PENSIONS FOR ALL

Evening Star, Issue 22450, 22 September 1936, Page 8

PENSIONS FOR ALL

SCHEME TO OPERATE NEXT YEAR SUPERANNUATION TAX !/■ IH t ANNUAL COST £14,000,000 [Pk* United Press Association.] WELLINGTON, September 22. The inauguration of a national superannuation scheme, one of the biggest tasks in the Government’s programme during the life of the present Parliament, is under consideration by a subcommittee of the Cabinet Messrs Parry, Nash, Fraser, Jones, and LeeMartin. It is intended that the scheme shall be universal in application, that every member of the community shall contribute by means of superannuation tax, and that every contributor shall be entitled to the benefits on attaining the superannuation age. Legislation will be passed next year, and the scheme will come into operation at once. The age has not been determined, but it is expected to be 60. The annual cost is likely to be £14,000,000, of which the superannuation tax of about Is in the pound will yield half and the State will contribute the other half. Old age pensions will be abolished, and their present cost, with that of certain other pensions, will form a substantial proportion of the State’s subsidy to the national superannuation scheme.