Information Given On Latest Changes In Social Security Law
Changes in the social security law signed by President Kennedy
on June 30 directly affect many persons aged 62 or older, giving them
social security benefits for the first time or increasing benefits already
payable to them.
To help finance the changes, Field-
crest employees, along with the Com
pany will begin paying higher social
security taxes January 1, 1962. Employ
ees and employers will each pay an ad
ditional one-eighth of one percent on
earnings up to $4800 a year—making
the new rate three and one-eighth per
cent each for the employee and the
Company.
The following official information is
furnished by W. L. O’Brien, manager
of the Greensboro Social Security Of
fice:
The new law makes these changes:
Principal Changes Are Listed
1. Men now have an option of retiring
at age 62 with lower benefits or of wait
ing until age 65 and collecting higher
benefits.
2. Widows’ benefits are increased by
about 10 percent.
3. Minimum benefits are raised.
4. The amount of work under social
security needed to get benefits is low
ered.
5. People who receive only part of
their benefits for a year because they
earn over $1500 will have a smaller
amount deducted.
6. Social security taxes go up slightly
beginning January 1, 1962.
Under the new provision, men can
begin collecting benefits at age 62 if
Engineers And Master
Mechanics Make Tour
Of Smithfield Plant
Fieldcrest’s master mechanics and en
gineers held their regular bi-monthly
meeting Friday, July 21, at the Auto
matic Blanket Plant at Smithfield.
With Rufus Ray, superintendent, and
Curtis Law, master mechanic, as guides,
members of the group were given a tour
of the plant preceeding their business
meeting in the mill conference room.
D. S. Archer, of the Finishing Mill,
President of the master mechanics and
engineers organization, presided at the
business meeting and at a luncheon
'vhich followed. R. F. Sambleson, man
ager of the Automatic Blanket Plant,
and Mr. Ray were special guests at
the luncheon.
Attending the Smithfield meeting, in
addition to those mentioned above, were
Broadus Burgess, of the Blanket and
Sheeting mills; J. W. Norris, Sr., and
Dwight Wilkinson, Towel Mill.
Also, J. T. Maclsaac and Charlie
Sumpter, Mechanical Development De
partment; A1 Bell, Purchasing Depart
ment, A. G. Singleton, Howard Barton,
Joe Farrell, Clarence Martin, John West
fnd Bob Wilkerson, all of the Engineer
ing Department.
Monday, july 3i, i96i
they choose, just as women have been
able to do since 1956. But workers who
decide to take benefits before they are
65 will get less per month than they
would if they waited until age 65.
The sooner a worker takes his bene
fits after age 62, the greater the re
duction in his benefits will be. However,
the reductions are figured so that with
an average life expectancy he will get
the same total amount over his life
time whether he takes reduced benefits
before he is 65 or waits until 65 to start
collecting his full benefits.
Dependent husbands’ benefits, if tak
en before age 65, will also be reduced,
but dependent widowers and fathers
can receive full benefits at age 62.
The new amendments raise the aged
widow’s benefits from the present 75
percent of the husband’s retirement
benefit to 82.5 percent, a 10 percent in-
Employee safety committees, com
posed of representatives from the vari
ous mill departments, play an important
part in the modern safety program at
the Fieldcrest Automatic Blanket Plant
in Smthfield.
Three to four employees serve on the
committee for each period and they
make regular inspections to determine
if there are any unsafe conditions that
need to be corrected in order to make
the plant a safer place in which to work.
Guided by a safety checklist, the
committee makes detailed notes of any
crease in individual benefits, beginning
in August.
The same increase will be made in
the benefits of aged dependent widow
ers and those of aged parents If there
is only one dependent parent surviving.
An increase of up to $7 in the mini
mum old-age, survivors, and disability
insurance benefits is due beginning with
the benefit check for the month of Aug
ust. The present minimum is $33; the
new minimum payment will be $40. Un
der the change, many persons will re
ceive increased payments.
Less Work Credit Required
Another change lowers the amount of
work credit required for old-age and
survivors’ benefits. The new law makes
payments possible for a person who has
work credit for one calendar quarter
for each year after 1950 and up to the
year he reaches 65 (62 for a woman).
This means that a man who reached
65 or a woman who reached 62 be
fore 1958 will need credit for only a
year and a half of work under social
(Continued on page four)
situation that needs attention. They pre
pare a written report for the mill super
intendent and this report is presented
at the supervisors’ safety meeting.
Membership on the committee is ro
tated so that all production employees,
who so desire, may have an opportunity
to serve. The employee inspections are
considered a very effective practice in
the promotion of safety because they
make the employees more safety con
scious as well as bringing to attention
promptly any unsafe situations that
need to be eliminated.
3
This employee safety committee at Smithfield plant includes Curtis Law (seated)
master mechanic; and left to right, standing, Leslie Jenkins and Garland Rose,
Plant Service; and Troy Parker, Blanket Wiring.
Employee Committees Help Promote Safety
1