RAILWAY SERVANTS SUPERANNUATION.

New Zealand Mail, 27 August 1902, Page 61 (Supplement)

RAILWAY SERVANTS SUPERANNUATION.

The committee of the House of Representatives to which was referred the Government Railways Superannuation Fund has reported to the House recommending that certain material alterations lie made in the Bill. The principal change is the striking out of the provision that “there shall be deducted from the pay of all contributors at each four-weekly accounting period a sum equal to 3 per centum of the amount of such pay.” In place of this a graduated scale of contributions is recommended, to be levied in the following manner each four-weekly period:—Age not more than thirty at time when the first contribution becomes iiayable, 3 per centum; if age then exceeds 30 but- not 40, 5 per cent.; if age then exceeds 40 but not 50, 7 per cent.; if age then exceeds 50, 10 per cent. Previously, the age of retirement was set down as not more than 60 years, and of not less than 25 years; in the amended Bill the latter figure has been enlarged to 40 years. The scale of benefit has been made more generous. Now, instead of it being specified that a man shall receive benefit for every year “during which he has contributed to the fund,” the broader provision is suggested that he shall receive benefit “for every year of liis service; but in no case shall the total yearly allowance exceed two-thirds of such annual rate of pay.” A new proviso runs that “the Board may, with the consent of the Minister, extend the above-named benefits to any case where the contributor's service is not less than thirty-five years, but does not amount to forty years.” The recommendations are in part framed upon the evidence given by a number of railway witnesses before the committee.