BANK OF N.Z. STAFF.

Hauraki Plains Gazette, Volume XXXVIII, Issue 5141, 20 June 1927, Page 3

BANK OF N.Z. STAFF.

WELL PAID AND CARED FOR.

PROVISION FOR PENSIONS

Replying to some critics as to the treatment accorded members of the staff of the Bank of New Zealand, at fl meeting of shareholders at Wellington last week the chairman, Mr RW. Gibbs, stated that a booklet published by the secretary of a certain political party, with no doubt a deliberate- attempt to sow discontent iimong the staff, stated that the shareholders were receiving more than the whole of the staff and directors. The statement would have had a more honest ring about it had it further shown that-whereas tire staff numbered about 1500 the shaieholders totalled close on four times that number, of whom 4'ooo were small holders of 500/shares and under, many of whom had invested their small savings in the bank as provision for their declining years. He added: “I can claim an intimate knowledge of our staff having joined as a boy, and having been your servant in one capacity or another for '5O years, and I am satisfied that a more loyal and contented body of men generally it would be hard to find. Our men are well paid and cared for, and are always sympathetically treated ; they know this and acknowledge it, and it will require better argument than the above to disgruntle them. 'We have no such thing as patronage in the service, and it is open to any man, by efficiency, hard work, and tact, to rise by his own merits to the top.

An important institution connected with the bank is the Officers’ Guarantee and Provident Association. This is incorporated by Act of Parliament, and is controlled by five trustees, three of whom are elected by the staff. The funds now reach £1,126,285. The annual contribution by tlie staff is at the rate of 3% per cent, on salary, the bank supplementing this by contributing 7 1 /a per cent, on the same basis. 'There are 140 pensioners on the list, and pensions range from the minimum, £225 (at present augmented by high cost of living bonus to those drawing less than £3so’ per annum), to £7OO, which is the maximum. Quinquennial investigations by the actuary determine, of coufse, the extent of the benefits derived.

“From the foregoing you will see that our officers, when they pass beyond the stage of active service, are well cared for, ami I am sure you will always approve of th? bank’s annual subsidy which appears each year in our accounts.”