Employment of the older worker: An industrial and social problem. - Page 153 |
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141
1. C h ro n o lo g ic a l age should n o t be th e s o le d e te rm in ing
f a c t o r i n r e t i r i n g a p e rso n . Both sc ie n c e
and e x p e rie n c e i n d i c a t e g r e a t v a ria n c e in
i n d iv id u a l c a p a c i t i e s .
2. There i s ample evidence t h a t a r b i t r a r y r e tir e m e n t
cau ses g r e a t f i n a n c i a l h a rd s h ip s f o r many
p e rso n s .
3. Prem ature r e ti r e m e n t le a d s to human w aste and
g r e a t e r economic b u r d e n 'to th e n a tio n by in c r e a s ing
ta x e s t o su p p o rt th e r e t i r e d and a t th e same
tim e in c r e a s in g c o s ts of p en sio n s because of a
s h o r t e r p e rio d of fu n d in g .
4. Sumner S l i c h t e r e s tim a te d t h a t th e p r e s e n t lo s s
of p ro d u c tio n from r e t i r e d w orkers i s a p p ro x im
a te ly 3*8 b i l l i o n d o l l a r s a y ear a t th e p r ic e s
of 1951*
5* Sumner S l i c h t e r f u r t h e r e s tim a te d t h a t th e burden
t o su p p o rt th e n o n - i n s t i t u t i o n a l p o p u la tio n
s i x t y - f i v e y ea rs of age or over was 3*5 b i l l i o n
d o l l a r s a year or 1 .2 per c e n t of th e n e t
n a t i o n a l p ro d u c t of th e year 1950. This f ig u r e
was based upon 1950r,payments made f o r the
fo llo w in g purposes : -
a . Old age a s s i s t a n c e $1*5 b i l l i o n
b. S o c ia l S e c u r it y 1 .4
e . R a ilro a d R e tire m e n t b e n e f i t s *3 \
d. P r i v a t e p e n sio n payments .3 !
T o ta l $3»5 b i l l i o n '^
Comparing th e burden of 3*5 b i l l i o n d o l l a r s w ith ]
th e lo s s of p ro d u c tio n r e s u l t i n g from prem ature r e tir e m e n t j
of 3*8 b i l l i o n d o l l a r s a y e a r, i t can be s t a t e d t h a t i f j
prem ature r e tir e m e n t could have been e lim in a te d , th e n e t
^Sumner S l i c h t e r , C r i t e r i a f o r R e tire m e n t. (New
York: G. P. Putnam1s Sons, 1953)) P* 1^3*
5 l b i d . . pp. 177-78.
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| Title | Employment of the older worker: An industrial and social problem. - Page 153 |
| Repository email | cisadmin@lib.usc.edu |
| Full text | 141 1. C h ro n o lo g ic a l age should n o t be th e s o le d e te rm in ing f a c t o r i n r e t i r i n g a p e rso n . Both sc ie n c e and e x p e rie n c e i n d i c a t e g r e a t v a ria n c e in i n d iv id u a l c a p a c i t i e s . 2. There i s ample evidence t h a t a r b i t r a r y r e tir e m e n t cau ses g r e a t f i n a n c i a l h a rd s h ip s f o r many p e rso n s . 3. Prem ature r e ti r e m e n t le a d s to human w aste and g r e a t e r economic b u r d e n 'to th e n a tio n by in c r e a s ing ta x e s t o su p p o rt th e r e t i r e d and a t th e same tim e in c r e a s in g c o s ts of p en sio n s because of a s h o r t e r p e rio d of fu n d in g . 4. Sumner S l i c h t e r e s tim a te d t h a t th e p r e s e n t lo s s of p ro d u c tio n from r e t i r e d w orkers i s a p p ro x im a te ly 3*8 b i l l i o n d o l l a r s a y ear a t th e p r ic e s of 1951* 5* Sumner S l i c h t e r f u r t h e r e s tim a te d t h a t th e burden t o su p p o rt th e n o n - i n s t i t u t i o n a l p o p u la tio n s i x t y - f i v e y ea rs of age or over was 3*5 b i l l i o n d o l l a r s a year or 1 .2 per c e n t of th e n e t n a t i o n a l p ro d u c t of th e year 1950. This f ig u r e was based upon 1950r,payments made f o r the fo llo w in g purposes : - a . Old age a s s i s t a n c e $1*5 b i l l i o n b. S o c ia l S e c u r it y 1 .4 e . R a ilro a d R e tire m e n t b e n e f i t s *3 \ d. P r i v a t e p e n sio n payments .3 ! T o ta l $3»5 b i l l i o n '^ Comparing th e burden of 3*5 b i l l i o n d o l l a r s w ith ] th e lo s s of p ro d u c tio n r e s u l t i n g from prem ature r e tir e m e n t j of 3*8 b i l l i o n d o l l a r s a y e a r, i t can be s t a t e d t h a t i f j prem ature r e tir e m e n t could have been e lim in a te d , th e n e t ^Sumner S l i c h t e r , C r i t e r i a f o r R e tire m e n t. (New York: G. P. Putnam1s Sons, 1953)) P* 1^3* 5 l b i d . . pp. 177-78. |
