NATIONAL ANNUITIES.

Wairarapa Age, Volume XXXI, Issue 3016, 12 October 1908, Page 4

NATIONAL ANNUITIES.

The National Provident Fund Bill is intituled "an Act to encourage the making of provision against destitution arising from old-age, sickness, widowhood, and orphanage.' The Prime Minister stated in the House on Friday night that it was not intended to put the Bill through this session, but to circulate it with the object of disseminating information regarding its main points, which are as follow: —The fund is subsidised and guaranteed by the Government. Residents of New Zealand between the ages of 16 and 45 yearsj may become contributors, provided they do not earn more than £2OO a year. For a pension of 10s a week, for instance, the weekly payment varies from 9d a weeft at 17 years of age, to 4s lid a week at the age of 45. A contributor can withdraw from the fund at any time, and take his contributions with him. The benefits are a pension at sixty years varying from 10s to 40s a week, according to the rate of contributions. The following is a good illustration of the proposals contained in the Bill: — A man who joins the fund at the age of 25 and pays in Is 3d per week, and who subsequently marries and has four children, secures for himself: —(a) A pension of 10s a week at sixty for the rest of his life, (b) An allowance of 30s a week during incapacity exceeding three months, so long as he is under sixty

and his children are under fourteen, (c) An allowance for his wife arid children on his death of £1 17s 6d a week so long as the children are under fourteen, (d) The right, on giving twelve months' notice, to obtain a refund of all contributions.