Bush signs the bill regarding pension contribution

Bush signs the bill regarding pension contribution

According to recent news in the market, US President George W. Bush, on Saturday approved the bill providing aid for around 31'000 companies, including certain steel companies in their pension contribution. The bill covers relief of $80 billion in pension contributions over two years. This aid is stated to be not coming from the government. The relief is coming through replacement of the formula for pension calculation. The new bill will be valid for the next round of payments, set for April 15 and remain effective temporarily till the Congress completes its study on long-term pension reform. The aid for steel companies is expected to be $1.6 million. Moreover, with the change in the calculation, the steel companies that have suffered from losses due to economic conditions will be able to delay payments.