SUPERANNUATION FUND.
BOARD MEMBER’S STATEMENT. Per Press Association. AUCKLAND, Sept. 18. “One hears on all sides that the board is holding money received by way of excess payments by contributors and that it should immediately pay this money back or subsidise members’ contributions,” said Mr Jacob Elliott, a member of the Government Railways Superannuation Board, in a statement to-day. He pointed out that the board was purely an administration body. When the ‘‘cuts” were made in 1932 some members, being unable to continue paying into the superannuation fund on the basis of the higher wages, elected to pay on the basis of their reduced wages. There was, therefore, a certain sum of money standing to their credit and this was being held by the board until the members concerned retired. The only redress they could possibly have was by way of an amendment to the existing legislation. Neither the chairman nor the members of the board was responsible for withholding the contributions, which amounted to many thousands of pounds and were not earning interest.
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Bibliographic details
Manawatu Standard, Volume LIII, Issue 249, 18 September 1933, Page 2
Word Count
174SUPERANNUATION FUND. Manawatu Standard, Volume LIII, Issue 249, 18 September 1933, Page 2
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