RAILWAY SUPERANNUATION FUND

Otago Daily Times, Issue 12415, 26 July 1902, Page 3

RAILWAY SUPERANNUATION FUND

A 'deputation from tlie Amalgamated Society of Railway Servants waited on Mr J. F, Arnold, M.H.11., last evening to pr:>-! test against tlie Superannuation Fund .Hill being passed iu_ its present 1 form, and :.sk his aid to got it amended. The deputation puinted out that the- bill did not take into account the question of length of service, which they contended it should do. They suggested that there should he a ] sliding scale of contributions:—Say «p to' SO years of age, 3 per cent, of wages; 20 to 40 years of age, 5 per cant, of wages; 40 to 50-years bf age, 7 per cent, of wages; and 51 years' ami over, 10 per cent, of wages. In tlie opinion of the deputation if this were done and tlie Government gave a guarantee of £10,000, together with all fines and this amounts- in- the present retiring fund, abouf, £3000, the .scheme would be a success. Tlicy also thought that u member of tlie sccond division should be able to buy back a certain number of years as the members of the firat division were able to do. 1 Mr Ai'iiold; in reply, said that what they evidently wanted was a. similar scheme to that provided in the Police Provident Fund. In that ease tlio Government had-given a. guarantee of £8000. and it was a question as to whether £10,000 would bo sufficient in the ease of the railway servants, who- were such a numerous" body; He would also point out that■there were from 1000 to 1500 at present in tlie' service between o0 and 60 years of age, who would necessarily be drawing on the funds in a very short period of time. In liis opinion it was simply a question of finance. Personally, he was very, much iii favour of a superannuation selienid in connection with the railway or any other part of the civil service, as ho did not consider that it was a pension scheme, or that there 1 was any similarity between it and . a pension. He understood Sir Joseph Ward had invited a deputation of the executive to meet-,liirn in Wellington cither on Saturday or Monday,' and when he (Mr Arnold) arrived in Wellington on Sunday morning he would ascertain whether an agreement; had .been como to or not. He would also see Sir Joseph Ward, and lay the matter before him, and do what was possible to bring into vogue a superannuation scheme \vhioh; would be workable and satisfactory. ' 1 The deputation thanked Sir Arnold for the interest he had taken in the matter.