PENSION FUNDS
OVERHAUL Of WHOLE SCHEME STATE AND SERVANTS TO HALVE BURDEN. (Special to the Times). WELLINGTON, Oct. 5. According to the Budget, one ut (lie most important matters dealt with by the National Expenditure Commission was the position of the State superannuation funds. The financial position of these funds is most unsatisfactory if not precarious. Prompt action to stop the drift is essential, but under present economic conditions the whole cost of placing the funds in a souud financial position cannot be made a charge un taxation. Accordingly, the recommendations made provide for an overhaul of the whole scheme of superannuation whereby in effect the burden of the rehabilitation of the finances of the funds will be approximately halved between the State and its employees. This part of the Commission’s report does not provide for any present saving in public expenditure, but, if adopted, the proposals recommended will have the effect of lightening a definite liability of the State that is becoming increasingly urgent- It is therefore proposed to introduce a Bill along the lines recommended in the report.
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Bibliographic details
Gisborne Times, Volume LXXIII, Issue 11760, 6 October 1932, Page 3
Word Count
180PENSION FUNDS Gisborne Times, Volume LXXIII, Issue 11760, 6 October 1932, Page 3
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