SUPERANNUATION
OF N.Z. RAILWAYS. .(Per Press Association, Copyright). AUCKLAND, Sep. 18. “One hears on all sides that the Board is holding money received by way of excess payments'by . .contributors, and that it should immediately pay this •mqn.evw.back or subsidise members contributions,” said. Mr- J. Elliott, a member of the Government Railways Superannuation Board, - in a. statement to-day. He pointed out that the Board was a. purely administrative body; When . he cuts were made in 1932, some members being unable to continue paying into the superannuation fund on the basis of higher wages, elected to pay on the basis of their reduced wages. There was, therefore, a certain sum of money standing to their credit, and this was being held by the Board until the members concerned retired. The only redress they could possibly have was by wav of an amendment to the existing legislation. Neither the chairman nor members of the Board was responsible for withholding the contributions, which amounted to many thousands of pounds, and it was not earning interest.
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Hokitika Guardian, 18 September 1933, Page 6
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171SUPERANNUATION Hokitika Guardian, 18 September 1933, Page 6
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