N.Z. RAILWAYS

Hokitika Guardian, 19 October 1931, Page 2

N.Z. RAILWAYS

THE GENERAL MANAGER. 51 SUPERANNUATION QUESTION. According to .a statement' to the House by the Prime Minister, the General Manager of Railways, Mr H. H. Sterling, has not yet resigned and will not do so until his superannuation rights are definitely conserved « clause in the Finance Bill to be introduced this session. ;

Mr Forbes explained that if Mr Sterling had retired on thirty-fiVe years’ service he would be entitled to superannuation at th e rate of thir-ty-five-six-tietlis of his rate of pay prior to the 10 per cent reduction. The superannuation he would receive on earlier retirement would be based on an, actuarial calculation which took into account the earlier retirement. But, under his agreement, he was entitled to retire on the basis of thirtyfive years’ service, and any other course of action would be a distinct breach of the agreement with him. Mr Holland, leader of the Opposition: What is the amount of superannuation? The Prime Minister: An actuarial computation on a salary of £3509. Mr Sterling, added Mr, Forbes, was given an assurance that his superunuation would be computed on the basis of his agreement. No more and no less. He was not to suffer through his earlier retirement. Th© matter would come before the House in the Finance and it was not proposed that he should relinquish his present position to become chairman of the Railways Board until that legislation had been passed.