The Oregon state employee., July 01, 1947, Page 13, Image 13

11
Retiring Workers Express Attitudes
P en sio n s W elcom e B ut In su ffic ie n t to P rovide
E con om ic Security fo r D eclin in g Years
By ELIZABETH DOTSON
The history of man, personally and
as a race, has been a constant striving
toward security. Individuals and man
at various stages' of history have not
always had to struggle for the same
securities. Man* in a primitive setting,
be he a cave dweller or a citizen of
a modern war-ravaged nation, seeks
physical security to insure mere exist­
ence. To some "social” security is im­
portant, to others spiritual security
comes first; but to most American
wofkers and their families the chief
objective, of their dialy labors is eco­
nomic security. An increasing number
of these men and women are hired to
work for an employer rather than for
their own private businesses.
Economic Insecurity of W age Earners
"It is insecurity which confronts the
mass of our citizens who are entirely
dependent upon a Wage or salary for
their livelihood | . . Economic security
is their paramount problem,” states
Abraham Epstein, "because their lives,
their standards, their health, and their
culture depends almost entirely upon
the size and steadiness of their wages;
arid the slightest interruption or reduc­
tion of their wages or any increase in
expenditures immediately condemns
them to defenselessness and poverty.” *
Financial security is not easily at­
tained even in America, which has so
much of the meat and so little of the
husk of the world. ‘ Among slightly
varying estimates, a typical one is
that 80 per cent of Americans earned
less than $2,000 annually before the
war. That is slightly over $165 month­
ly! A survey by the Department of
Agriculture and the Federal Reserve
Board reveal that "in the first quarter
of 1946, 39,000,000 bread winners,
whose typical economic - status was
represented by : ia median income of
$1,850 and savings of $363, consti­
tuted 8 5 per cent of the total number
of 'spending units (typical wage earn­
ers) .’’* *
"It is a conservative estimate that
at least 40 per cent of those reaching
the age of 65, are dependent for their
support upon relatives or public and
private charity,” wrote Mr. Epstein.*
Where It All Started
An employee retirement plan is one
of the most fair and orderly methods
by which younger employees can be
given new job opportunities and
through which older employees can
be helped toward the goal of economic
security and independence. I t .' is in­
teresting to note that the first formal
industrial pension system in America
was organized in 1874 as the Grand
Trunk Railway of Canada Superannu­
ation and Provident Fund Assoeiation.
In 191.1 the first contributory pension
for all state employees was adopted in
Massachusetts. The federal retirement
act was passed in May 1920. In 1945
the Oregon state legislature passed our
state retirement act.
"Vox Pop"
July 1 and December 31 this year
fo r the first time mean formal retire­
ment for Oregon state employees 6 5
years of age and older. To poll the
opinions of retiring, employees, we re­
quested the chapter press correspon-
dents to contact some of them.
Objections voiced by retiring em­
ployees seem to fall generally into three
categories. Those who still feel physical­
ly and mentally capable and who wish
to continue working, those who feel
that the starting retirement pensions
♦From “In secu rity , a C hallenge to A m erica,”
by A b rah am Epstein,-1933, S m ith & H aas.
♦♦“S u rv e y G rap h ic,” Ju n e , 1947, “ A re We
in fo r d epression?”, b y D. S. G illm or.
♦Ibid.