SUPERANNUATION

Waipa Post, Volume 48, Issue 3470, 24 May 1934, Page 3

SUPERANNUATION

A BILL THIS SESSION. TERMS NOT DECIDED. A Bill dealing with the Government Superannuation Funds will be introduced during the coming session of Parliament, but so far the proposals of the Government have not taken a definite form. It is ascertained, however, that the Bill will not necessarily follow on the lines of the Bill introduced during the session but not proceeded with. The Bill introduced in 1932 made the following main provisions:— (1) An increase in the number of years to be served before public servants qualify for retirement. (2) An alteration in the method of woi-king out the period of the average salary from three to ten years. (3) The abolition of the £3OO limit. (4) The payment into the main fund by the Government of £BG,OOO in January next and of £43,000 into the Teachers' Superannuation Fund on the same date. (5) Monthly payment by the Government of amounts equal to the contributions of members of the Public Service. (6) An increase in the payments made by contributors to the Railways Superannuation Fund, which is now to be subject to triennial actuarial investigation. When the measure was introduced, its provisions were immediately assailed by all sections of the Public Service, as well as by superannuitants, and the Government decided to hold the Bill over. Last year a conference between the Government and interested parties was held, but so far as can be ascertained little progress was made towards a solution of the difficulty. The new Bill will be awaited with keen interest.