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.
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NYC Phase One Reopening
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New York Forward: Reopening New York City
Join the United Federation of Teachers and the NYC Central Labor Council, AFL-CIO for a virtual fair for NYC high school students to explore careers in union jobs.
Each and every day of this crisis, union members on the frontlines of the COVID-19 outbreak are bravely going to work, putting their health and lives on the line for their fellow New Yorkers.
On behalf of the New York City labor movement at the epicenter of the COVID-19 crisis, I’d like to extend thanks to United States Senator Charles Schumer for his tireless work on the stimulus bill.
Today, we mark the 109th anniversary of the Triangle Shirtwaist Factory Fire, a catastrophic event in which 146 workers, mostly young immigrant women, were killed as a direct result of abhorrent working conditions and woefully insufficient workplace safety standards.
Hundreds were arrested and thousands more demonstrated at airports nationwide on one of the busiest travel days in the U.S.—the Tuesday before Thanksgiving. The protests were led by airline catering workers who provide inflight food and beverage services for all major U.S.
On Monday, at the Amazon fulfillment center on Staten Island, hundreds of fed-up Amazon workers went public with their protest of inhumane job conditions, and demands that the online retail giant increase break time and provide free Metrocards for public buses.
The TWU Local 100 Executive Board, comprised of elected union officers from all divisions, yesterday voted 42-4 in favor of an agreement reached after months of negotiations with the MTA.