SOCIAL SECURITY BENEFITS

Press, Volume XCI, Issue 27639, 21 April 1955, Page 14

SOCIAL SECURITY BENEFITS

Qualification Rules

Liberalised CAPITAL GAINS AND INCOME (New Zealand Press Association) WELLINGTON, April 20. All capital'sums are to be disregarded as income for social security purposes in the year in which they are received. Provision for this is made in a Social Security Amendment Bill, which was introduced and read a first time in the House of Representatives today. As the law stands, there are limitations on the types of capital receipts exempt from the definition of “income.”

Money received out of the Social Security Fund by way of special assistance is also exempted by the bill from the definition of “income.” These provisions are restrospective to Janu-

ary 1. Residential qualifications are relaxed for certain beneficiaries who have been absent from New Zealand. Applicants for superannuation, age, and invalids’ benefits who, under the existing law, must reside in New Zealand 12 months after being absent from the country, will need, under the bill, only to be ordinarily resident in New Zealand to qualify. Six months’ absence, of one month’s absence, will be permitted for each year of residence in excess of the minimum requirement in the "case of applicants for invalids’ benefits. Six months is the period now permitted in the case of superannuation and age benefits.

TTje bill also validates the increases in social security benefits which have operat.d since November 18.