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Salient. Victoria University Students' Newspaper. Volume 38, Number 16. July 9 1975

Labour (at present)

Labour (at present)

A funded system. Each individual, throughout his or her working life, will contribute 4% of his or her pre-tax salary (with the employer also paying 4% —which will be passed on in prices). This yearly contribution will mount up in a special account in that person's name which will pay him or her back a pension after retirement The scheme is flexible in that (like many present superannuation policies) it can be 'cashed in' at sixty and will provide benefits on the death of the individual. It will be on top of present social security benefits