NATIONAL PROVIDENT FUND

Otago Witness, Issue 3523, 20 September 1921, Page 52

NATIONAL PROVIDENT FUND

ENORMOUS KXPANSIO X. WELLINGTON', September 13. Speaking of the National Provident Fund, the lion. W. Downie Stewart referred to the growth of the fund to show the 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 IS2I the figures were 21,825 and £126,0CX). To illustrate the substantial increase in the 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 been built up by contributions ranging from 9d per week. It was hoped the scheme could be further extended for the benefit, of the wage earners of the dominion. One of the primary objects of the fund was to provide for what might be called the emergencies of life. It was desired to do something more than the old-age pension schedule. He thought it was felt that ji/st as the Civil Service had its superannuation scheme, so the 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 lightened through their wisdom in contributing to these funds. He thought the 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 be great need for the old virlue of thrift. The fund would be a boon to those who saw fit to take advantage of what it offered.