THE OLD AGE PENSION

Waihi Daily Telegraph, Volume V, Issue 1486, 20 November 1905, Page 2

THE OLD AGE PENSION

oleotion it oanhatdly'be expected that'the^f; considered as important as ",the Yeione important measure'now viz.,'public euperannoation, or eo-calied!,;^ nnivetsaVold ajje pcnßion9...i,l:hayei ; bothy^"JH heard and read the Premier's outline" of proposals os given in the Domain "on toe 9th inst.j "m. that »hep|dd|vidqwfi^iw^^^^ deposit their aurplua funds'with the" ,y. Government and loceive thereon a'sub 1 iff', lor a long time in the Zoaland Government Life Iniur- ■ \ ance Department, an<? to trot it oat now may be a very good, advertisementi " '] but is haidly necessary, seoing that we : : : have a more generous Scheme,-' which •: ■; I provision for themselves. I 'thinkfly.ami I right in saying that the .majority of the in- ) habitants of Now Zealand are now striving

to make provision for old age, and it gene-f . \ tally takes the form of an, investment. Some investments may return a better "pension" than 1 others; eircumslancei ' mill alter casoa, The main trouble, howevor, seems to lie to oome in when-the ability to deposit is considered, We hart not yet discovered any means to counter- 'f !- act that "law of acoretion" which pro- ( r vides that "to him th»t ty!h shall' ut. 11 nunn At thn filDBDS'e of i■'

be given, evenat,- wit u»<yoi-; him , tbat bath little,' or' bb' '.we Bay roughly, "Money makes money.!' _«f- \ Now, lot nsaskj forMnstßnoo, Bhon)tti m unmarried man or woman; draw/, morex? pension than a married oouplo?/ The single people would pteaumabiy be flble to • make the hrgost deposits, hut ;WptcjM'.p®" , Borveß tho larger pension ? , .» .■ Then, again, by the mere v birth, position; or changeof : induatrinl method, individual earnings must differ largely. Brown may; deposit' .. heavily, whilo Smith, posßibly the better citizen, is 'generally on half 'or quarter time, and not able to deposit in this fund. Consequently he is nit in tho pension business Or, again, the healthiness ot ft hfo or occupation may faaot upon the" do-' positing ability. In fact, the i nuracrotiß to mention,-, as; the auctioneers ... say. Theßß difficulties ariso ■ partly irpm^. the stnpid habit Wo have of using tho,. poohot measure on human life and action..: t Mr. Snddon says the adultMs wotth:.ißoO,v f! . 1 but whether this is capital, annual improved or unimproved value, ho did not 1 specify. Why not estunato men ,by, ' weight, and then wb should all know where RJ.S. and ourselves came in or out. AVe know that a life mußtbe : valued, > 'by its moral worth, or-aotivity, and. that ■ > cash or pensions cannot recompense moral ;.. ' worth. Indeed, public opinion can only i imperfectly guage -its existence in ' any, >' 5 individual. But what the State can do is t tax individuals indirectly, and equitably, 8 and earmark the, prooeeds for. j old. ago ; . „■ pensions. Another point difficulty arises,;.from ~ jj tho praotice of mcasuring subsistence. by.a lt cash'standard,- .: A given: rate ol cash payil ments in <ho future may be sadly out of 0 proportion to its purchasing power,to-day, 8 oron any day tbe'deposit is made- What. was.tho reason given for raising the pre-,;, sent old/ age pension from 7s. to ;10s ?rlt was that prices had risen, and they, may rise, yet, or fall. An old age pension sohemo that avoids these difficulties may bo found , in paying out in kind, instead of co?h, If. an • average . day's -work .represents aents an average week's" keep'! In 1005, then in 1925. a.standard; week's pensioa- " keep " should be supplied for every day's labour which was in 1905 appropriated by taxation. In other words, if a week's pension equals a then adjußt tho tax, sequestrate. ihc' amotiAt o( a■ iday's ■■ Work, ■ whiobimay be different any year thus tho future payment would olwmb be j proportionate to, the: ,v.pf; course this.would moan that the, Govern*,, ment would have to provide payment in kind, 1 and it conld well do so without loss, and ; employe two classes ofiworkerg. a ot, wantedjitij'our, industrial life, yiz„ learners, and Technical,eduoa:v tion and'charifa|le aid rolled-into One, and nobody ,Mworse off foni. / 'ln conoidwo sayiHatthe Gov* < ornment proposals, so far, only open up another line onnvestment,^and;does,not,-, bonefit tho non:- investor, or the family,: man who is unable to, invest, or tho Biok,^)r,i displaced member of societv» and:Bo fails, to become 1 a universal. old „ age • pension,, sohemc.—l am, etc., E.N.D. k Waibi, November 18 h f 1905. / ■■ ''-C- - A-rV I V'"v