UNIVERSAL INSURANCE.

New Zealand Herald, Volume LXI, Issue 18679, 8 April 1924, Page 7

UNIVERSAL INSURANCE.

RIVAL BRITISH SCHEMES. CONSERVATIVE Y. LIBERAL, (Received 5.5 p-ia.) Sun LONDON. April 6. There has been an interesting political i development of a rivalry between Conservatives and Liberals in drawing up plans for -universal insurance, which threatens to anticipate Labours ideal of pensions for everybody. Both plans are based on the extension of existing national schemes, and compulsory insurance against sickness and unemployment, to Which workers, employers, and the State contribute. The conservatives' plan is to increase male workers' weekly contributions to Is 6d, those of women workers to Is, those of employers to 2s 6d, and those of the State to Is for each worker, producing a revenue of £216,000,000. It is calculated that the surplus over distributions will result in building up in 50 years a fund of £3,000,000,000, yielding £120,000, interest. When the plan is fully working all workers over 65 years of age would be pensioned, men receiving 50s and women 20s weekly. A similar amount would be paid during sickness before, the age of 65- • i, v It is calculated the plan would relieve unemployment, enabling 1,000,000 younger iren and women to replace pensioners.Also, it would make it possible to abolish the poor law system, thereby substantially reducing municipal rates. The Liberal plan is less comprehensive. It provides for pensions on a lower scale, beginning at the age of 65. The weekly contributions of workers, employers, and the State would be lower, the Liberals "believing the slight increase on existing contributions sufficient to build up a big insurance fund when industry revives, and thousands more workers are contributing to the scheme instead of draining ;it, as at present.