UNION STEAM SHIP SUPERANNUATION SCHEME.

Otago Daily Times, Issue 14702, 9 December 1909, Page 9

UNION STEAM SHIP SUPERANNUATION SCHEME.

FOR CAPTAINS, OFFICERS, AND ENGINEERS.

. Union Steam Ship -Company, in conjunction with .representatives from tho Merchants Officers' Guild and tho Institute of -Marino Engineers, lias formulated and aoeptcd a superannuation scliemo for masters, officers, and engineers jn the employ of die company. Tho retiring age of officers who haro been 10 years or more 111 tho company's service has 'been fixed at 63 wars, and tho company undertakes to Mnn'rlf 3 tho ,, schelno to the extent of £20,000, payable 'by £10,000 cash and £1000 annually for 10 years. Tho amount contributed by the company is tho same as that which they agreed to give towards tho scheme for clerical members of the statT, instituted in 1905. Tho scheme is now so far advanced that tho Officers' Guild and the Institute of Marine Engineers are empowered to enrol members. Tho trustees appointed are Captains D. J. Watson and A, Wallis, representing deck olhcers; Messrs A. R. Hislop and H. S. Baldwin, representing tho engineers, and , m ?,V Hol< j sw °rfo (general manager) and T. W. Whitson (secretary), representing the company. The rates of contribution undor tho clerical scheme, which includes pursers and assistant pursers, wharf managers, and superintendents of outdoor departments, aro as follow:—Officers undor 40 years of age on joining the association, 5 por cent, upon their annual salary; 40 years and under 45, 6i por cent.; 45 and under 50, per cent.; 50 and under 53, 10 per oont.; S3 and under 53, 12$ per cent.; 58 and under 60, IS per .cent. Contributions will contimio to bo payable at tho rate applicable to age on joining. The maximum salary 011 which contributions are levied or superannuation calculated is £750. The pension during life is one-sixt.ieth of the average annual salary for -each year of service, limited to two-thirds of the average annual salary, with a maximum of £300.