SUPERANNUATION SCHEME.

Shannon News, 22 March 1929, Page 3

SUPERANNUATION SCHEME.

ADOPTED BY HOROWHENUA POWER BOARD. The proposal of the Horowhenua Electric Power Board to make a system of superannuation a-Vailable to its employees was placed upon a. definite footing at the meeting of the Board on Tuesday, when particulars of a scheme worked out by the National Provident Fund Department was received, together 'with a form of "resolution, which was duly carried, enabling the.Boaid to bring its staffs within the system. The Secretary (Mr P. W. Goldsmith) reported that he had' replied acknowledging the Department's communication. He suggested that, in view oi the Easter holidays, the Board should arrange not to become a contributor to the Fund before May Ist. The proposal is open to all members of the staffs of the Board who are desirous of joining, and they are allowed _six months in which to do so. In tli2 case of future employees it is compulsory for them to join as soon as they have .taken .up their work. The Department contributes 25 per cent, of the dues, and the remainder is to be found by the Board and the participating employees in proportions varying in accordance with the age and length of serviee of those joining the fund. At the present estimate the employees' share .in the aggregate contribution is* about sixty per cent. The retiring allowance is at l;he rate of onesixtieth of the salary for every year of service and is limited to forty-six-tieths of the salary, but is not to exceed £3OO per annum. It is available to male employees at the age of G 5, and to female employees at 60, or after 40 years' service and 15 years' membership in the fund. Maternity benefits are included. The widow of a member is entitled to receive £lB per annum during widowhood or a returiin cf the total contributions paid to the fund in respect of her deceased husband, less any moneys received by him out of the fund in hii lifetime. In the case of children being left, an allowance of 5s per week will be paid on account of each child under the age of 14 years. The resolution by which the Board undertook to become a contributor was moved by the "chairman, seconded by Mr W. E. -Barber, and earned unanimously. . **