BANK EMPLOYEES

Southland Times, Issue 18857, 24 June 1920, Page 6

BANK EMPLOYEES

NEW SCALE OF PAY. In the course a h.s address at the annual meeting of the Bank or New Zealand the chairman (Mr il. Beauchamp) referred to the new scale of pay for the staff, which was discussed at the meeting a year ago. Mr Beauchamp said that as the co.-t of living showed mi sign of coming back (0 what people had been in the habit of regarding as normal figures, the Board decided some time after the last annual meeting to have a complete review and revision of all salaries. The salaries of all were materially increased, the increases granted lo"ths men who were drawing the smaller salaries being greater in proportion than those given to the more highly paid members of the staff. The Board felt that, in view of the steadily rising cost of the principal necessaries of life, the increases could not be regarded as final, and a further review of the position had now been undertaken. It would be of interest to quote the scalp adopted for the payment of young men during the first ten years of their service—a scale not rigidly adhered to, but subject to increase in case of exceptional merit. It is as follows; —

It would be seen that a youth who joined the service, as is usual, at the age of 16, might expect to be drawing a salary of at least £2lO when he reaches the age of 21. Out of last year’s profits (he Board paid a bonus: of 15 per cent to married members of the staff drawing £4OO a year or less:, and 10 per cent to all other officers. As this bonus was based upon the revised salary- list adopted in October, 1919, it amounted to a considerably- larger sum than similar bonuses- in the past. In fulfilment of a suggestion made a year ago, the Board had arranged to make to the Provident Fund, in addition to (he usual annual grant, a special grant of £IOO,OOO out of tne profits of the past year. This was by far the largest amount the Bank hail ever contributed to the fund which provides pensions for the staff, and it had enabled the scale of pensions to be vary materially increased, so that an officer who had served the Bank for 40 years or more would receive an annual pension of 75 per cent of the average salary paid to him during the last 25 years of his service, instead of 75 per cent of the average of 40 years. The minimum pension for those who have completed a full period of sen-ice, was being increased from £175 to £2OO, and the maximum pension to £7OO. As the increased scale of pensions did not come into effect during the past year, the Directors had, out of the Bank’s funds, supplemented by a bonus of 10 pier cent the pensions which were drawn last year by retired officers or by- widows.

Fire! year Second year .... 100 Third year .... 120 Fourth year .. .. 145 Fifth year 170 Sixth vear 210 Seventh year 225 itifihth vear . . . . 240 Ninth year Tenth year .... 270