AID TO EMPLOYEES

Auckland Star, Volume LXXIII, Issue 123, 27 May 1942, Page 3

AID TO EMPLOYEES

LIBERTY LOAN PURCHASES [ (p.A.) WELLINGTON. Tuesday. ; After consultation with the Reserve Bank the ; trading banks in New Zealand have announced a [ scheme which will give an opportunity for firms r and employers to provide facilities whereby em- \ ployees may share in the national war effort. Up to the present. people in receipt of wages and salaries have been obliged to find a certain amount of cash to cover any subscription made \ to the Liberty Loan. The banks have now ? undertaken to give financial assistance through * firms and other employers. Employers are being 1 asked to announce that they are prepared to s purchase bends or stock of the Liberty Loan on behalf of their employees. -» Where such purchases can be financed by i the employer, no assistance from the banks will. - of course,* be required, but in any case where an y employer so desires, the banks have undertaken 3 to give whatever assistance is necessary on the r most favourable terms—that is. interest calcus i lated on a day to day basis at the rate of 3 1 2 n I per cent per annum, and advances to be repaid n within six months. The employer will recover the I purchase orice of the bond or stock from employees d 1 by the deduction of regular amounts from their a wages or salaries over the period mentioned.