SUPERANNUATION.

Press, Volume LV, Issue 16462, 4 March 1919, Page 4

SUPERANNUATION.

« TRAMWAY BOARD'S SCHEME. A circular setting out in detail the superannuation scheme adopted in September last by the Christchurch. Tramway Board in xeepect of its employees was submitted at yesterday's meeting of the Board. ' The circular stated' that the fund was establislied under. the provisions of tho National Provident Fund, and detailed the conditions and benefits. The following note is of interest:— , "A motorman who died recently was one of those who expressed willingness to join the fund in response to circular issued May last. The proposals did not then meet with, any great measure of approval, and as the number who offered to join were few, the scheme was held up. Unfortunately the man 'Jied, leaving a widow and four children —S, 6, 4, and '3 yeaie._ If the fund had been established, the widow would liave received £18 per annum for life, estimated at a total ofs- £648, and tho children's allowances would have totalled £442, 1' total of £1090. The abovo illustration is given because some of the staff stated they -thought that the Government Widows' Pension sohemo was as pood a3 th« National Provident Eund. Under tho general scheme, the lato motorman's family would only have received £273."

The State contributes 20 per cent, of the total coat of the fund. On. February 15th, 1919, there were 139 employees of the Board contributing to the'fund, and in respect of theee tho Board pay® into the ftinU £1807 per 'annum, and the State £818, a total" of £2623, which, the circular states, must bo regarded as ji very substantial- subsidy. Tho contributions by employees per week aro in accordance with the following scale:— If wages £3 per week: Under SO years, 4 per cent., 2s 7d; nnder 25 years-, 5 per cent., Hs- 3d; and under 60 years, 0 per cent., Us 11-J. If wages £3 5s per week: Under 30 years, 2s lOd; under 35 years, 3s Gd; under 60 years, 4e 3d. If wages £3 10s per week: Under. 30 yeaTs, 3s; under 35 years, 3s lOd; under GO years, 4s 7d. If wages £4 per week: Under 30 years, 3s Cd; -under 35 years,' Is 4d; under GO years,us 3d. If wages £4 10s per week: Under 30 veals, "s lid; under 35 years, la lid; under GO years, 5s lOd. Contributions are deducted for 48 weeks per annum only, no deduction being mi.'le from two "pays" at Christmas and 2«ev Year time. Tho percentage rate -will not increase as the employee grows older, butwill remain as at the age when he joins. For instance, if an employee -is under 30 when ho joins, percentage rate will never escsed 4 per cent, of his wages. If his wages increase, the 4 per cent.' will be calculated 011 tho higher amount, and the Board's contribution on his behalf will also increase. The Genera', Manager (Mr Frank Tliomji£on) gave the following particulars regarding the present state of the fund:—TolaJ staff, 415: less number over 60 years of age, 6, and casuals (say) 34, total 40; total staff eligible to belong to fund, 375. Original contributors, 123: men on active set - ' vice kept on the fund by tho Board, 44; new contributors, 96; total now in the scheme, 269. - . ... In the course of a brief discuasion respecting the scheme, Mr A. S. Taylor remarked that the majority of the Board's jnotormen and conductors had joined the fund. The criticism mado at the last meeting of tlie City Council, to the effect that municipal employees, earning the same rate as the Board's motormen and conductors, could not afford the weekly payments because they were too high, did not apply to the Board's employees.