SUPERANNUATION .
THE UNIVERSAL CLAUSE. WELLINGTON, Last night. An important point in connection AA’ith universal superannuation at 65 years Avas made clear yesterday in an intervieAV with the Minister of Finance (the Hon. AY. Nash). The measure states that every person AA’ho, on April Ist, 1940, has attained the age of 65 and every person AA'ho thereafter attains that age, Avill be entitled to superannuation. Then subsequent clauses state that the payment in the financial year commencing April Ist, 1940, Avill be £lO, and that in subsequent years it will be increased by yearly rises of £2 10s, ultimately reaching the maximum of £7B. There is no means test, hut simply a residential qualification.
The Minister of Finance Avas asked if it is a correct interpretation of the legislation that persons Avho are hoav 38 years of age would, on reaching 65, immediately begin to draAV the full superannuation of £7B per annum, as the scale would have reached its maximum in 1967.
Mr Nash replied that this Avas a torrect interpretation of the clause.
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Waipawa Mail, Volume LXVI, Issue 138, 17 August 1938, Page 3
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174SUPERANNUATION . Waipawa Mail, Volume LXVI, Issue 138, 17 August 1938, Page 3
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