In his fight to bring fair wages to all in the workplace, state Assemblyman Sebastian Ridley-Thomas, addressing employers and workers, urged them “to take the step together toward a better understanding of how we provide economic security across the spectrum.
“As you know, a significant number of the people we are talking about are young people, roughly my age,” said the 27-year-old who represents Culver City and the Crenshaw District.
“If you graduate from high school, you certainly are not guaranteed to have a robust benefit package. Private sector pensions are non-existent.
“One part of this is, if we want to create an environment that helps expand economic security, we must do a couple of things,” Mr. Ridley-Thomas said.
“The wage floor must be higher – period.
“The retirement and savings component has to be very, very prominent.”
Mr. Ridley-Thomas said that his audience may recall a critical security move by the state. “They created, in effect, a supplemental Social Security/401K program that is going to take private sector lower-wage employees and allow them to opt into a retirement system that is managed either at the state or through a state-chartered non-profit as a well-managed, conservative investment fund for their benefit.
“This way they will be assured of a supplemental income when they get into their older years.”
(To be continued)
