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:
President Biden gave his annual State of the Union address Tuesday night. AFL-CIO President Liz Shuler weighed in:
Labor and Civil rights leaders gathered Thursday night for the NYC CLC's annual Labor and Civil Rights event, a panel in which they engaged in a vibrant discussion of the role of the Labor Movement in the fight for racial, social, and economic justice.
President Biden was in NYC on Tuesday announcing a $292 million Mega grant to help complete an early phase of the Hudson Tunnel project, part of the Gateway Program.
At 1:43 a.m. on Wednesday, Writers Guild of America, East members in the HuffPost Union secured a tentative agreement on a new contract with HuffPost and its parent company Buzzfeed. The Union will announce details of the deal upon ratification of the new collective bargaining agreement.
Members of the Alphabet Workers Union held a rally in front of one of the company's NYC Google Store locations yesterday, protesting the recent layoffs of thousands of co-workers.
Unionized employees on strike from HarperCollins Publishers hosted a rally yesterday outside parent company, News Corp, offices in Manhattan, where they were joined by supporters from unions across the City as well as elected officials.
"We vehemently condemn BDG’s decision to lay off nearly 40 unit members and shutter Gawker," the Bustle Digital Group Union (a unit of Writers Guild of America, East) said in a statement yesterday.
Post-production workers in the Film Unit of Saturday Night Live have signaled their readiness to strike over frustration with the slow pace of first contract negotiations.
The WGAE union contract at HuffPost expires at midnight on Tuesday, January 31.
On Wednesday, contracted cleaners from Twitter’s NYC and San Francisco offices, 32BJ SEIU members, labor leaders, elected officials, and allies rallied outside Twitter HQ in Manhattan. Cleaners at Twitter’s 245-249 West 17th St.