LARGE GROUP ASSURANCE

Poverty Bay Herald, Volume LV, Issue 17436, 7 April 1931, Page 11

LARGE GROUP ASSURANCE

STANDARD OIL SCHEME CO.'S 45,000 EMPLOYEES NEW YORK. Feb. 4. The Standard Oil Co. of New York has adopted an industrial assurance and pension plan for 45,000 persons employed bv the company and by the Magnolia Petroleum, General Petroleum, and White Eaglo Petroleum companies, which permits the retirement of men employees at 65 and women at 55 years of age on pensions approximately equal to 2 per cent, of their average annual salaries, multiplied by the number oi years they were in the companies' ser-

vice. The plan provides additionally tor death and disability benefits independently of pension allowances. Under jts terms, premiums for assurance are paid for hugely by the company, with the employees contributing m proportion to their salaries. It is estimated that the plan will cost, the Standard Oil Co of New York between 5.000.000 and 10.0C0.000 dollars (£1,000,000 and £2,005,000) a year. The Diocese of Long Island ot the Protestant Episcopal Church of America lias assured all active clergymen in its jurisdiction for 500 dollars (£100) each at lio cost to themselves, unless they move out of the diocese. The clergy are already provided with a pension system which'allows them to retire at 68 with a pension of 600 dollars (£120) and an assurance against, death of 1000 dollars (£200). with an additional 300 dollars (£6O) for each child not of age.

The London Office of the Metropolitan Life. Assurance Co. of New York, with whom the Standard Oil insurance scheme has been placed, states that the plan benefits the. company's employees in nearly every country in the world, and has features which "differentiate it. from other group benefit plans familiar in Great Britain. The amount of individual life assurance protection is stated to be much larger than in any other known case, amounting to a maximum ot 23 000 dollars, or. approximately £4OOO, with a further benefit in the event of accidental death of another £2OCO. In view of the hazardous nature ol petroleum producing and refining, this additional benefit is declared to be "especially appreciated."