11
State. The Scheme proposed provided for com- pulsory insurance on the following basis :-
Proportion
Salaries.
Compulsory Permissible
of premium payable by
Amount.
Amount.
Reserve
Fund,
Not above £300 £300-£450
£500
£1,000
£1000
£2,000
£450-£800
£1,500
£3,000
Crown Agents
£5,000
£10,000
11902/93.
Scheme to be limited to married men-amount
of policy to be settled on trust on widow and on her death or re-marriage to be equally divided among children. Cost to Reserve Fund esti- mated at £2,100 a year.
The Colonial Office replied on 10th August, 1893, that Lord Ripon was unable at present to sanction the scheme, especially as it involved a larger contribution from the funds of the office than would be permissible.
Further correspondence followed, in which the Secretary of State took up the position that, while the Crown Agents and their staff had no claim to increased advantages simply because the Reserve Fund was larger than was strictly necessary, any assisted insurance scheme in support of which they could instance the practice of leading Banks, Insurance Offices, Financial Houses or Companies would be favourably con- sidered. Finally Lord Ripon agreed to the following modified scheme :-
Salaries.
Policy for.
Payment by Officer
towards Premium..
Not exceeding- £300...
£
1,500
5
per cent. of salaries
£300-£450
2,000
Exceeding-
£150... Crown Agents
3,000 6,000
not exceeding half premium balance to be paid from Office Funds.
PUBLIC RECORD OFFICE
Reference :-
11 ITT C.O.885
سلسا
19 PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
Scheme voluntary as regards existing staff- compulsory to new comers. The salary at date of retirement to continue to be the basis of officer's contribution. Extinction of premiums to be a first charge on profits, surplus profits to go to the insured. Cost of office contribution to scheme was estimated by Crown Agents at £2,023 a year—to diminish as younger men joined. Arrangements were entered into with the Equitable Assurance Society and the Crown Agents executed a Declaration of Trust dated 22nd August, 1895, by which the policies were vested in the Crown Agents.
The question of the exact method of applying the bonuses was considered by the Crown Agen s
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