Pension anxiety takes a toll on people as the medical benefits which they were furnished with gets cut.
Back in the year 1971, when John Phelps earned a living by working at a plant of General Electric Co. in New York, he was naive enough to believe that the company in which he works will take the care of him and provide him with all this things in times of need.
In those days promises like these were much more reasonable and reliable, as umpteen number of jobs then provided its employees with a kind long-term plans, and as a matter of fact Phelps retired in 2013 at an age of 64, with a much earned blessing of a pension.
Not many companies provide its workers with a pension in the 21st century and thus, this thing has turned into rare phenomenon.
Phelps feels ripped off as GE announces a major cut of retiree health-care benefits.
On 7th December the company mercilessly slashed to a penny the dividend on which many former employees now depend for their income.
Though the company is facing a hard time and these measures have strictly been implemented for the improvement of their condition yet, their former worker John Phelps does not care about their status quo.
General Electric Co is swimming in debts. Phelps said that the company had promised them that it will look after every little requirement of theirs in future and then very too soon they started going back on their words as they one after another snatched their once so generously given gifts.
He even added that people are now scared. Phelps is founder member of the Retirees Against General Electric Co Care Changes group.
This group was created around 19 months back and its main aim ever since its creation was to curb the erosion of the medical benefits.
Source: Bloomberg, Daily Herald
