STATE ASSISTANCE
SUPERANNUATION MONEYS. NO TIME FOR INCREASE. At the conference of the technical school teachers in Wellington on Wednesday the Superannuation sub-Com-mittee reported That it was the opinion that the association should not at present advocate any action which would call for increased Government assistance, or which would cause any immediate increase in the expenses of the fund. Public and Press opinion, it was said, was not sufficiently educated to the real value of such funds, and was in fact hostile to them in some respects. The committee felt it would be wiser to continue to collect information and formulate plans for the reorganisation and rehabilitation of the fund, which would be more vigorously prosecuted as soon as more propitious times arrived. In preparing matter for a favourable time to press for a parliamentary review of the whole question, the following points were recommended for special consideration:— That any satisfactory solution must depend on a sound financial basis being obtained by Government grant. That for present contributors the Act will require radical amendment to ensure fairness of treatment to all types of’contributors, with special reference to—
(a) The lack of very direct relation between retiring allowance and total contribution to the fund. The committee is of the opinion that the retiring allowance should be based on the whole period of contributory service and not on the last three years. (b) A more definite arrangement for the computation and payment of Government subsidy.
(c) The paying of a 20 per cent higher rate of contribution by women. (d) The possibility of forming a new fund for all future entrants to the service. In drawing up this new fund the experience gained both from the working of similar funds in Great Britain and in the other Dominions, should enable a scheme to be framed which would remove present anomalies and secure a more direct relation between contributions and benefits.
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Bibliographic details
Waipa Post, Volume 44, Issue 3178, 14 May 1932, Page 5
Word Count
318STATE ASSISTANCE Waipa Post, Volume 44, Issue 3178, 14 May 1932, Page 5
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