Messenger Prize Essay On Friendly Societies
Messenger Prize Essay On Friendly Societies
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Among the old societies the pension fund, generally, rested on an unsound basis, offering benefits to the members which there was no prospect of their ever receiving. An important change in this respect was made by the decree of 1852 already referred to, which substituted for the old system of pension funds the power of taking a certain portion of the reserve fund, especially the contributions of honorary members, with a view of assisting the aged and infirm. In the case of approved societies, ...this portion of their funds is placed at the caisse aforesaid. Accounts are opened in the name of each society which pays in, and the interest of the moneys is distributed in the shape of annuities among the aged members, who are chosen by a general meeting, and who have been at least 10 years in the society. At the death of these members the capital of the pensions is returned to the society and used again in the same manner for the benefit of the other members.
The average magnitude of the societies appears to be quite equal to that of the English ; reduction in the rate of pay after six, nine, or twelve months, is now almost invariable, and, as already intimated, is very considerable; and in addition to members who are permanently invalided, there are regular pensioners whose benefits date from a certain fixed age, and who receive similarly reduced amounts.
What to read after Messenger Prize Essay On Friendly Societies?
You can find similar books in the "Read Also" column, or choose other free books by George Francis Hardy to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Among the old societies the pension fund, generally, rested on an unsound basis, offering benefits to the members which there was no prospect of their ever receiving. An important change in this respect was made by the decree of 1852 already referred to, which substituted for the old system of pension funds the power of taking a certain portion of the reserve fund, especially the contributions of honorary members, with a view of assisting the aged and infirm. In the case of approved societies, ...this portion of their funds is placed at the caisse aforesaid. Accounts are opened in the name of each society which pays in, and the interest of the moneys is distributed in the shape of annuities among the aged members, who are chosen by a general meeting, and who have been at least 10 years in the society. At the death of these members the capital of the pensions is returned to the society and used again in the same manner for the benefit of the other members.
The average magnitude of the societies appears to be quite equal to that of the English ; reduction in the rate of pay after six, nine, or twelve months, is now almost invariable, and, as already intimated, is very considerable; and in addition to members who are permanently invalided, there are regular pensioners whose benefits date from a certain fixed age, and who receive similarly reduced amounts.
What to read after Messenger Prize Essay On Friendly Societies?
You can find similar books in the "Read Also" column, or choose other free books by George Francis Hardy to read onlineMoreLess
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