NATIONAL PROVIDENT FUND

Dominion, Volume 11, Issue 296, 3 September 1918, Page 6

NATIONAL PROVIDENT FUND

LOCAL AUTHORITIES' BRANCH

Speaking to a representative of tho Press the Minister in Clfarge of tho National Provident Fund (the Hon. A. M. Myers) gave some interesting parti- , culars relative to the operations of tho fund. At a meeting of the board held a few days ago, the Minister stated that the previous year's work liad been under review. Tho report and balancesheet disclosed a most satisfactory state of affairs, the progress mado being exceptionally good when the present difficult times are considered. While the conservation of business was well sustained, the results of organised methods in consolidating; the interests of the fund wero shown in the low rate of management expenses. The -number of contributors at the present time on the. books is about 13,237, and the total fund amounts to £200,000. Considerable progress lias been made with the local authorities' superannua--tion branch of tho fund, a most import ant feature of the system brought into operation under the special Amending Act of 1914. Some of the larger local bodies in the Dominion have now en-1-ollsd staffs, and negotiations are in progress with other large groups with a view to their incorporation in tho national scheme. The pension and ietiriug allowances are based on rates somewhat similar to those in force in tlio Public Service Funds, and very liberal conditions apply in respect of widows and children, the rates of contribution, moreover, being exceptionally-, favourable to local authority employees. At the recent board meeting tables were adopted in respect of the Wellington City Council, the Christchurcli tramways, Napier Harbmir Board, and Thames County Council employees. The Wellington City Council have entered close on 500 employees, and the practical advantages of the system have already come before the employees of that local authority ii\ the form of widows' and children's allowances just granted by the board. The important and forward step bikcn by the Wellington Council and other, bodies indicates a realisation of the obligations towards the long-service employees of important public concerns, a reform that will bring security to the employee and ensure improved conditions of service for the local authority.