NATIONAL PROVIDENT FUND

Star (Christchurch), Issue 16335, 26 January 1921, Page 7

NATIONAL PROVIDENT FUND

! THE YEAR'S OPERATIONS. RECORD INCREASES. [Per Press Association.! WELLINGTON, January 26. Sir YTill iam Herries. Minister in charge of the National Provident Fund, m th© course of a statement relative i,ci the operations of the fund during Die past year, said that the number of new* contributors (6000) enrolled in nil [Blanches of the fund’s work, easily constituted a. record. The contribution to the revenue of the fund also showed a substantial increase, the total amount lor 1920 being £106.527. as against C 73.572 for 1919. The fund's income from all sources was £150,582, as against £105.498 for the previous year, while the total of the fund increased from £338,729 t© £469,313. As regards benefits payable by the fund during the year just ended. £31,708 was paid out to contributors and to friendly societies’ members for maternity allowances, and at December 31 pensions and allowances to contributors and widows and children were payable at an annual rate of £7926- A striking feature of the year’s operations was the increase in the local authorities’ branch, the superannuation rights of sonic 2000 employees having boon co-operated in the fund, with benefits similar to the Government service funds. The successful consolidation of these ‘‘groups” in a central!v administered fund gave a valuable lead to the further widening nf national superannuation.. The general results of the. year’s working were in every way •satisfactory, and n continuance of the present rate of iincreaso in business would place the fund in a forward position as an important factor in solving ! the problem of indigent old ago and | *ts concomitant evils.