NATIONAL PROVIDENT FUND.

Taranaki Daily News, Volume LIII, Issue 167, 24 October 1910, Page 3

NATIONAL PROVIDENT FUND.

A NEW IHLL . .NSIOX AND ACCIDENT INSURANCE. ASSISTANCE TO MATERNITY. The National Provident Fund ]>iil. which was introduced by Governors Message in the House of Representatives on Wednesday night. has a very wide scope, it makes provision against destitution arising from old age, sickness, widowhood, and orphanage by means of a fund guaranteed and subsidised by the State. It provides for pensions at the age of ■sixty, for allowances for incapacitated contributors, and for assistance to maternity (which is intended to take tile place of the proposal made in the same direction by the Hospital and Charitable Aid Amendment).

The ]!ul, which it is proposed should come into operation at the beginning of I'JW, establishes national provident fund to be vested in the Public Trustee, and administered by a board. The benefits provided by the Act are guaranteed to every contributor by the Government. The Minister for Finance shall in each year, commencing with the year 101*2. pay i'.' n '!ie fund by way of subsidy out of the r isolidated Fund, a sum equal to one-fourth of the total contributions during tin ' ! ist year ending on December 31, togethe 1 ■•ijt 1 ' si'ch further amount (if any) as teemed by the Governor-in-Conncil, in" accordance with the report of the actuary, to be required to meet the .charges on the fund during the current financial year.

TIIE WEEKLY CONTRIBUTIONS. The following table shows the weekly contributions required to secure the pensions mentioned at the age of sixty, the "age'' column meaning the age of contributor when the first contribution is made:—

FOR WIDOWS AXD CHILDREN. If any person who has been a contributor for not less than five years dies, or, if any person dies while in receipt of a pension and leaves a child or children i under the age of fourteen years, the following allowances shall be made: — 1 1. In respect of every child of a deceased or incapacitated contributor, so lontr as that child is under the age of fourteen years, an allowance at the rate of seven shillings and sixpence a week. 2. In respect of the widow of a deceased contributor, if and so long as any child of that contributor is under the asfe of fourteen years, an allowance at the rate of seven shillings a week. 3. The above-mentioned allowances shall be calculated from time to time in accordance with the number of children for the time being under the age of fourteen years, and shall cease when there is no longer any child under that age. 4. No allowance shall be payable for a longer aggregate than fourteen years, whether in respect of the incapacity or the death of a contributor, or partly in respect of his incapacity and partly in I respect of his death, and whether in re- | spect of the same or of, different periods of incapacity. The allowaince payable out of the | fund may be paid to the widow, divided betwen the widow and children, or expended by the board or some person authorised by it for their benefit. If. owin'<; to the death of children or to their attaining the age of fourteen I years, or through any other cause, the allowance ceases to be payable before the aggregate payments are equal to the contributions made to the fund by the contributor in his lifetime (less any ; moneys received by the contributor out [of the fund in his lifetime), the difference between those two' amounts shall thereupon be payable out of the fund to ,tlie widow of the deceased contributor, or to the children (if any) in equal shares. If a contributor dies under such circumstances that no allowance is payable out of the fund in pursuance of tjie last section, all the contributions made to the fund by that contributor (less the moneys received by him from the fund in his lifetime) shall be paid out of the fund to the personal representatives of the deceased contributor in trust for the person entitled thereto.

ALLOWANCES FOR INCAPACITY. There are several limitations concerning the payment of benefits during incapacity. Benefits shall not lie paid if j the incapacity is due to the serious mis- j conduct of the contributor; if the incapacity does not last three months, and if it extends over that period no allowance shall be paid for the first three months, if the contributor had not been paving into the fund for five years before the accident happened or illness Commenced. Xo allowance shall exceed the pecuniary loss of contributor., and if the income of contributor during incapacity exceeds .£4 a week no allowance shall be made. If the wife of any contributor, or if any contributor (beinsr a married woman) gives birth to a child, and the joint income of wife and lius'mid does not exceed two hundred pounds, such contributor shall be entitled to receive the sum of six pounds or such less sums as the board directs. The hoard may reduce the said sum to the amount of the expenses actually incurred in respect of medical attendance. WIIO MAY CONTRIBUTE. . Any person may become a contributor to the fund who at the time when his iirst contribution thereto is paid—(a) Is resident in New Zealand; (b) Is over sixteen years of age; (c) Is under forty-live years of age; J '(d) Is in receipt of an income not ex- [ ccedina. two hundred pounds a year. ] Contributions shall be paid weekly. (Any person may cease to be a contributor, and may on the expiration of .twelve months thereafter be entitled t'o [receive from the fund a return of all

contributions made by him, less any sums which he has reeched from the fund. Similar provisions apply if ft contributor is in arrears move than IS months, or if a contributor leaves Xew Zealand. A contributor my. while under the age of 4.5, increase his contributions so as to receive the higher rate of pension, and be may at any time lower his contributions so as to receive a lower rate of pension. All the provisions of the Act with respect to a child under the age of 14 years, shall apply to a chil.l who is under the age of eighteen years, and who by reason of bodily or mental infirmity is unable to maintain himself. benefits arc not assignable. Honeys payable out of the fund shall not be deemed to be income or accumulated property within the meaning of the Old Acre Pensions Act, 1!)0S.

Pension Pension Pension Pension Age. of His. of 20.of 30s of 40 s s. <1. s. d. s. d. s. d. 17 . 0 9 1 0 2 3 3 0 18 . 0 11) 1. ■S 2 G 3 4 •1!) . 0 10 1 8 2 0 3 4 •20 . 0 11 1 10 2 0 3 S 21 . 1 0 *2 •o 3 0 4 0' 22 1' 0 2 0 3 0 4 0 23 . I 1 2 2 3 o 4 4 -24 . 1, 2 2 4 3 c 4 8 *25 . I 3 2 (I 3 9 5 0 2(5 . 1' 4 2 8 4 0 5 4 27 . 1' 5 2 10 4 3 5 8 28 . ll (> 3 0 4 (J G 0 2!> . 1 7 3 2 4 !) <; 4 30 . 1' 8 3 4 i) 0 0 8 31 . .1 0 3 0 5 3 7 0 32 . 1 10 3 S 5 G 7 4 33 . 2 0 4 •0 0 0 7 4" 34 . 2 2 4 4 0 G 8 '8 35 . 2 3 4 (i 0 9 9 0 3(5 . 2 .5 4 10 7 3 0 S 37 . 2 7 5 2 7 <) 10 4 38 . 2 10 5 8 8. € 11 4 3!) . 3 « fi 0 0 0 12 0 40 . 3 3 (i fi 0 9 13 0 41 . 3 (i 7 0 1.0 G 14 0 42 . 3 10 7 8 11 6 15 4 43 . 4 2 8 4 12 0 16 8 44 . 4 fi 0 0 13 0 18 0 45 . 4 ll !> 10 14 9 1!) S Eacli a:rc referred to is the of the contributor on hi s next succeeding birthday.