NATIONAL PROVIDENT FUND

Otago Daily Times, Issue 18350, 14 September 1921, Page 5

NATIONAL PROVIDENT FUND

ENORMOUS EXPANSION.* (Pjse United Press Association.) WELLINGTON, September 13. , Speaking of the National Provident Fund, the Hon. W. Downie Stewart referred to the growth of the fund to show tho expansion of the work. The Minister mentioned that in 1917 the number of contributors was 9847 and the amount of the contribution income was £41,817. In 1921 the figures were 21,825 and £126,000. To illustrate the substantial increase in tho business of the fund it was only necessary to mention that the first contributor was enrolled in 1911, and the fund now amounted to £549,258. This large accumulated fund had boon built up by contributions ranging from 9d per week. It was hoped the scheme could be further extended for the benefit of t;ho wage earners of tho dominion. One of the primary objects of the fund was to provide for what might bo called the emergencies of life. It was desired to do something more than the old-age pension schedule. He thought it was felt that just as the Civil Service had its superannuation scheme, so tho ordinary citizen should have one. _ Another feature was the provision for families which had been deprived of their bread-winner. And then there were substantial maternity benefits. It would be realised how much good had been done, and how' much the burden ol contributors had been jightened through their wisdom in contributing to these funds. Ho thought tho fund would make an increasing appeal to those who had not facilities to meet emergencies, so he thought a period of increased usefulness and substantial growth could be expected in the near future. There would bo groat need for the old virtue of thrift. The fund would be a boon ‘to those who saw fit to take advantage of what it offered.