Happy Ironic Day! aka Labor Day

Joined
Dec 15, 2002
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Retiredville SC
My pastor yesterday was ruminating about why 'Mericans celebrate hard work by taking the day off. He is a Chinese immigrant, by way of Australia, living in the South of USA. Talk about an accent you would NEVER expect to hear from the person you were looking at 😁.

Most don't know what it's for, other than another holiday, so here is today's history lesson boys and girls (FWIW, I didn't know all the details either). First Monday in Sept. is celebrated as a Federal holiday to recognize the achievements and contributions that the American Labor Movement made to building this country. The Central Labor Union and Knights of Labor organized a parade in New York City in the late 19th century to celebrate the movement. In 1887, Oregon, was the first state to officially recognize Labor Day as a holiday. By 1894, thirty states had declared an official holiday for Labor Day, before the Federal Government declared it a national one. There is some controversy over the who actually started the recognition for it, however, one prevailing story is that Peter McGuire, the Vice President of the American Federation of Labor (AFL), was the one, after seeing all the parades for celebrating laborists in Canada in May of 1882. Whatever the beginnings, celebrate the day off for all the hard work.
 
That seems awfully low. Hopefully folks have prepared for retirement.

Just my $0.02
Yes, registered retirement savings plans, ( RRSP‘s), company matching funds etc all exist. There is also the Canadian Pension Plan (CPP) that is mandatory but it tends to get clawed back if you have have a healthy RRSP or corporate pension plan. The CPP is mandatory fund you and your employer contribute to, and is there for folks who do a lousy job saving money for one reason or another. You can start taking it at age 60, or push it back for a larger payment later if you are working past 60. If you take it at 60 it is about $800 per month for those who had decent salaries, but goes up with time, the longer you delay it. There’s always the risk you croak and don’t get it. Most corporations have changed from a defined benefit to a defined contribution system. Government jobs still pay a defined benefit. Corporate pensions are fairly similar to the USA in the amounts they pay. :D
 
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