LIFE PENSIONS REFUSED

New Zealand Herald, Volume LXXII, Issue 22142, 22 June 1935, Page 2 (Supplement)

LIFE PENSIONS REFUSED

Only a few of the 500 " temporary " Bank of England clerks who were asked to retire have taken the opportunity of leaving with a lump sum of up to £2OOO. Most of these are young single men who hope to build fortunes with the unexpected capital windfall. Only seventy-five have taken the offer of pensions up to £2 a week. All the rest want to stay on, though there may bo little prospect of promotion in the rest of their lives. The men were engaged without examination or apprenticeship between 1919 and 1927 to clear oft' arrears of work which accumulated during the war and the difficult years that followed. They are no longer required. An official of the Bank said to an interviewer: "Those who have refused the retirement offer are naturally wondering what the next move will bo. " I have reason to believe that the directors will not dismiss them. Probably they will continue as a ' floating ' staff—replacing those of the 1200 on the permanent staff who may be ill or on leave. " Some of the more adventurous spirits who<have taken lump sums may fail in their new ventures through no fault of their own. If they do I believe the directors will no.t hesitate to give them further assistance."