NATIONAL PROVIDENT FUND BILL.

Colonist, Volume LI, Issue 12680, 27 October 1909, Page 4

NATIONAL PROVIDENT FUND BILL.

The establishmeait of a National Provident Fund guaranteed by the , Government on lines similar to the j Public Service Superannuation Fund, is provided for in a measure introduced by Governor's message on Friday aiignifc. •All persons may become contributors who aro resident in New Zealand and are between sixteen and forty-five years of age, and whose income does not exceed £200 a year. The contributions to tho fund are weekly payments, the amount of which depends (1) on the ago at which the contributor first joins the fund, and (2) on the amount of the pension for wliick he elects to contribute. Thus, for a pension of 10s a week tho weekly payment varies from 9d a week at the ago of seventeen to 4s lid a week at tho age of forty-five. Provisions are made for tho payment of contributions by lump sums in advance, and for the benefit of contributors who fall into arrears. Benefits secured by contributors aii© the fojjowing : — (1.) A pension at tho ago of sixty, varying in amount from 10s a week to 40s a week, according to tho rate of contribution. (2.) Widows' and Orphans' Pensions: If any contributor dies, after he has boon a contributor for not less than five years, leaving children under the ago of fourteen years, a sura of 7s 6d a week is payable to each child until the age of fourteen, and also to the widow so long as she has any child under fourteen dependent upon her. (3) Sickuess and Accident Insuranco: If any contributor becomes, after five years, incapacitated by sickness or accident for a period of more than three months while he is under tho ago of sixty years, and has children under fourteen dependent upon him, he receives an allowance of 7s Gd a week for each of those children during the subsequent period of his incapacity.