Lethbridge Herald, The (Newspaper) - July 29, 1970, Lethbridge, Alberta
-Wedneidoy, July 79, 1970 TKI LETHBRIDGS HERALD 31 Canada Pension Scheme Rates Increase Soon OTTAWA (CP) Canada Pension Plan contributions and benefits will go up an- other two per cent next Jan, 1, but a more serious day of reckoning will come when the plan's funds will need a major overhaul. Hie increase next year will bring maximum employer and employee contributions to the fund to a year from the present Self-em- ployed persons will be re- quired to contribute up to a year, instead of These rates were originally and when the pension plan was started in 1966. They have been in- creased each year because of the rising consumer price index, which is used in the plan to compute maximum pensionable earnings, contri- butions, and, as a result, max- imum pension benefits. But lira fact that pension contributions and benefits are geared to the cost of though limited to increepss of two per cent a insuf- ficient to overcome the main hurdle: When fully matured; the plan won't take in enough money to pay the cost of all the benefits to be paid out. However, it appeal's that a decision about that moment of truth lies well down the road, about the 1980s. As originally conceived, a .person retiring in 1976 at the age of 65, after having made maximum contributions to the fund for a period of 10 years, would receive, as computed now, a monthly pension of for the rest of liis life rates continue to -go up two per cent a year with living costs. Survivor benefits would be paid to his widow. Maximum contributions and benefits apply to those with incomes of or more in 1966 and11967, increased each year by the two-per-cent for- mula as long as the consumer price index goes up by that much or more. The maximum pensionable earnings figure this year is and it will go to next year. Lesser lesser to those earning less than tha maxi- mum pensionable amount. People have to be at least 18 and have earnings of a year if employed, or a year if self-employed, in order to participate in the plan. As of June 30 this year, the Canada Pension Plan invest- ment fund held more than BROTHERS BECOME SISTERS Lauraine, (bottom) a 28-year-old blonde and her younger half-sister lenette, 22, were once half brothers, Cary and Burr, from a small Minnesota town according to copyrighted story in the St. Paul Pioneer Press. A trans-sexual operation was performed on the older sister, Cary, two years ago at the University of Minnesota. Burr had to wait six months until he wai 21. Following surgery, court procedures made the trans- formation legal and official. HURLBURT AUCTION SERVICE LTD. REGULAR EVENING AUCTION AT THE WAREHOUSE 1920 2nd 5., THURSDAY, JULY 30th SALE STARTS P.M. TERMS CASH NO RESERVE 5 Pee. chrome kitchen suite; 5 pee. wood kitchen suite; McClary-Easy Deluxe G.E. fridge; Viking fridge; Fairbanks-Morse fridge; Westinghouse electric 30" range; Kenmore electrd 30" range; wringer washers; Inglis wringer washer; Thor wringer washer; TVs in various working condi- tions; lawn mowers, some in working condition; Sunbeam electric mower; 3 boys' bikes, different sizes; Girl's bike; Ping Pong table. Various sizes doors and windows; New tapestries; Good lounge and 2 matching chairs; Chesterfield; Lounge- various odd chairs; end tables; step tables; Good stock saddle; sets Wearever pots and pans; Electric toasters; Irons; Kettles; Mixmasters; Motors; Coffee percs; Vacuum; Polishers; New bridles; Ropes; Whips; Table lamps; Floor lamps; Photo enlarger and screen; Various rugs and rug remnants; tents and poles; Rocking horse; Trikes; Doll buggies; Crocks and jugs; Old coal heater and pail; Electric fencers; Beaver tablesaw; Hand saws; Garden tools; Hand tools; Various boxes dishes; TV tables; End and coffee tables; sewing machines; Electric sewing machine; Set golf clubs and bag; Bus scats; washers; Car top carrier; Desk; Bench; Chest drawers; Buffet. HURLBURT AUCTION SERVICE LTD. Phone 328-4705 1920 2nd Avt. S. Lethbridg. AUCTIONEERS TED NEWBY KEITH HDMANN lie. No. 41 Lie. No. representing contributions from employers employees and the self-cm ployed, plus interest earnings This is in excess of what the plan needs for today's benefi pay-out and administrative expense. FUND GROWS FAST The fund is growing more rapidly than the experts antic ipated when the plan was drafted in 1964. As enacted in April, 1965, with operations starting in January, 1966, i was believed contributions would exceed- benefit pay ments and expenses by a year and buil< up to by the end of 1975. Lately, contributions have exceeded payments and ex- p e n s e s by more than a year. The greater influx of funds is due to population growth, higher employment, and more people in higher income brackets than anticipated. It has been a boon to the provincial governments, i n particular, who share rath the federal government the ex- cess funds for investment pur- poses. In June, they were pay- ing more than eight per cent a year for the use of the funds in non-marketable bonds. The money goes mainly into pro- vincial projects, such as major public works of lasting worth to the country. At present, about people are drawing some ben- efils. These are people who retired at age 68 in 1967 after ens year's contributions, and others who retired at 67 in 1968, at CO in 1969, or at 65 this year. Benefits are also -paid to widows, orphans, or disabled widowers of pensioners, and to contributors who have such a mental or physical disability that thsy cannot get regular gainful employment. The average retirement pension being paid in June, 1979, to persons who had re- tired up to that date from the start of the plan was a month. Widows' pensions av- eraged and -the aver- age death benefit was For a person who retired in June this year and began drawing his pension under the Canada Pension Plan, the av- erage payment was a month. A person who made maximum contributions from 1966 through 1969 now would be receiving a month. These earnings-related Can- ada Pension Plan payments are in addition to the basic old age security pension of a month, now paid to everyone at age 65, and a guaranteed income supple- ment of a month for those in need. These pension payments are also subject to an annual cost-of-living ad- justment of up to two per cent. The Canada Pension Plan is based on contributions amounting to 3.6 per cent of annual earnings between and in the base year of 1966, shared 50-50 by employ- ers and employees, and on a pay-out after age 65 of 25 per cent of average annual pen- sionable earnings during tha 10 years before retirement. Bankruptcy Regulations Rewritten OTTAWA (CP) New regu- lations on bankruptcy sales were announced Tuesday by the corporate affairs department. Raymond Landry, superin- tendent of bankruptcy for the department, said in a news re- lease that trustees selling assets by public tender will have to open tenders at a special public meeting. Everyone who has tendered on the assets may attend the meeting. Mr. Landry said there have been few cases of tampering with tenders in recent years. But the opportunity was there and this created uneasiness among people tendering on the assets. The department is also scruti- nizing more carefully expendi- tures of trustees in administer ing a bankrupt's estate. The department has argued in bankruptcy courts against ex- cessive charges by lawyers and these have often been reduced, the release said. SOME COMPLIMENT Because Tongans are fond of fat and oily foods and consider pig's liver a delicacy fit only for chiefs, one of the highest com- pliments a 5-outh of the South Pacific islands can pay' a girl Is to describe her as a "fat liw full of oil" EATON'S BARGAIN SPOTS Low Prices Give Deflated Budgets A Leg To Stand On Save 2.01-4.01 On Men's Jac Shirts Regular 8.00 to 10.00 Men's short sleeve [ac shirts, the kind to make a success out of any casual day, now reduced to clear. All well-known Canadian manufacturers and in various cool Summer blends. Plains, some with embroidery, others checked or striped. Assorted colours. Sizes: small, medium, large and extra large. ..99 SALE, each 5 Men's Wear, Main Floor For Rain or Shine Men's All-Weather Coats Regular 29.95 Save 9.96 Repeat Offer! Be prepared for me cool Fall days and when the rain comes down a stylish looking all-weather coat you'll wear and wear. Fortrel and cotton permanent press that enables it to keep its good looks day after day. Half rag Ian shoulder, fly front style. Limited quantity T of double breasted styles. Broken size range with sizes 36 to 46 in the group. Colours: tan, navy I and olive. Sale, each........................................................... 77 Save 1.00 to 2.67... Girls', Teen's Shorts and Jamaicas Regular 2.99 IP 8.00. We've taken our complete stock of shorts and Jamakas and reduced them one-third off the regular price for quick clearance. Denims, cotlons and terrys. Assorted colours. Sizes 7 to U and 8 to 14x. 4 QQ R'33 SALE, each I to Girls' Wear, Main Floor Half.Price Teeners' Bathing Suits Regular 8.50 to IJ.9S. Out they go an end-of-season clearance of one-piece bathing suits for teeners. Asorted styles and colours. Better be prompt they will go quickly at this pricing. A OC C 47 Sizes 10 to I4x. SALE, Half-Price, each to Girls' Wear, Main Floor 1.79 ,o4.49 Half-Price Italian Straw Handbags Regular 4.00 to 9.00. Colourful woven straw handbags imported from Italy. Just what you want to go with your summer attire lock at the half-price saying. Assorted styles and 4 QQ A, AQ colours. Limited Quantities. SALE, Half-Price, each I to f .tv Handbags, Main Floor Save 1.67 to 5.01 Girls' Skooter Dresses and Pant Sets Regular 4.99 to 15.00. Here are wearables that ore iust the "ticket" for play or dress-up wear. Popular slcooter style dress and pant sets in a wide selection of styles, fabrics and colours. 4 O9 Q QQ Sizes 4 to 6x. SALE, Reduced One-Third, each to Children's Wear, Main Floor Men's Wear, Main Fleer Save 96c Boys' Short Sleeve Sport Shirts Regular 2.95. What an opportunity to stock up with a supply of short sleeve sport shirts for the boys in the family at a saving. Bold and floral prints in perma press fabrics of 50% fortrel and "4 QQ 50% cotton, one pocket. Sizes 8 to 16. SALE, each.......... V Boys' Wear, Main Floor Save 1.16 to 2.51 Men's Swim Suit Clearance Regular 2.95 f5 7.00. A clearance of swim suits for men at an outstanding saving. A good variety of styles to choose from. Sizes range is broken but sizes small, medium, large and extra large in the group. A variety of colours. SALE, each Men's Wear, Main Floor Save 2.67 to 7.01 Teeners' Dresses, Pant Sets Regular 8.00 to 21.00. We're clearing our complete tine of summer dresses, skooter dresses and pant sets at a big saving. An excellent selec- tion of cottons, fortrels, denims in assorted colours and styles. Sizes 8 to 14x. c OO 10 QQ SALE, Reduced One-Third, each or set...... 9iWW to I Girls' Wear, Main Floor Save 1.66 to 6.34 Girls' Summer Dresses and Pant Sets Regular 4.99 to 19.00. A dandy selection of pretty summer skooter dresses and pant sets all priced to clear one-third off the regular prices. Cottons, ducks and fortrels in a good selection of styles and colours. Sizes 7 to T4. OO 1 O CO SALE, Reduce One-Third, each or set ........OiWW to I W.OO Girls' Wear, Main Floor BIG SAVINGS ON LINED DRAPES A special purchase makes it possible for us to offer you these lovely lined drapes at outstanding savings. Made from rayon fabrics in a cross-dyed damask design with ecru coloured cotton sateen lining. Finished with a generous 3 inch hem at the bottom. Pinch pleated headings. Complete with Empire hooks. Colours: .gold, buttercup, gold and 10 OC 2 w Oft QC 13.33 Regular 7.00. SAIE, each tS.WW 9fi QC 2 W OQ QC COiOa Regular 47.95 Savt SALE, each............... 33.95 1W W. Regular 2S.9S-Save 6.00. SALE, each 2 W. Regular 32.95-Save 6.00. SALE, each IB W. Regular 30.95-Save 7.00. SALE, eath Draperies, Second Floor Quilted throw type bedspreads and materials by the yard to match above drapes by special order. Buy Line 328-8811 For Advertised Goods. Shop Eaton's Thursday and Friday from 9 'Til 9.