"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.
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.