> I stay here because in two years, I'll be 62 and I have a union pension acquired over 37 years. I've spent so much time here that I might as well take that pension and social security and call it quits. Had they not been locked in by the pension, I'd imagine most of them would've quit, and Frito-Lay would've been force to improve conditions. I wonder if unions prefer pensions pretty much for the same reason--it all…
What's more likely is that employees are sticking around because their years of service factors into their ultimate benefit payout once they retire. More years of service (up to a limit, typically) gets a higher benefit. And this probably only matters for the employees who've been around longest because the plan is probably frozen to new entrants.
The employee being quoted is weighing the value he'll get from adding 2 more years to his benefit formula vs going somewhere else for higher pay.