EMPLOYEES BENEFIT.

Auckland Star, Volume LXI, Issue 101, 1 May 1930, Page 14

EMPLOYEES BENEFIT.

"'STAR" PROVIDENT FUND. AMOUNT BE ACHES £16,300. THREE YEARS' PROGRESS. A highly satisfactory condition of ■'affairs was revealed at 'the third annual meeting of the Brett Printing and Publishing Company Provident Association. Mr. T. H. Macky presided over an attendance of 70 members. In stressing the consistent growth of the association's funds, the report stated that on March 31, 1928, the investments amounted to £4900; on March 31, 1929, they amounted to £10,450; and a,t the end of the third year the fund stood at £16,300. During the current year £5850 was available for investment. All investments had been made in New Zealand Government Inscribed Stock, bearing interest at the ruling rate allowed by the Government. Formerly the rate "was 5£ per cent and 5£ per cent, but during the past three months 5£ per cent had been offered. Members would appreciate the substantial increase in the'amount of interest now placed to the credit of the individual accounts. The total amount of interest had increased annually from £84 in 1928 and £347 14/ in 1929 to £641 17/ in 1930, and this year the interest credited to accounts amounted to nearly lOd in the £' on the amount credited at the end of March. Extension of Benefits. During the year several important amendments to the rules had been made. One section had been extended to include in the compulsory retirement clause • members of the staff whose services might be dispensed -\vith owing to slackness of trade "or for other reasons beyond the control of or through no fault of the member. The trustees considered such members should not be so penalised, | and had decided that the total amount! credited should be paid to the member. This payment would include not only J the member's contributions but also 'the company's subsidy and the interest. In another amendment provision had been made for members, compelled to. withdraw from the association for private reasons, who later desired to rejoin. Members so situated might now rejoin a,fter six months from the date of withdrawal, and in each case the amount of subsidy which had been "transferred to the reserve fund on the member's withdrawal should again be retransferred a» . a subsidy to the member's contributions until the amount was exhausted,. when the company would then resume its subsidy. A further extension of policy had been introduced by the trustees to cover the case of members leaving during any current year, and it was now arranged that interest at the rate of 5 per cent would be paid to members up to the end of the month preceding his or ' her resignation, provided that the withdrawal or resignation from the associa- . tion was not due to dismissal from the service of the company for any misdemeanour. The rule previously provided that on such occasions interest should be paid oil the amount that stood to the credit of any member at the date of the last annual balance. Company's Graduated Subsidy. The interest shown by the directors =; of the company in the future welfare of the employees by the continuation of the liberal graduated scale of subsidy—the members contribute 5 per cent and the subsidy ranges from 5 per cent to 10 per cent —was greatly appreciated by the trustees and members. During the year tinder review the. amount of subsidy received from the company, including pensions paid to old employees, was over £4475, an increase of £511 over the ■ amount paid during the previous year. In congratulating the members on the continued success of their efforts,, Mr, Macky said that the average holding in the fund was £83 10/, while a few 'of the senior employees already had as much as £250 10/ standing to their credit. New membership should become the chief objective of the association during 1930. The drawing together of the staff in the fund would mean greater ' prosperity, greater opportunity and greater . earning capacity for the company which, provided the subsidy. The retiring elective trustees were Messrs. E. Aldridge, A. Bullock and J. A. Sherriff. Of these, Messrs. Bullock and Sherriff offered themselves for fur- ' ther service and were re-elected. Mr. — Aldridge proposed that Mr. G. Lawson should be appointed to the vacancy caused by his,, own retirement; and the <• motion was carried. Complimentary reference tb Mr. Aldridge's services was . ' made by the chairman and Messrs. ' Bullock and Sherriff.; A vote of thanks to the directors of the company ended the meeting.