The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1939-10-27
Security Influences
Spiritual Stability
Alfred P. Sloan, Jr. Gives Statement on Group In
surance, EmpIOye Security; Essential to Democracy

of an increasing proportion of the
American public.
2. To provide safe and steady en-
ployment:
(a) at wages which will enable the
individual employee and his family to
increase their consumption Of goods
and services and so to assure their
continued enjoyment of the highest
standard of living in the world.
CD Under working conditions
which will yield spirit of coopera-
ton and understanding In the re-
lations of employers and employe
and make for tolerance in regard
to their particular problems.
Co With a security program which
will implement the employment it
self with such safeguards and Sc
curity against economic and physical
hazards as will lead to a real peace
of mind among the employees.
8. To provide steady and fair
return on the capital invested.
Most Important
"None of these detectives is more
important than those dealing with
the opportunity for economic secur-
ity. A feeling of security Is essential
for the spiritual stability of the in
dividual - in order to maintain
in him his belief and his faith in
private enterprise and democratic
institutions. Economic security is
indispensable for the maintenance
of the markets which absorb Amer
ica's products and furnish the pur-
chasing power by which the wheels
of industry are kept in motion
Economic security is necessary for
satisfactory employer-employe rela-
tons. Stated simply, 1t is good bust
ness. Therefore it has been the
aim of American enterprise to pro-
vide the greatest possible number
with the maximum opportunity for
attaining econdl .
1.-THE major hazards that may be-
fall the individual Garner today are
unemployment, sickness and death
Industry's own safeguards against
possible unemployment tend neces-
sarily toward sterilization Of en-
ployment and, where possible, toward
provisions whereby the temporarily
unemployed will be enabled to tide
over period of idleness without
undue depletion Of financial re-
sources or morale. With the latter
end in view, the General Motors
Corporation has instituted, as an ex-
pertinent an income security plan
to reduce the impact Of industry's
seasonal trend upon the worker.
Contingencies
"As protection against unfore-
seeable contingcn of another ma
ture there has been available to
General Motors employees a group
insurance plan, providing for death
and disability benefits. Recently
this plan was extended - and the
protection strengthened - to in
clude benefits toward defraying the
cost of disqualification and surgical
operations.
This plan is cooperative, the d.
rect cost being shared by the Cor
poration and the employees, with the
corporation bearing the entire ex-
pense of administration. At the
time the extended benefits were in
troduced the basic plan was par
ticipated in by 90 per cent Of the
eligible employees. This indicates
that General Motors men and wo-
men concur with the arrangements
view as to the desirability and work.
ability of cooperative efforts Of this
type.
Our experience with these plans
has amply justified their installa-
ton. Moreover, 1t illustrates the
valuable services rendered by the
great insurance institutions whose
unwavering reliability makes pos-'
sible these constructive programs