SOCIAL SECURITY FUND

Grey River Argus, 19 August 1949, Page 2

SOCIAL SECURITY FUND

WELLINGTON, Aus. 18. In his Budget speech tonight Mr Nash said: ' »The expenditure from the Social Security Fund last year amounted to £42,997,000. Revenue apart from the transfers from Consolidated Fund, amounted to £29,437,000. The- credit balance at 31st March, 1949, was £8,682,000. For the current year it is estimated that social security taxation will realise £31,600,000, and it is proposed to provide £12,000,000 from the, Consolidated Fund. Including provision for increased benefits amounting to £lBOO,OOO, the estimated expenditure from the Fund will amount to £46,224,000. . , The following gives a summary of the anticipated receipts and payments of the Fund for the current year:— ESTIMATED EXPENDITURE Monetary benefits other £ than family benefits 22,260,000 Family benefits 14,800,000 Med and hospital benefits 8,059,000 Administration expenses Emergency benefits 312,000 £46,224,000 ESTIMATED RECEIPTS Social security charge 31,600,000

Miscellaneous receipts 36,000 Transfer from Consolidated Fund 12,000,000 £43,636,000 Expenditure in excess of receipts will be met from the cash balance carried forward in the Fund last year. Reciprocal arrangements with Australia for payments of social security benefits to persons who move from one country to the other were recently brought into operation. ProMs for a reciprocal agreement with United Kingdom are under discussion, and it is hoped that negotiations can be completed in time for authorising legislation to be passed this 'session. This agreement is to apply to age, .universal superannuation, widows’, and orphans’ benefits.