WELFARE OF WORKERS

Waihi Daily Telegraph, Volume XXXVII, Issue 9305, 26 November 1938, Page 2

WELFARE OF WORKERS

GENEROUS MOUNT MORGAN SCHEME BENEFITS FOR EMPLOYEES PROFIT-SHARING AND HEALTH Consideration for its employees by way of profit-sharing, recreation facilities, insurance and staff pensions is shown by Mount Morgan Limited (New South Wales). An outline of the progress of the scheme since its inception in 1934 was given in the report of the chairman of directors, Mr A. A. Boyd, to the ninth annual general meeting of the company, which was held in Sydney on ' October 27. "In February, 1934, the directors agreed that the employees at the mine should share in the prosperity of the company and decided to set aside, for the employees' benefit, a sum equivalent to 75 per cent, of the dividends paid—GO per cent, to be handed to the employees annually in the form of a cash bonus, and 40 per cent, to be expended on recreation and welfare work," stated the report. "Since the inception of the scheme, £26,459 has been set aside for the employees' benefit, namely £15,893 for cash bonus account and £10,596 for recreation and welfare work. The cash bonus, which is distributed annually just prior to December 25, has averaged £S per employee each year since the inception of the welfare scheme. The recreation club, comprising employees and their wives and families, and citizens who pay a nominal subscription fee, has a membership of approximately 4500 persons. Twenty acres of the company's freehold land has been made available for recreation grounds, and reserve known as Boyd Park to accommodate the members. INSURANCE BENEFITS "Under the welfare section an insurance scheme has been introduced whereby each employee without medical examination is given a policy with a commencing cover of £IOO which rises by £2O for every six I months' service thereafter with the company, until a maximum cover of £3OO is reached, at which the cover stands during the remainder of service with the company. The pre- | miums on the policy are wholly mainI tained out of the welfare funds. The ' policy covers permanent disablement from any cause other than those covi ered by the Workers' Compensation, and death from any cause whatsoj ever. Since the introduction of tho ! insurance scheme £27SO has been distributed amongst the beneficiaries of sixteen deceased employees. STAFF PENSION SCHEME "During the year the board established a staff pension scheme which came into operation as from November 1 last. The fund is administered by trustees, comprising three members of the staff at Mount Morgan, including the general manager and two directors, and the benefits are secured by insurances with an assurance company. Under the scheme the members of the staff contribute pro rata to their rate of salary, which entitles them to pensions when they reach the age of 65. The rate of pension payable is based on salary and age at date of becoming a contributor. The assurance company issues policies for each member, and they include disablement and death benefits. The pension scheme is a compulsory one, and all officers who have completed two months' service become contributors from the beginning of the next contribution year. "In accordance with the arrangement entered into with the assurance company, the staff's contributions are augmented by the company, which was necessary to secure all the benefits' under the scheme at a reasonable cost to the members. This payment was unanimously agreed to by the board, as it was felt that as the company was now firmly established, the staff should participate in its prosperity by making assured to them an income when they reached the age of retirement. lam sure the board's actions in establishing this scheme will appeal to shareholders."