SUPERANNUATION

Dominion, Volume 10, Issue 3172, 24 August 1917, Page 4

SUPERANNUATION

FOR CITY CORPORATION EMPLOYEES. At last evening's meeting of the City Council the Finance Committee reported that it had received the following report from the Superintendent of the National Provident Fund, giving particulars of the Council's Superannuation Fund:— "Further to my letter of February 19 I lave to advise you that the cost of superannuation of the employees included in the list furnished by you. on February 10, is as follows:—The total amount duo to the fund on account of 362 employees wduldbe .£11,709 per annum. The council's prooortion of the amount is estimated to be .£7G35 per annum, made up of bo many separate amounts in respect of individual employees, each payable so long as the particular employee is in the council's employ or on the penBion list. ■ The percentage deduction from the employees' salaries up to retirement would amount to 44074. . The councils contribution would therefore decrease as each employee died or left the service, whilst, on' the other hand, it wml? be liable to increase with the additional pensions due to future increases of salary, and to the enrolment of new members of the staff. The back cervice of these employees has'been fully provided for in this scheme." ~,,,,, «,„ The committee recommended that the question he loft in tho hands of the committee to deal with.