PENSIONS FOR EMPLOYEES.
ENDOWMENT INSURANCE, WELLINGTON COMPANY'S PLAN. A scheme of endowment insurance for its employees has been instituted by tha Wellington Gas Company. Nearly twelve months ago Sir Harold Beauchsmp announced his intention of launching a scheme of superannuation for employees of the company. Since that time careful consideration* has been given to a number of proposals*, including a plan for staff insurance, submitted by the National Mutual Life Association of Australia. This plan., which has been adopted, ensures that at the age of sixty-five each employee will receive a substantial sum of money—with the additional advantage that should he die before reaching sixty/ive, the death cover will be paid. to his dependants. This purpose,is achieved by the payment of five per cent, of his salary by each man on the company's permanent staff. The company itself subscribes an equal sum. The amounts by which the average worker will benefit at retiring age vary from £SOO Jto £2500. The total death cover immediately provided for the staff will approximate £IOO,OOO.
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Bibliographic details
New Zealand Herald, Volume LXIII, Issue 19418, 28 August 1926, Page 13
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171PENSIONS FOR EMPLOYEES. New Zealand Herald, Volume LXIII, Issue 19418, 28 August 1926, Page 13
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