housing loan facility.
The contribution rate would
be kept low perhaps at the rate of 2% of earnings from
employer and employee alike. The ough the benefits
•
would be fairly modest so would be the burden of
contributions.
The Government would pay for the
administrative costs and perhaps provide initial priming
for the scheme's funds. But in general the scheme
would be self-financing.
scheme is that it would be up to each employee whether he wished to join, but if he did so his employer
would have to pay contributions too unless he were
contracted out of the scheme. The employer could
contract out if he already provided benefits such as
would be conferred under the scheme. This scheme
would cater for an area of need, which cannot be met
satisfactorily through the public assistance scheme
because the persons concerned or their families have
means above the level of eligibility for public
assistance, but are not so far above it as to be
insulated against the financial effects on the family of the prolonged sickness or death of a breadwinner.
A significant feature of the
Moreover there may be some who though within the
ancome level eligible for public assistance would prefer
to insure themselves in this alternative way.