SUPERANNUATION FUNDS.

Waikato Times, Volume 112, Issue 18796, 18 November 1932, Page 7

SUPERANNUATION FUNDS.

COMMITTEE HEARS EVIDENCE. POST AND TELEGRAPH VIEW. (By TelFsrnph.—Press Association.) WELLINGTON, Thursday. Evidence on 'behalf of the Post and Telegraph Employees’ Association was placed before the Select Committee on superannuation to-day. The association 'takes the view that notwithstanding the default of the State in the past there is no immediate cause for alarm. Even without a change in present conditions the fund can carry on for years to come, certainly long enough to enable the country to recover from the depression and consequently allow the Government to increase its contribution and eventually overtake the liability. The association requests that the bill be not proceeded with, because, firstly, it is unnecessary; secondly, it is a breach of contract; thirdly, itwould impose hardship on those who have fulfilled their share of Uic contract, and, fourthly, it would do immense damage to the prestige and good reputation of New Zealand. The Prisons Department. Mr. B. L. Ballard, Controller-Gen-eral of Prisons, suggested that the department was primarily concerned from an efficiency point of view, and some extra compensation was duo to Its officers for the peculiar conditions obtaining. He considered that provisions along tlie following lines would meet the ease: —-“That Hie Gnvernor-General-in-Council may allow specific classes or groups of employees, on account of the special nature of -their duties, lo relire at the age of GO. on a pension based on one-sixtieth of the average salary for Ihe last 10 years for each year's service, subject lo the condition lliat whore the Government Actuary certifies that an undue strain wiil thereby lie imposed on the Superannuation Fund, such additional subsidy as the Actuary ceriiiles is necessary in respect of snrh employee, shall be paid inlo the fund by the department. to which the specified group of employees is at Inched." The committo.; will meet again next Tuesday.