INSURANCE OFFICERS

Evening Post, Volume CXXV, Issue 100, 30 April 1938, Page 10

INSURANCE OFFICERS

COVERED BY SCHEMES

The Insurance Institute of New Zealand (Incorporated) submitted a statement setting out the superannuation benefits enjoyed by insurance officers at the present time. The institute, it was stated, represented approximately 2450 salaried officers in the business of insurance. At least 90 per cent, of these officers enjoyed the benefits of superannuation. In a few cases superannuation benefits obtained were free of any cost to staff members, but the majority ,of the schemes in operation were contributory. The remainder of the 90 per cent, paid for ♦superannuation by means of deduction from salary of from 3 per cent, to 5 per cent, according to circumstances —age at entry, length of service, benefits to be derived,, and amount of subsidy given by employer. All the schemes were subsidised by the companies, the subsidy never being less than £1 for £1, while in many cases substantial initial contributions had been provided by the companies. The statement gave details of .the various schemes, in operation. It would press very heavily on some of the staff if, in addition to their contributions, they had to pay a further 5 per cent, as there was no possible chance of their obtaining anything out of the suggested national superannuation fund. They would apparently be' entitled to free medical attention under the health portion of the scheme, but, taking the average clerk's salary at £350, it would mean that he would contribute £17 10s per annum, and it was certain that the yearly average per family for medical attendance was much less than that.

The case was presented by Messrs. W. D. Gibb (president), C. W. R. Little chairman, Wellington district), L. Monteman (member of the executive council), and C. H. Blazey (representing the staff).