SUPERANNUATION.

New Zealand Herald, Volume XLIX, Issue 14929, 29 February 1912, Page 8

SUPERANNUATION.

HARBOUR BOARD'S SCHEME.

[BT TELEGRAPH.—PKESB ASSOCIATION.] Wellington, Wednesday. Tin: Wellington Harbour Board to-day adopted a superannuation, scheme for its employees. The Board undertakes to pay into the fund each year a sum sufficient to guarantee the financial soundness of the fund. The contributions to be paid under the Act by those joining the scheme are: — Five per cent, of salary when age does not exceed 30 years ; six per cent, over 30 years, but not exceeding 40; seven per cent, over 35, but not exceeding 45; eight per cent, over 45, but not exceeding 50 ; ten per cent, over 50. .Males may retire after 40 years' contributions, or at the ago of 65, and females may retire after 30 years' contribution, or at the age of 55, but the Board may in any particular case grant a pension after the age of 60 years in the case of males, and after the age of 50 years in the case of females. Pensions may also be granted at any age for ill-health. The widows of contributors or pensioners are entitled to pensions of £18 per annum during widowhood, and the children of deceased contributors or pensioners are entitled to 5s per week until the age of 14. Contributions are returned without interest to contributors leaving the service voluntarily or otherwise.