Social Security Fund

Chronicle (Levin), 16 August 1946, Page 7

Social Security Fund

i The part whicli sociai security now 1 plays in the economie lii'e oi' the comi munity fucuses increasiug uttention on i the position of the Sociai Security iFuiul. Alouetary IjeneJits lur last year -totalled £10.552,000, ua increase of ovor '£3,000,000 as coxnp'ared witli the pre- ' vious year. Aledical and liosi'ital beneI lits and udministration expenses amount j to £0, ■108,000, an increase of approximately £500,000, making a total expenditure out ol' ihe Lund i'or the year of £22,900,000. i Tliis was linanced by revenue payi able directly into ihe Lund, cumprising tiie soeiid security cliarge, registrutimi f'ee, and miscellaneous, totailing £15,- ! 2^0, "i/O, and by a traiisl'er from the ConI soliduteil Ku tui of £7,0OU,0UU, as set out in the Budget last year. The balance of expeuditure over reeeipts was mel by druwing on the iuoueys in the Lund. It will be necessary to rebulld the worki iug balance in this Lund. •j The anticipated expenditure out of ' the Sociai Security Lund for 19-10-47 ' refleets the increased benefits granted ' during Ihe latter pjart of last year and 1 the lamily benelits whicli operate from . the beginning of the present iinauciai 1 year, The revenue payable directly into the 1 Lund will now be augmented by Ihe iu crease 111 terms oi' last year 's legisla1 1 1 • 1 n in ili" sociai security eiiargi- j r-f-n - Is to Is Od in the £1. Lolwithstandin.. - tiiis, liowever, to meet the additiouai - benelits, a suijslantial increase wili Im 1 necessary in the contribution froni the l Consolidated Lund. Mmeover., as the contribution from the Consolidated t Kund canuot conveniently be made at ihe J'nll montlily rate in ihe earlier pttrt . of tiie linaneial year and the sociai - •m.-urn v churge itself payable iu part at periodical intervals wliile benelits are . mainlv payable 011 a montlily basis, a ) working balance of slightly over a montli's expenditure is considered es I sential. Provision is accordingly beiug • made tliis year to strengthen Ihe Lund to tliis extent, involving a greater con- ' trilnition from the Consolidated Lund (hau would otherwise have been rei (piired. Summarising the reeeipts and expcn- ) diture, we arrive nt the l'ollowing: — • I Reeeipts £ • Sociai sei-urily eharge .. .. .19,9lli»,U0U I .Miscellaneous rc-eipts .. 138,09(1 ' Trunsfci' J'rtun Cujisolidat ed | Lund 18,000,000 Total £38,038,000 ! ' Expenditure £ Alouetary benelits uther tirau family benelits .. 10,512,000 A Kamily benelits 12,020,000 y Medical benelits 5,800,000 . Administraliou expenses .. 730,000 Lmergeney benelits . . . • 120,000 Total £35,788,000 j On the basis outlined and tuking into aeeount the opening balance of £1,710,- : 000, we should close the year witli a carrv l'orward of approxinialely £3,900,000.'