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by zephyrfalcon
5781 days ago
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"The modern assumption of retirement is a bi-product of the industrial revolution. Retirement was a brass ring that was held up for workers to see as a way to keep them productive and loyal for a long period of time." I am not aware of any company that paid pensions during the industrial revolution, but then again I am not an expert on the subject, so maybe there were enlightened employers that did. Mostly, though, this was the time of 16-hour work days and child labor. Retirement was not a "brass ring" but rather a necessity. How are you going to make a living when you're too old to work? In Europe, labor unions gradually forced companies to take care of this, and eventually it was set into law (in most countries anyway), with the government and employers cooperating to pay for people's retirement. In the US, not so much. Which system is preferable depends on one's outlook, I guess. |
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And I am speaking solely from my knowledge of US History.
"Bi-Product of the industrial revolution." retirement came about SOLELY because of the industrial revolution. Prior to that most people were artisans and self-employed. However, once everyone got onto an assembly line, older people who couldn't keep up started gumming up the works. And they were being laid off in droves. To counteract that, Roosevelt, enacted Social Security as a form of "Old Age Insurance". Soon after, corporations started pension plans of their own. And this ushered in the era of "Companies look after their own" in America.
The point I was trying to make is that it use to be common belief that your employer would take care of you. It's not that way anymore.
Did I do any better that time?