirements:
Cd His wages from employment
included in the law between 1886
the time he retires at IS must total
at least $4,000; and (2) the wages
must be from work at some time in
each of at least five calendar years
after 1886 and before the age of IS.
Lump-sum payments now are be-
ing made to workers as they reach
IS, amounting to 3 IL per cent OF
the wages between last January l
and the date the age of IS is reach
ed. Death payments also are being