The retirement or pension idea is quite widespread in industry today. Starting from private charity and local enterprises, it has been marked in recent years by a growing sense of social and public responsibility for old age protection Many students of retirement systems now regard their establishment not merely a matter of sentiment, or philanthropy, or as a reward for past service, or compensation for low wages; but rather, they regard the establishment of the system essential to old age security and a necessary feature in the development of a well organized social order.