British Motor Finn’s Benefit Plan

Press, Volume XC, Issue 27501, 8 November 1954, Page 11

British Motor Finn’s Benefit Plan

(Rec. 7 p.m.) LONDON, November 6. Sir Leonard Lord, chairman of the British Motor Corporation, has announced details of a non-contributory re'irement benefit and life assurance plan fdr 45,000 employees in the undertakings controlled by the corporation in Britain. The corporation will pay the full cost of a master insurance policy for the sum assured, of more than £8,000,000. The annual premium will exceed £400,000. Sir Leonard Lord said that the State pension plans provided no cash on retirement and no lump sum on death before retirement. Under the plan all employees aged 25 or over and under 60, who have been in the company’s service for three years or more, will receive £lO cash for each year of qualifying service on retirement at 65. Thus a man aged 25 or less, and remaining in the corporation’s service until he is 65, will receive £4OO. If an employee dies in the service before the retirement age, the amount which would have been paid on retirement will be paid immediately to his dependants.

University Study in Russia.—Enrolment in Russia’s 900 universities has reached 1,750,000, according to Tass, official Soviet news agency.—Moscow, November 6.