RAILWAYS SUPERANNUATION.
STATE OF THE FUND. (By Telegraph.—Special to Standard.) AVELLINGTON, Sept. 27. Due to the heavy retrenchment policy pursued in the Railway Department last year the Railways Superannuation Fund had a very small credit balance at the end of the financial year, the difference between the income and the expenditure being only £5656, as compared with a credit balance of £110,882 for the preceding year. The annual report of the fund, which was presented to Parliament to-day, shows that the income for the year decreased by £28,446 and the number of contributors by 1044. During the year £170,000 was paid into the fund by the working railways department. The reports also show that at the end of the year there were 3248 persons drawing superannuation, the amount paid out being £443,505. The average amount of the 759 allowances granted during t-lie year was £lB5 7s Bd, and the average amount of 77 allowances discontinued was £125 11s Id.
At the end of the year there were 12,828 contributors to the fund and the investments l>elonging to the fnnd amounted to £1.461,384.
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Bibliographic details
Manawatu Standard, Volume LII, Issue 256, 28 September 1932, Page 6
Word Count
182RAILWAYS SUPERANNUATION. Manawatu Standard, Volume LII, Issue 256, 28 September 1932, Page 6
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