Retirement Security
Fewer employers today provide defined-benefit pensions for their workers—and among those that do, many are offering “defined-contribution” (like 401[k]s) rather than traditional “defined-benefit” pension plans.
That’s why Social Security insurance is essential for millions of retirees. Nearly two-thirds of retirees count on Social Security for half or more of their retirement income and for more than three in 10, Social Security is 90 percent or more of their income. It is a safety net that keeps retirees out of poverty.
It’s also important to figure out what you will need to retire. Talking a look at how much Social Security will provide, whether you have another form of pension and how much you spend are all components in determining when you can retire.
For decades, workers achieved retirement security because their retirement income flowed from a combination of employer-provided pensions, Social Security and personal savings. But the recession has exposed the severe deficiencies in our retirement system. We need to develop a new way to provide workers with lifetime retirement security beyond Social Security.
More about this issue:
Staten Island Ferry workers who have gone without a pay raise since 2009 on Monday announced the achievement of a transformative new collective bargaining agreement with the City that guarantees an immediate 28.55% retroactive salary increase for the ferry system’s roughly 120 engineers, captains
On Saturday morning, the rain held off and spirits soared as more than 75,000 workers from across our City and region came together to march in solidarity up Fifth Avenue at the 2023 NYC Labor Day Parade.
At 11:59 last night, contracts for 150,000 UAW autoworkers at Ford, General Motors, and Stellantis expired.
During the busy Saturday afternoon shopping rush, members of REI Union SoHo stopped work and walked off the job to protest REI’s decision to cut the wages of many members of the bargaining unit. ULP charges were filed regarding the wage cuts.
Hundreds of union members from Long Island to Buffalo to Trenton answered the call on Thursday, as the NYS and NJ AFL-CIOs held a Union Strong Day of action in support of striking Writers Guild of America East and SAG-AFTRA members.
By Vincent Alvarez, President, New York City Central Labor Council, AFL-CIO
As this "summer of strikes" gives way to autumn, we’re all by now familiar with the existential fight that our City’s striking writers and actors are facing.
The AFL-CIO this week released new polling that reveals the American people’s support of unions — especially that of young workers — and their view of unions as critical to growing the middle class and providing opportunities for working people to thrive.