About 1,850,000 workers, earning less than £365 a year will be insured against sick ni and disablement as well as for old age pensions and child allowances. The weekly premiums are 1/6 (male) and 1/- (female). Male employes will each pay £3/18/ a year, their employer £3/18/, and the Government £1 The cost to the Government will be £2,000,000 a year for the first five years and will thereafter increase by an estimated £500,000 a year. Meantime the existing non-contributing old age and invalid pensions, costing about £16000000 a year will gradually decline until benevolence has been supplanted by insurances.
Text read from the printed page and cleaned; old type leaves the occasional error.