PUBLIC SERVICE SUPERANNUATION FUND.
Tim lirsl nriunrinl repcirl upon Ihe I'lll>l it* Service Superannuation Fund for the Irifiinium ending Dwcmbi-r 111. Hill). was presented 1» Parliament yesferdiiy nl'lrrniitiii. The rcp.u-i, which is iniide by Mr. Morris lux, m-liinry lo tin- liiiverniiicml Insurance Dcparliuenl, slales (lint Ihe Ail. ciiiiio iulo opcrnliiin on January I. I'.HIS. (li« iniinl)cr »f pensioners on Dccrmlier 111. HUH, was 187. and their pensions amounted lo .£II!I,!I41 per nniiuiii. Tlu> iHiiiil'.'.M- iif contributors I'll flr.it daf« was 81171, with aggregate salaries amounting In .fI,II"iS,ll!l, and paying; contrihulions at the- rule of .£!I2.58!1 per iiiimim. The ineonie during the period was ifIHUwS 10s. lid., iir.d the funds at the close of the jierind amounted lo .aiO.Mfl Ills. Cd. .11 is estimated that in addition to the annual subsidy of .£2:1,(1(1(1 now being paid, fiirtlx-i----subsidies of .t2(l,f)(in, .C2i.. r i(l(l, and .l"2!I,(IO(l will lie flu) minimum likely lo lie required for Ihn years mil, V.112, and I!)IH respectively. It is i|uile clear that llieso subsidies must increase fur smne vears, and (he fuliire limit will probably be lielwecn .118(1,000 and .WIII.IIOII. The" actuary recommends that lli!» most satisfactory course will bn to strike, a fair average subsidy fur (lie next Ihreo years, and make it JMB,fX)O ]ier annum Mir tho triennium. The suliieel: of ainniidinenls lo Ihe Act is discussed by Air. Fox, who declares that it is iletriiiienlal In Hie fund tn lirtvo Hie benelits continually iiiterferod with. Ho U very slroiiKly »f opinion Hint after ihis investigation it should be determined what amendments are desirable, make (heal, and let tho service clearly understand that the benefits will nut lie altered again for better or for worse. So lonu as the fund is conducled on tho present lines, it will !>n a credit lo the Umninion, mi institution nble to stand any investigation, nnd lo which ils members should be lH'Oiid to belong.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/DOM19120301.2.109
Bibliographic details
Ngā taipitopito pukapuka
Dominion, Volume 5, Issue 1377, 1 March 1912, Page 9
Word count
Tapeke kupu
315PUBLIC SERVICE SUPERANNUATION FUND. Dominion, Volume 5, Issue 1377, 1 March 1912, Page 9
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in