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Stock workers improve early retirement benefits.

Stock workers improve early retirement benefits

Adoption of improvements in early retirement benefits ended a bargaining dispute between Local 153 of the Office and Professional Employees and the New York Stock Exchange and the Securities Industry Automation Corp., which is partly owned by the Exchange and operates its computer system. The settlement came a few days after the union had ended a 3-day work stoppage and resumed negotiations. The stoppage was the first at the exchange in 40 years.

Under the new pension provisions, employees retiring at age 55 will receive 86 percent of the normal benefit rate, compared with 75 percent under the agreement that expired on October 31. A union official said that the change was vital to employees because stock exchange's trading floor is a "madhouse, and we have people who have been working there 25 to 30 years. They're burned out, but until now they couldn't affort to retire."

The 3-year accord, covering 1,400 employees, also provides for 5-percent salary increases in each year.
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Title Annotation:Developments in Industrial Relations
Author:Ruben, George
Publication:Monthly Labor Review
Date:Mar 1, 1988
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