RAILWAYS SUPERANNUDATION FUND.

Press, Volume LIX, Issue 11346, 8 August 1902, Page 5

RAILWAYS SUPERANNUDATION FUND.

SYNOPSIS OF AMENDED PROPOSALS

i (SPECIAL TO "THE PK_3S.") ; WELLINGTON, Auga* 7. The Government have made a. number of ! improvements in tbe Bill providing for a Railway Superannuation Fund. Tbe Ac_ is to come into force on January Ist-, 1903. Under the new scheme there is to be no subsidy from the Government, but the Government will guarantc. the fund. A new section dealing with this has been drafted as follows.- —"'ln the event of __a fun-d at any time being unable to meet the charges upon it, and as often as such occurs, th-' ftrllowing special provisions shall apply:—(l) tbe Board shall forthwith report the fact to the Colonial Treasurer, netting forth the amount of deficiency, and tii-_ causes thereof; (2) the Colonial Trea-s-"T, upon being satisfied that the deficiency exist., and that provision is necessary therefor, s-h-.i, without farther appropriation thasi this Act, pay into the fund out of the Comolidat*-; Fund, a sum sufficient, to J.'ieet the deficiency; (3) the Board's report, together with a statensent by the Colonial Treasurer of bis action thereon, shall be laid bei-re ParL_n___t within ten days after t-be receipt of the reporta. if _'ariiar__it is then sitting, or if not, then within tt-.a days after the commencement of the nest ensuing session thereof.'" This section takes t.h» pls.ee of the sections m !'::•_ oriirinai Bill regarding oontr-bation to> TTi- fund by th* Government, which hav_ b.en struck out. There is a new clauss regarding members' contributions, as f01.. - -s :—"Tbe contribution from members __&fl in each case be at the following percentage of tlw» pay of each member respectively, and shall be deducted at each four weekly railway accounticj period, that is to say—(a) three per centom if Ins age is not mora than thirty year* aS Uve time when the fire* contribution becomes payable: (b) five per centum if his ags then exceeds thirty years, but does not excel?, forty years; <c) seven per centum if his age them exceeds forty years, but do__i not exc:>ed fifty years; (d) ten per centum if bis age then exceeds fifty yea_rs." This is in substitution of clause 7 in the origir__ Biil, which simply provided for a deduction in the pay of all contnbutors at each fourweekly railway accounting period, a sum equal to 3 per centum of the amount of such pay in reg_rd to retiring allowance. It is now proposed tbat every contributor whose length of service m the Depart—k_Qt is not less tnan forty, or whose age is not leas than sixty years, may at any time retire fiom the service at the expiration of three months' notice of his intention so to do, and shall thereupon be entitled to receive from ths fund an annual allowance for the rest of liis life, computed as follow.: —For every year of service he shail receive o_*-_i_ti-ta part of his annual rate of pay, but ra no ease shall the total yearly _dlow_oo©-exceed two-thirds of such annual rate of pay. In the original proposal tbe aHow__ce was to be computed for every year during whioh co_t_ib , _>tors had paid into th* fund, and the ka*gth of service for re__.m*nt was twenty-five instead of forty years. A new sectkm ha_ been added, as follows:—"In every case where, under t3ia provisions of this Act, any fife all-—reawe or other money granted to a. member on his retirement is computed on the basis of hfapay, such pay sball be deemed to be the rate of pay be is receiving at the time of his retirement, unless within th* prev_o_3 five years he has served in _ny grade beneath that held by him at the time of his re_ir~_oe_t, in which case such pay shall be deemed to be tha average rate of pay received by him during tha seven years next preceding his retj-wnsen." C_____ 23 now reads as follow.?: —"In _ny case where any payment is made by an award of the Court under the Workers* Compensation for Accidents Act, 1900, to or in respect of arty contributor, the benefits that woold accrue to or m resp=ct of such cootrib-tor under this Act shall absolutely cease and determine during reoeipWof-jS-j' from ths Wank-rs' Coinpe__-itio*(s%^ / *. :