Govt. Considers Superannuation
(New Zealand Press Association)
WELLINGTON, August 6.
The Government was considering whether any adjustment should be made to Government superannuation allowances, the Minister of Finance (Mr Lake) said in Parliament today.
A decision was expected soon.
Mr Lake was replying to a question from Mr N. J. King (Opp., Waitemata), who asked if it was correct the purchasing power of the pound had depreciated from 20s to 17s Hid since 1959. If so, would this not establish statistically a case for an increase of at least 10 per
cent in the payments being made to superannuitants to enable them to maintain their 1959 standard of living. Mr Lake said the depreciation in the purchasing power quoted by the member was based on the figures from the consumers’ price index. Over the same period there had been an increase in universal superannuation from the rate of £llO per annum at March 31, 1959, to £234 per annum for a married person, and £260 per annum for a single person at March 31, 1964.
These increases had helped superannuitants and others on fixed incomes who were 65 or over to meet the increase in the cost of living over this period.
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Bibliographic details
Press, Volume CIII, Issue 30513, 7 August 1964, Page 3
Word Count
202Govt. Considers Superannuation Press, Volume CIII, Issue 30513, 7 August 1964, Page 3
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