Newspapers / The Echo (Pisgah Forest, … / Nov. 1, 1952, edition 1 / Page 11
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itary service from September 16, 1940, through December 31, 1953, can count toward old-age and survivors insurance. 1952 wages, up to the quarter in 1952 in which a person claimed his benefits or died, may be used immediately in figuring the amount of the benefit payments. Until the new law, the claimant had to apply six months later to have all such wages in cluded in figuring the benefit amount. To determine the benefits that you will receive under the new law take 55 percent of the first 1100 of your average monthly pay since January 1, 1951, and 15 percent of the remaining up to $200. You cannot figure on more than $300 per month. If your average monthly pay over this period was $200 per month you would get the following amount in benefits; 55 percent of first $100 $55.00 15 percent of remaining $100 15.00 TOTAL BENEFITS $70.00 The maximum benefit that you can receive is $85- per month. Figuring on the above figure of $200 per month in average monthly earnings, the following other benefits will apply: RETIREMENT BENEFITS Retired worker and wife $105.00 per month Retired worker, wife and one child under 18 $140.00 per month SURVIVORS BENEFITS Widow, widower, parent or one surviving child $ 52.50 per month Widow and one child $105.00 per month Widow and two children ...$140.10 per month Widow and three children .—$160.20 per month Lump-sum death payment ....$210.00 Money to pay these benefits, and also to pay the expense of operating the program, comes from money deducted from your salary and the like amount paid by Ecusta—one and one-half percent is deducted from your salary up to $3600 and the company pays one and one-half percent. This year it is estimated that the Company will pay over $100,000.00 into the Social Security program, and that employees will pay a like amount. In 1951, over three billion dollars were paid by workers and their employers toward protection under old-age and survivors insurance. Part of this money is used to pay current bene fits. The rest is held in a trust fund and invested in interest-bearing United States Government bonds for the payment of benefits in future years. Income from interest on these investments amounted to 400 million dollars in 1951. /“'V
The Echo (Pisgah Forest, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 1, 1952, edition 1
11
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