Retirees who testified Monday say when they were hired, they were told they would be entitled to insurance for life.
Swayne Merrill was one of the retirees who told the judge that the city’s new plan would increase his premiums by $1,600.
“If the city goes through with what they plan, it would break me,” Merrill said.
Philadelphia teachers vowed to fight a sudden move by the district Monday that cancels their union contract and requires them to start paying health premiums of $55 to $140 a month. District leaders said there was nothing else to cut after years of funding woes that have prompted nearly $1 billion in cuts that include the loss of 5,000 positions and the closing of 30 schools.
Diners are discovering an unfamiliar new item when the bill comes for the truffled lobster Bolognese at Melisse and for the crunchy Spanish fried chicken and waffles at AOC — a 3% surcharge for employees’ medical insurance.
Wal-Mart Stores Inc. WMT +0.37% said Tuesday it is cutting health insurance for more of its part-time workers, as the nation’s largest private employer takes steps to rein in rising health-care costs. The move will affect about 30,000 Wal-Mart employees who work fewer than 30 hours a week.
The European Commision has already granted France two extensions on its deficit-cutting targets with the target date most recently reset at 2015. The country said over the summer that it would not bring its deficit down to 3 percent of economic growth before 2017.
Concerns that it could have entered technical recession – defined by two consecutive quarters of contraction – were fanned by news on Tuesday that industrial output in August slumped 4%. That was more than twice the decline of 1.5% that had been forecast by economists in a Reuters poll.
The decline and assessment downgrade will likely add to calls for Prime Minister Shinzo Abe’s administration and the Bank of Japan to come to the aid of Japan’s sluggish economy, as the government weighs another sales-tax increase in 2015. Some economists have already suggested the economy may be on the verge of a recession.
China’s economy is projected to continue slowing down into 2016, with annual expansion hitting below the country’s official target of 7.5% starting this year, the World Bank said on Monday.
The International Monetary Fund (IMF) has cut its global growth forecasts for 2014 and 2015 and warned that the world economy may never return to the pace of expansion seen before the financial crisis.
The European Central Bank’s current policy measures appear to be creating financial market bubbles that could result in instability, the Dutch Central Bank said Tuesday in its semi-annual financial stability report.
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