Contribution To Social Security Fund ‘Adequate'

Press, Volume CI, Issue 29901, 15 August 1962, Page 16

Contribution To Social Security Fund ‘Adequate '

(New Zealana Press Association)

WELLINGTON. Aug 14 The Minister of Health and Social Security <Mr McKay) said today that the contribution to the Social Security Fund, £37.5 million tor. 1962-63, compared with £38.1 million for the previous year, would be adequate The additional contribution after t.he recent general wage order would be £1 125 million this year and £1625 million in a full year Mr McKay had been asked by Mr A H Nordmeyer <Onnosition Island Bay) in the House of Representatives whether it was the Government's intention to run down the fund still further this year in order to meet the inc-eased costs Mr Nordmeyer said the Budget announced that tax tables would be revised to exempt the first £2 of income from Social Security tax “That must necessarily mean a decrease in the amount received into the fund.” he said “But this vear we have a vote less titan last year’s. What,’is involved in the increase in t.he

amounts payable to pensioners? . Why this difference?"

Mr McKay said it was well known how difficult it was to provide for these particur lar estimates, but they had been given every consideration

The contribution is an amount transferred from the Consolidated Fund to supplement the revenue of the Social Security Fund