Old Age Pensions
income received by superannuated employees of a state, municipality or private corporation. It is a prominent feature of the general tendency toward the assumption of responsibility on the part of society for the welfare of its individual units, brought about by the evils of modern in- . Originally based principle of individualism, the modern state is more and more becoming recognized as a social organization, as well as the source of administrative authority. on the pensions are a part of the system of mutual benefits instituted by the co-operthe profits from the co-operative enterative societies, notably in Ghent, where prises are partly devoted to the old age pensions fund.
Old age pensions in the United States have been largely limited to the large corporations, especially in the more haz ardous industries, such as in the railroads and coal mines and the steel foundries. In many instances this is done through voluntary associations, toward whose funds the corporations contribute the greater portion.