THE PUBLIC SERVICE.

New Zealand Herald, Volume L, Issue 15349, 9 July 1913, Page 10

THE PUBLIC SERVICE.

SUPERANNUATION SCHEME. SATISFACTORY YEAR. [BY TELEGRAPH. —SPECIAL correspondent.] Wellington, Tuesday. The fifth annual report of the Public Service Superannuation Board shows a record of progress greater than any recorded in previous years.

The new contributors for the year totalled 1234 males and 237 females (1471). The annual salary represented was £145,395, and the annual contributions were-'£B9Bo. The number of public servants contributing to the fund at the end of the year was 10,027, with a total salary of £1,666,231, and an annual contribution of £109,840. Pensions for £9095 per annum were' granted during the year. The largest retiring allowances granted during the year was £521 14s, the smallest was £8 6s per annum, and the average £97 13s 6d. Those officers who retired during the year were entitled to receive the sum of £17,378, accrued compensation under the Civil Service Act, 1866, had they not become participants in, the benefits of the superannuation fund. The total amount saved to the consolidated fund in this manner since the initiation of the superannuation scheme has been £128,617, which may be set aganist the the subsidies paid to the fund, amounting to £108,500. The annual amount payable at the close of the year was £53,384* The total income for the year was £146,990, made up as follows :—Members' ordinary contributions £107,224, transferred, from other funds £185, contributions from Government £23,000, fines £323, interest £16,258. The pensions paid to contributors who have retired and to the dependents of. deceased contributors during the year amounted to £50.780, viz., £48,205* to members and £2575 to widows and children. The net revenue for the year was £81.820, accumulated funds amounted to £423,556, and on December 31, the total assets of the fund, which include provision for the outstanding accounts, amounted to £1,133,431.