STAFF PENSIONS

New Zealand Herald, Volume LXXV, Issue 23053, 2 June 1938, Page 10

STAFF PENSIONS

SECURITY FOR WORKERS BRITISH AIRCRAFT FIRM [from our own correspondent] LONDON. May 14 A comprehensive pension and life assurance scheme has been inaugurated by the Handle? Page Company. Within a year a large number of families will enjoy the benefits of this new protection. The chief features of the scheme are a pension for life to men from the ago of 65 ;and to women from (30, or, on death in the company's service, a lump sum payment together with the reimbursement of all contributions the member has paid, or, on leaving the company's service before retirement on pension, reimbursement of all contributions p;*id bv the member with an option of certain other favourable alternatives. The scheme is on a contributory and contractual basis. Members' contributions are applied toward part of the cost of pensions for future service. The firm pays the balance as well as the entire cost of the life assurance benefit, which includes provision for total and permanent disability before the age of 60. _ . The eompanv is also paying the entire cost of pensions for past service nnd certain additional pensions which ensure that workers who are too old to have pensions of a minimum of £26 a year on reaching the age of retirement will have their pensions brought ' top to that amount at the company's expense.