ENDOWMENT BUSINESS

Otago Daily Times, Issue 26693, 12 February 1948, Page 8

ENDOWMENT BUSINESS

WEEKLY PREMIUM SYSTEM P.A. WELLINGTON, Feb. 11. “ The future of weekly premium endowment assurance new business is uncertain. Proof of this is that it has been discontinued almost entirely overseas, and one office here represented, the M.L.C., has discontinued new business altogether in Canada because the costs were too high there.” This statement was made by Mr Mount joy in continuing his submissions in the Court of Arbitration to-day. At present, he continued, the prescribed minimum rate of remuneration was £6 2s 8d a week, including the general increase of 10s a week which took effect in October last, and the union claimed that this should be m-» creased to £7 a week. This, he said, was a minimum payment in the true sense of the word, for it certainly was not the maximum that might be earned by a collector, and hence in most cases collecting commissions were higher, particularly in areas where policy holders’ wages were paid fortnightly. It would be unfair to ask assurance offices to supplement the commissioriS up to a stipulated minimum in one week without there being some offset against commissions from weeks when more than the minimum was available. In conclusion, he asked the court to follow its past policy of continuing current /awards, particularly those which had been made by the agreement of the parties, till it was satisfied that a portion of the award was not in accord with the needs of the industry. The hearing will be resumed to-mor-row, when Mr Kay will reply for tne union to the submissions made' by the employers.