NATIONAL PROVIDENT FUND

Otago Witness, Issue 3383, 15 January 1919, Page 47

NATIONAL PROVIDENT FUND

STATEMENT BY MR MYERS. SOME ARRESTING FIGURES. AUCKLAND, January 3. The Hon. Arthur Myers, Minister in Charge' of the National .Provident Fundi made an interesting statement in referring 1 to the position of the fund and its work during the last few years. A review of the fund's operations for the four years of war showed that, notwithstanding the adverse conditions prevailing for business of thia description, the membership had 'been substantially increased and the funds and revenue placed on a basis that assured ita national future. The membership was about 14,000, and the reserve fund amounted to close on £250,000. Mr Myers went on to say that the recent epidemio had brought out in a very striking manner the value of the fund as a social insurance factor in the life of the community. The number of claims that had come before the department on account of deaths due to influenza during the last few weeks indicated how necessary It was that people should become contribu* tors to such a valuable and benelioent iuhd'. Where the breadwinner had been lost the fund was now available for contributors' widows and children. In' one case a widow and young family would draw «n estimated aggregate mam of close on £IOOO from the tund by way of benefits, although at tho. time of the contributor's death the total contributions of £l3 paid by him had been more than exceeded by the benefits received during his lifetime. In another case the aggregate payments to a widow and children would amount to over £IOOO, the net contributions paid during the contributor's lifetime being £l2. While in some instances, unfortunately ,the five years' membership qualification had not been quite completed, and the fund's benefits could not be granted, tho actual payable claims illustrated one ol the main purposes for which this fund waf established. The experience during the last two months in connection with these cases, while it occasioned regret that a greater number of families throughout the dominion were not insured against the sudden loss of their support, would stimulate action in the direction of a further and wider extension' of this form of protective insurance.