NATIONAL PROVIDENT FUND

Dominion, Volume 12, Issue 39, 9 November 1918, Page 12

NATIONAL PROVIDENT FUND

A YEAR'S OPERATIONS. The seventh annual report of the National Provident Fund for the year ended December 31, 1917, was. laid on the table fof tho House yesterday afternoon by the Hon. Arthur Myers. It shows that the total contributors to the fund at the, end of the year numbered 12,124, as compared with 9847 at the close of the previous year. The total fihid amounted to J5176.210, an increase of i£s3,B'J9. The gross annual contribution rate at December 31 last was £56,706 12s. /Id.

'. -During the past year some of the main objects of the fund were realised on the termination of the first five-yearly waiting period.' Valuable benefits were claimed by widows and children, while in certain' instances allowances were due to incapacitated contributors.

The system of benefits authorised for approved friendly sdcieties by the Finance Act, 1916, was first in operation during the year under review. • While the number of annuities taken up under these tables has not been large, the maternity side of the system has been fully appreciated ty the societies.

A total amount of J8U.786 9s. was paid out through the fund during the year for maternity grants, the amount to contributors being .£WI 95., and to members of approved friendly societies =£10,733.

Further steps were taken in connection with the enrolment of local authorities ns "contributors" on behalf of their 1 employees in terms of tho IHU Amendment Act) and this branch of tb.e fund's operations is now well established.

An examination of the year's work shows further improved results in the conservation of business. The expenses for tho year were at {he ratp of 19.5 per cent, of the contribution income. The rate for the year ended December 31, 1916, was 19.9 per cent.