THE PUBLIC SERVICE.

Hawera Star, Volume XLV, 31 December 1925, Page 5

THE PUBLIC SERVICE.

RETIREMENTS AND SUPERANNUATION. (by TELEGRAPH PEESS ASSOCIATION.) WELLINGTON, Dec. 30. In consequence of the announcement that a large number of civil servants will be retired presently, the Public Service Association has written to the Commissioner pressing that all officers of 65 should be retired irrespective of their length of service, and all others completing 40 vears, provided they are 60. On the other hand it appears that the present conditions are pressing too heavily on the superannuation fund. The official report to the superannuation board states that the heavy strain on the fund, due to the recent numerous retirements of comparatively young contributors, can only be relieved by a substantial increase in the statutory subsidy fund. The funds stand at £2,225,000, and the interest earned has increased to nearly six per cent. Still it is far. from enough. The report says the officials are alarmed at the advantage taken by the department of the recent modifications of tne Act, and it specially stresses the retire, ment of contributors at 40 years’ service or less. In many cases they are ten or eleven years short of 65. and their retirement causes a loss of contributors never allowed for. The origin calculations were based on the assumption that few retirements would take place under 65.' The result is that an actuary is investigating the position, and he will report to the Government the amount of the extra subsidy required to make good the deficiency.