Pensions are really just delayed compensation
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Re “Law May Hasten Decline of Pensions,” Sept. 4
It would be helpful in understanding just what is happening here if we called pensions what they are: delayed compensation. It’s certainly a fairly run-of-the-mill concept to top-tier corporate executives, officers and chief executives, many of whom can look forward to continued salaries and perks well into the millions of dollars in retirement. What happened at DuPont recently was that the bulk of the workforce was forced to take a drastic pay cut, and future hires can look forward to an even lower compensation rate. The result? A higher stock earning of several cents for DuPont investors, and an increase in Chief Executive Charles O. Holliday Jr.’s retirement compensation package, or, if you prefer, his pension. Had enough, America?
PETER MCQUAID
Los Angeles
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