CANADA'S OLD-AGE PENSION.

Dominion, Volume 3, Issue 746, 19 February 1910, Page 14

CANADA'S OLD-AGE PENSION.

' ■ ANNUITIES. FOR AIL. ' ; The American Consul . at Quebec comments, in .'a report up'qn the Canadian Government's Annuities Act, 1908,., providing overy citizen of the Dominion with facilities whereby he , may- make', provision for old. age. .Its application em-, braccs all wage-earners, regardless of the smallness of the ' wage. The. earliest age at which payments on account of an. annuity may. be made is five.- No annuity .will be. paid until 55 years of age, and no annuity will exceed'the sum of .£l2O. As ; the object primarily is to supply ,an income wh6n .earning'powers have ceased, provision is made tnat in the case of invalidity or disablement the annuity, .if not,less than ,£lO, will bo paid from that time.The : procedure presents, no diffi-.ciilty.-Such - sums .as a person . may desire, to. pay in may, be deposited . in-; a money order office; or forwarded directito-. tho' Department; at. 1 per . cent, compound interest.Tho. Government is the ; trusteo. No-deductions of . any kind are, made-for expenses! .The annuity, cannot, bo -for-, foited in any way, nor-can it.be seized for debt. - There are. no lapses or,penalties, but', amounts . paid in cannot, bo . withdrawn, otherwise the purposes of the Act would bo defeated. A' prominent feature, of. the'system is.the elasticity of payments. Payments may. be- made of 25 ..cents ..'per week, or. lump'sums of dollars at a time, weekly, ' quarterly,'or yearly. After .'periodical ; payments for any, ;tiine : the / contract ;'maybe' ■. completed by a single payment. Societies: .or corporations may-contract.for annuities for their mem-; bers, and employers may contract for i'or assist in the purchase,., of annuities.-for. their .employees. .The moro closcly- an' employer, is related to . his employee the better the. results.. Under, the. Government's plan a contract would issue to each employee, so that: should he leavo the' service:-of the employer who. was contributing ,to . the payment. of. his annuity he would receive tho' benefit of. such contribution to the payment of his service, and that amount would go on im-' proving' at 1 per cent, compound- interest until the .annuity .was due. The Act distinctly provides that the amount so paid in by tho employer must inure, to the employee's -benefit. Should the' employee engage with anothp," : employer who was unwilling to subscribe to such a scheme, he himself can continue the payments from time to time as he is able, and when the d&to for the payment of the annuity arrives'he will' receive; such annuity hs tho total amount contributed will purchase.'-'

When the calls upon the weekly income have been met- the average wago earner has 'difficulty'in"finding' safe- and lucrative means of investing, the small amount at his disposal. He invests his savings in making the best possible provision for old: age. .'• ________