UNIVERSAL PENSIONS

Evening Star, Issue 22596, 13 March 1937, Page 22

UNIVERSAL PENSIONS

ABOUT £14,000,000 REQUIRED SHILLING LEVY IN POUND SUGGESTS!) CONSOLIDATED FUND MUST FIND £7,000,000 [Per United Press Association.] AUCKLAND, March 13. Probable features of the national superannuation scheme under preparation by the Government were outlined this morning by Mr J. Elliott, one of the national representatives on the Railway Superannuation Board. The Government, said Mr Elliott, thought it would cost approximately 14 millions to launch the scheme. This would be necessary iu the initial stages for the purpose of granting the universal benefits which would accrue immediately the scheme was launched owing to the fact that the suggested scheme would eliminate all non-con-tributory pensions now in existence. . Although no really authentic information was obtainable regarding the purport of the Bill, it was . suggested in well-informed quarters that a shilling in the pound would be levied as contribution, and the membership would probably include all between the ages of 16 and 60. “ It will undoubtedly come into operation this year,” said Mr Elliott. ”At present the country is being levied between three and four millions annually for non-contribu-tory pensions. So far as the 14 millions are concerned, the superannuation tax will probably yield ; about 50 per cent., while the other seven millions will come directly from the Consolidated Fund. “A committee of the House is dealing with the measure, which, will probably be the most far-reaching humanitarian legislation enacted, in this country. “ The results of its present deliberations are eagerly awaited by the people of the Dominion. - “ It is suggested that all those who are members of superannuation schemes will be given the option of joining the compulsory scheme or remaining as they ■are. The Government must be wary of such, as the vountary withdrawing of comparativey young men from the State superannuation funds, would weaken the stability of the present State funds.”