SUPERANNUATION FUND.

Auckland Star, Volume 55, Issue 95, 22 April 1924, Page 7

SUPERANNUATION FUND.

POSITION OF STRIKERS. "SURE TO BE SAFEGUARDED'The Superannuation Fund and fhn position of the raihvaymen there aner.V now that a strike has materialised are matters that arc being discussed, there being a belief in many quarters that the permanent staff may lose their rights under the scheme as a result of the stoppage of work. A well-known authority on railway matters dealt with this subject in conversation with a "Star" representative. "The fear of losing their superannuation is a mere bogy, and most of the raihvaymen know it," he declared. In support of this contention he pointed out that before the parties came'together again it would most assuredly be the sine qua non that all the men's right* under the superannuation scheme would be preserved. Thus they were sure to be safeguarded. From the inception of the fund to March, 1923, the railwaymen's contributions amounted with interest to £1,741,352. Pensions absorbed £1,247,----342; allowances to dependents, £144,----568; compensation, £4206; administration, £8361—a total of £1,707,133. There has thus been accumulated £34,219 during the 20 years. By way of subsidy the Government has paid in £550,000. In March, 1923, the liabilities of the fund in respect of contributions received was £017,154, giving a defl- , ciency of £332,935, which will presumably be supplied by the State. The superannuation fund at Marrh 31, 1923, stood at £584,219, an increase of £40,688 for the year. The revenue for the year was £230,089, made up of contributions £126,967, interest £26,17.3. and Government subsidy £75,000. The expenditure was £178,470, including retiring allowances amounting to £143,331.