Staff Benefit Fund In Sound Position

Northern Advocate, 27 May 1938, Page 3

Staff Benefit Fund In Sound Position

Few business organisations can boast such an efficient stair sickness and benefit fund as that organised two years- ago by Bargains Stores. Limited, of Whangarci. Some three years ago the idea was mooted among the senior members cf the staff, with the res.ult that tentative proposals were drawn up-, and a scheme submitted to the stair for its consideration. The ■outcome was an overwhelming, approval of the scheme, and on April 23, 1933, the Bargain Stores Sickness. Accident, and Benefit Fund came officially into being. f ast night saw the second annual .meeting of subscribers to the fund. Mr R. 'f. Tuclehope. managing-direc-tor of the firm, presided over a representative gathering of staff members. After two years of operation, the fund's accounts, as presented to the meeting last night, showed a very healthy state of affairs, subscriptions • having been considerably greater than outgoings.

j Although further benefits were recommended, Ihe chairman intimated ! that the trustees had In view_ the ' consolidation of the fund before granting excessive benefits, i The proposals recommended, how- ; ever, were agreed to, and will be ini corpcrated in the rules.

Staff trustees elected for the ensuing year were Messrs J. Connell. G. H. Panckhurst and G. T. Tupp. Mr ,L. Marshall was elected auditor. At the conclusion of the business, the chairman expressed thanks lo the trustees for the work they h6d done during the past 12 months, the efficiency of which was revealed in a study of the statement of accounts. Kovv The Scheme Works. In actual practice, the Bargain Stores Benefit Fund is a means whereby staff members may be granted financial assistance during illness or in case of accident, and also s death allowance in the event of a subscriber’s demise. Five trustees are responsible for seeing that the fund is properly administered, three of these being appointed by the staff, and two by the directors of the company. Payment of moneys requires the signature of two of these trustees. Any member of the staff who has been employed for a period of one month may become a subscriber to the fund, and thereafter his subscription is paid by an agreed deduction from his salary. At present the rate of payment by subscribers is one penny in every 10/-, or part of such, with a maximum of 1/-. In addition lo subscriptions, the company agrees lo contribute additional amounts. Benefits apply In any case of disablement where the Workers’ Compensation Act does not operate. Rates of payment from the fund are twothirds of the subscriber's present salary, with a maximum of £4 per week. Should the subscriber be disabled under such circumstances as will cause the Workers’ Compensation Act to operate, the trustees will pay to him such amount as will make up the difference between what ho receives under the Act and 90 per cent of his weekly salary, with a maximum of £5 8/- per week. Normally. benefits will be paid up to 18 weeks in one year, but the trustees are vested with authority to extend tins period at their discretion.

Funds such as that established by Bargain. Stores operate in many large concerns both in New Zealand and cveisoas, but it is not known whether the sciiemc has previously operated in Whangarei. Its fundamental object, as stated in its constitution, is to provide financial' assistance to employees disabled and not eligible for full relief under the Workers’’ Compensation Act.