FACTOID # 7: The top five best educated states are all in the Northeast.
 
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Encyclopedia > Legacy costs

Legacy costs is a term formed by analogy with the computer industry's legacy systems. Legacy costs are those incured by an organization in prior years under different leadership or when the entity's priorities and resources were different. In business, while it can refer to other commitments (particularly existing infrastructure) as well, it primarily refers to company obligations to pay heath care costs and pensions under defined-benefit plans for current employees and retirees, usually incurred during the labor peace era after World War II. Legacy costs are widely credited with handicapping American auto manufacturers and older airlines worldwide, diminishing their competitiveness. Organized labor sees such criticisms as part of a desire to abandon any form of social contract between worker and employer. A legacy system is an antiquated computer system or application program which continues to be used because the user (typically an organisation) does not want to replace or redesign it. ... A pension (also known as superannuation) is a retirement plan intended to provide a person with a secure income for life. ... The examples and perspective in this article or section may not represent a worldwide view. ... Combatants Major Allied powers: United Kingdom Soviet Union United States Republic of China and others Major Axis powers: Nazi Germany Italy Japan and others Commanders Winston Churchill Joseph Stalin Franklin Roosevelt Harry Truman Chiang Kai-Shek Adolf Hitler Benito Mussolini Hideki Tojo Casualties Military dead: 17,000,000 Civilian dead... Automakers or automobile manufacturers are companies that design and manufacture automobiles. ... A Boeing 747-400 of Virgin Atlantic Airways An airline provides air transport services for passengers or freight. ... A union (labor union in American English; trade union, sometimes trades union, in British English; either labour union or trade union in Canadian English) is a group of workers who act collectively to address common issues. ... Social contract theory (or contractarianism) is a concept used in philosophy, political science, and sociology to denote an implicit agreement within a state regarding the rights and responsibilities of the state and its citizens, or more generally a similar concord between a group and its members, or between individuals. ...


Newer, less-established entities have few or no problems with legacy costs, because they have less pension and health care liabilities. (this applies to new suburbs, for example, as well as new companies), and are therefore able to out-compete (in some cases) the older entities. Illustration of the backyards of a surburban neighbourhood Suburbs are inhabited districts located either on the outer rim of a city or outside the official limits of a city (the term varies from country to country), or the outer elements of a conurbation. ...


 
 

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