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Show THE NE NEW " " RAILWAY RAIL'VAY RAILVAY ' RETIREMENT ACT ACT'Final - - 'Final Final 'FmaI FmaI ' passage of the Railway Rall\\ay Rall ay \ Retirement act actwntes actwrites actwrites wntes writes finis fims to another chapter m in the outstanding record re- re record re record - - cord of organized labor in m the American Amencan railway industry In- In Industry in industry - - dustry , , " says sa s the Salisbmy Sahsbwy Sahsbuiy , North Carolina Carolma , , Post'The Post'The Post Post"The ' "The The 'The " new retirement act is an effecth effective e corn- corn cornpromise com com- compromise compromise - - promise between bet\\een bet een \ differences of opinion opImon oprnien amongar among'tar among \ar- ar 'tar- 'tar tar 'tarmom \ ' var various arlOUS - - ious lOUS mom groups On the whole it seems to have the aP- aP aPproval approval ap approval - - proval of eveiy evelY every level le\el le el \ of the railroad industry lndustry It Itappears Itappears Itappears appears to be a fair falr reward re\\ard re ard regard \ all around for mtelbgent intelligent mtelbgentand intelligentand intelligentand and tolerant dealings dealmgs between all concerned " The act constitutes the most conprehensive conprehenslve conprehensrve planin plan planm planin m in existence eslstence e istence in any industry mdustry for the retirement of ofemployees ofemployees ofemployees employees because of age or disability dlSab1l1ty . It affects affectsabout affectsabout affectsabout about 1,500000 1500000 , workers worhers , , and'oas and was \'oas 'oas oas aas \ ' evolved by joint Jomt ne- ne negotIatIons negotiations ne negotiations - - gotiations between beteen bet\\ bet betw \ \ een representatives representatn representatis es of railway managements manage manage- managements managements - - ments and the 21 standard railroad rallroad unionsUnder tUlIOnSUnder unions tUlIOnS unionsUnder Under the terms of the act , any emplo employee } ee of a arailroad arailroad arailroad railroad is eligible el1g1ble to retire at the age of 65 , or at 60 if it he has completed 30 years of service Employees Employeesmay Employeesmay Employeesmay may retire at any age after 30 years of service be- be because because be because - cause of mental or physical disability The act is fin- fin financed financed fin financed - anced by taxes on both emplo employees ees and employers employersAmount emplo employersAmount ers ersAmount Amount of the retirement pay is dependent depcndent upon uponyears uponyears uponyears years of service and compensation received Benefits Bene Bene- Benefits Benefits - fits are extremely lIberalThe liberalThe liberal liberalThe The act is important in that it marks a Imlestone milestone milestonein Imlestonem m in assuring assurmg future security secunty to theorkers the workers \\orkers orkers 'corkers corkers \ ' of our ourlargest ourlargest ourlargest largest single Industry It is equally important m rn mthat rnthat inthat that it represents an amicable and fair settlement ofdifferences of ofdIfferences ofdifferences dIfferences betv beta between . een social minded management andreputable andreputable and ' - These dld- dld did- did dldn did-nt did nt didn - -reputable reputable reputable , long-established long established - unions unions n t resort toIolence to \ violence \Iolence Iolence and disorder to attain theh then thehendsthey thenendsthey theiiends ends-they ends they - they sat down with v.ith vith aith . the emplo employers ers , and dIS- dIS dIScussed discussed dis discussed - cussed and solved their problems problem The result is that thatraIlroad thatrailroad thatrailroad raIlroad labOl-nl\\ays labOl nl ays laboi-ahtiays laboi ahtiays laboi - always \ \ highly hlghly , paid- paid paidnn paid-can paid can paid - < : - can nn look forwara forward forwarauth forwardaith forwardwith \uth uth aith \ equanimity equammity to the future The act is a to\\ermg to ermg towering toweringmonument toermgmonument toweringmonument \ \ monument to wise industrial lelations lelatlons ielations , , and sincere , , Jionest honest dealings dealmgs m on . the part of all conceined concemed concerned |