THE FINANCE BILL

Auckland Star, Volume XLVII, Issue 158, 4 July 1916, Page 8

THE FINANCE BILL

ERIENDLY'SfLCrETY CONCESSIONS. (By Telegraph.—Press Association.) WELLINGTON, Monday. In outlining the provisions of the Fin. ance Bill in the House of Representatives last night, the Minister for Finance, Sir Joseph Ward, said the proposals under part 9 represent an important step coacerning the relations between 'the State j and the friendly societies, and are. designed to strengthen the efforts of both friendly societies and the National Provident Fund. The scheme in the bill ii drawn up to give effect to the concltu sions reached at the conference held in April last between representatives of the societies and the Government. The benefits will be administered by the soci. elies through the National Provident Fund Beard, and are as follows:—Payment of £4 in respect of all members on the birth of a child; an annuity allowance of 10/ at the age of CO for friendly societies' members at half the rates in the original Act. An increased pensih of 20/, 30/ and 40/ may also be obtained at reduced rates. These benefits apply to present, as well as future, members. The maternity payment will be, subject, generally speakin.?, to the conditions that apply to contributors in the National Provident Fund. Members will require to be twelve months in their pociety before becoming entitled to the benefit, and their income must not exceed £200 per annum for the year preceding the birth. The maternity pay. ment is to be regarded as the benefit of the mother, and shall be payable only to her or to her husband if she authorises him to receive it. The annuity benefit is optional. Contrihutions for this purpose will cease, at the age of sixty, and at that age tho society will transfer to the National Provident Fund a sum fixed by regulations. From the age of 60 onwards a member will thus receive a permanent allowance of 10/ a week, and the society will,be released of future liability for sickness benefit on account of that member. The 10/ benefit for life from the age of CO years is a greater benefit than the present pao"ment on sickness only. The provisions in the case of the death of a member are also of inter|9t to friendly societies. The refund of the contributions by the National Fund wQI mean an addition to the funeral benefit payable in respect of the member to his family, and the refund of the amount transferred by the society at the age of 60 is also a valuable addition to the-! funeral insurance of members. The scheme will come into operation as from .Tanuarv 1. 1917. \ '