TO ENCOURAGE THRIFT.

Dominion, Volume 3, Issue 645, 23 October 1909, Page 10

TO ENCOURAGE THRIFT.

SCOPE OF THE NEW BILL Tho National -Provident 'Fund Bill; introducod by Governor's Message in 'tho Houso of yesterday, embodies ft schemo for tho establishment of a National Provident Fund, contributors to which are enabled and, encouraged to mako provision for old ago and sickness, and for tho maintenance of their widows and orphans. Tho fund .is subsidised and guaranteed by tho Government, in the snmo manner as the Public' Servico : Superannuation Fund. All persons may become contributors who are resident in Now Zealand and are between sixteen and forty-five years of ago, and whose income does not exceed .£2OO a year. The contributions to tho fund aro weekly payments, the amount of which depends (1) on the age at which the. contributor first joins the fund, and (2) on tho amount of tho pension for which,he olects to contribute. Thus, for a pension of 10s. a week the weekly payment varies from 9d. a week at tho age of seventeen to is. lid. a week at the age of forty-fivo. Provisions are made for the payment of contributions by lump, sums in advance, and for the benefit of contributors who fall into arrears." A contributor may at any time elect to withdraw from the fund, and is then, entitled to a return of oil his contributions, less , any payments already received. • . ,' .

• The benefits secured by contributors 'are the following:— .•■•■■

(1) A pension at tho age of sixty, varying in amount from 10s. a week to 40s. a week according to. the rate of contribution.' (2 | . wi ? ow? '. nna Orphans' Pensions: If any contributor, dies, after' ho has been a contributor':'for not less than five years, leaving children under the age of fourteen years, a simv of 7s. 6d. a week is payable .to each child until tho age of fourteen, and'also to the widow so long as sho. lias any child under fourteen dependent upon; her. (3) Sickness and Accident Insurance: If any contributor becomes, after five years, incapacitated by sickness or accident for a period of more than threo months while he is under the age of; sixty years, and has children under fourteen dependent upon him, he receives an allowance of 7s. fid. a week for each of those children during trie subsequent period of his incapacity. :

As an illustration of the operation of the scheme, a man who joins the fund at tho age of twenty-five and elects to contribute at tho rate of Is. 3d. a week, and, who subsequently marries and has. four children, secures for himself the following benefits:-(a) A pension, of 10s. a .week at sixty for tho rest of:his life; (b) an allowance of 30s: h week during any period of incapacity exceeding three months, ra-long as he is imdw sixty-years of age and Ins children are;under fourteen; (c) an allownnce for his-wife and children, on'his death, 0f..«. 17s. M. a week so long as: those chil-' dren are undor, fourteen; (d) the right at any time, on twelve months' notice, to obrefund of-all his contributions, less tiny benefats already, received from the fund '■'.