SUPERANNUATION

New Zealand Times, Volume XXXII, Issue 7019, 6 January 1910, Page 5

SUPERANNUATION

UNION COMPANY'S NEW SCHEME. SOME DISSATISFACTION EXPRESSED. It has been generally believed that the Union Company’s superannuation scheme which was formulated at a conference at Dunedin on December 2nd and 3rd was acceptable to tho masters, officers and engineers in the company's emj)loy. It seems, however, that there’ is ail undercurrent of dissatisfaction among a section of the officers and engineers, which must be disconcerting to those who approve of the scheme. A number of officers and engineers have •been interviewed by a “Times'’ reprejSenlative, and opinion seems to be somewhat divided upon the matter. | it is stated that mere is a strong feeling among me emceis and engineers of •tne intercolonial vessels that the scheme siiouid be abandoned. Others are in favour of certain, amendments. Questioned as to why a movement which was for their mutual benefit, and which ,had been endowed with- a gift of A2U,UU!i by the Union Company, should be mopped, the dissentients replied that •they were well able to put aside money ■for their old ago without jiaying it into ja fund, thus losing control of tneir savings. They contended that they were iame to get a much better return from ■their money than from the superannuation fund. It is “clause 6” which appears to be the most unacceptable feature of the scheme; It provides that any member retiring from the company’s service owing to a serious breach of or continuous, misconduct ’will not get any refund of his contributions, Also on the retirement of a .member for any other reasons the trustees are empowered to exercise their discretion whether any refund be allowed, 1 A number of the officers take strong (exception to these provisions. They contend that a breach (or what is held to be a breach) of 'regulations always .carries, an adequate penalty without •the savings of the officer or engineer ! being forfeited. There _ are, they state, 'other unpalatable provisions, and. in ithe words of one officer, “We intend to •kick; we object to compulsion in thia ,matter, and there is trouble ahead." It was pointed out •to them that tho basis of the scheme was formulated on •a ratio providing for the. entire aiim* 'her of the officers and engineers partial.'pating in the movement- Unless the imatter was taken up by the men as. a body the whole scheme would require to be remodelled, even if it were possible to proceed with it. Many of the men are well pleased with the idea, but consider that the ob[noxious “clause 6’’ should be omitted or Jamended to enable the men to draw their .contributions to the fund on being diefmissed from the service—as ia the case with the Railway Department employees. The feeling of dissatisfaction 'is not so evident among the engineers, the 'majority of whom are pleased with the scheme. There are several, however, who do not approve of the schema as submitted to them by the pamphlet circulated by the Union Company. 1 Captain D. J. Watson, secretary of tho Merchant Service Guild, who has been on a visit to Australia, arrived at Auckland by the M-aheno on Sunday, and £s expected back in town to-day. Tho matter has. created stir among the members of the guild, and special action will bo required to meet the feeling of discontent. . The first general meeting of the association to administer the f-und will beheld within six months of the formation of the association, and until that date the following will be the board of trustees :—Captain D. J. Watson and Mr Wallis, representing masters and officers t Messrs A. R. Hislop and H. S. Baldwin, representing the engineers; and Messrs C, Holds worth and T. W. Whiteon, representing the Union Comto the fund were to commence from the Ist instant, Pavments will range from 5J per cent, of the annual salary of members under 25 years of age on joining the association, up to 12% per cent, for members between 59 and 53 years 1 of age on joining.