Insurance agents contract provides for pay raise.
The earnings increase included a new provision for annual lump-sum payments ranging from 1 week of pay for agents with 1 to 5 years of service to 3 weeks of pay for those with 10 years of service or more. The commission that agents receive during the first year of new policies was raised to 55 percent of the premiums, from 52.5 percent. The fee paid to agents for servicing policies sold by others now begins when a policy is 1 year old, instead of the previous 5-year requirement.
Annual pensions were raised from 1 to 1.25 percent of average annual earnings during the highest six of the last 8 years prior to retirement. A supplemental pension plan also was established, financed by a company obligation equal to 5.5 percent of the agent's earnings on casualty policies.
All agents were brought under John Hancock's comprehensive and dental plan effective January 1, 1985, and the annual out-of-pocker expense per family was raised to $2,000, from $1,000. Previously, some agents were covered by the company plan and the others were covered by a "basic" plan. The major medical limit for retirees was raised to $150,000, from $100,000.
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|Publication:||Monthly Labor Review|
|Date:||Sep 1, 1984|
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