“THE ECHO” TO BE REPLACED BY
“OLIN MATHIESON NEWS”
This will be the final edition of THE EOHO. Consistent with other
employee publications of Olin Mathieson Chemical Corporation, THE ECHO
will be replaced with a tabloid-size newspaper. The new publication will
be the "OLIN MATHIESON NEWS,” Pisgah Forest Edition, and the first
issue will be printed in January.
SOCIAL SECURITY RATES AND BENEFITS
UP IN 1955
The Social Security Program has again been
changed by Congress. Old Age and Survivors In
surance will cost you, and the Company, more next
year. But when you retire you stand to gain by
the change.
Social Security is worth a lot to you and your
family. The payments made by you and the Com
pany each payday help bring financial security
after retirement.
You pay half the old age retirement tax on your
wages or salary. The Company pays the other half.
The total tax now is 4 per cent, and is scheduled
to go to 8 per cent eventually. From 1955 through
1959, both you and the Company will each be pay
ing 2 per cent.
The new law covers earnings up to $4200 in a
year where the old law only included the first
$3600. This means that 2 per cent, or a maximum
of $84 will be deducted from your paychecks next
year. The Company will pay the same amount that
you do.
The new law increases benefit payments in
three ways:
1. By counting earnings up to $4,200 each year
commencing in 1955.
2. By dropping out some of the years of lower
earnings (or no earnings) in figuring average
earnmgs.
3. By using a new formula for figuring the
worker’s benefit from his average earnings.
Under the new law a worker’s retirement pay
ment is figured by taking 55 per cent of the first
$110 of his average monthly earnings and adding
20 per cent of the remaining, up to $240.
BENEFITS PAYABLE TO THOSE
QUALIFYING AFTER AUGUST 1954
Average
Worker’s
Worker
monthly
monthly
and
earnings 1
benefit
wife
$150
$68.50
$102.80
200
78.50
117.80
250
88.50
132.80
300
98.50
147.80
350
108.50
162.80
Survivors
Widow,
Widow &
Widow & 2
child, etc.
1 child
children
$51.40
$102.80
$120.00
58.90
117.80
157.10
66.40
132.80
177.20
73.90
147.80
197.10
81.40
162.80
200.00
1 After drop-out
of up to 5 years of lowest (or
no) earnings.
TRANSYLVANIA COUNTY HAD SECOND HIGHEST
AVERAGE WEEKLY EARNINGS FOR 1953
Seventy-seven of North Carolina’s 100 counties
showed an increase in covered employment * during
1953 as compared with 1952. Average weekly
earnings increased in 82 counties, and total worker
earnings increased in 85 counties.
Haywood county had the distinction of having
the highest average weekly earnings for the year.
Transylvania was second, Mecklenburg third,
Washington fourth and Forsyth fifth. Average
weekly earnings in Transylvania County was
$64.44 as compared with the State-wide average
of $53.94.
The lowest weekly average was Pamlico county,
where the figure was $24.54.
As should be expected, Mecklenburg had the
highest total average employment of any county,
69,796, or almost 10 per cent of the total.
Manufacturing comprised about 61 per cent of
all covered employment. Of the total of 728,918,
there were 441,798 manufacturing workers, and
(Continued on page 22)
10