SUPERANNUATION.

Star (Christchurch), Issue 11504, 28 September 1915, Page 5

SUPERANNUATION.

A MUNICIPAL SCHEME. WH AT IT WOULD COST. As a stop towards the establishment) of u superannuation scheme lor employees of the Wellington City Council, a let/tor has boon received from. Mr It. E. Hayes, Superintendent of thel National Provident, Fund, which supplies information as to the probable* cpiit of a system of pensions for retired servants of tho corporation. The preliminary information as to tho cost of the Wellington City Council becoming a contributor to the National Provident Fund is based on the actuary's investigations, and applied to the data furnished by tho corporation's officers. The not employees dealt with (a smalt number, including eight females for the present-, being excluded for various reasons) are l(iG9, with' a total salary of £155.594. Contributions from the staff have teen taken at the following rate:—For ages under* thirty, 5 per cent of present, salary; thirty and under thirty-five, 6 per cent; thirty-five and under forty, 7 per cent; forty and under forty-five, 8 pel* cent; forty-five a.nd under fifty, 9 per cent; fiftv and over, 10 per cant, These contributions, the actuary estimates, will amount to £11.119 par annum, to bo produced from the salaries of persons who at July 1 1913, wero under sixty-five years of age. Tho amount to bo found by the council and payable &o long as the emconcerned remained either crt the active or the pension list would be (1) in respect of employees under sixtyfive, £7284; (2) in respect of employees sixty-five and over, £1315; ~ total, £8599. No contributions are expected from the employees sixty-five years and! over. The benefit"? payable out of the fund 1 would be as follow:—(]) A pension at age or after forty years' geav vice and fifteen years' membership in the fund at tho rate of one-sixtietu of present salary for every year of service, calculating such service as .at ago sixty-five, but not exceeding forty-six-tieths nor .£300; jfi!) on retirement medically unlit, a pens-ion calculated in similar manner with a like limitation ; (3) on voluntary retirement or dismissal, % return of total contributions; (4) at death whethor before <.v after becoming entitled to .a retiring; allowance, (a.) leaving no widow or children, a return of total contributions less a,ny benefits received, (b) leaving, a. widow, an allowance of £lB per annum during widowhood or a- return of contributions 1 less benefits received : (c) leaving children, an allowance of Js per week to each child until age fourteen; (5) every, person entered l>y the council who id qualified in terms of section IS of the main Act will be entitled to receive maternit v expenses up to £'f> as provided therein.