International Agricultural Institute. 



7 



official, the Institute earmarks a sum equivalent to 15 per cent, 

 of the normal salaries. The amount is used partly for the 

 purchase of an insurance policy and partly towards the 

 formation of a savings-bank fund. The insurance is on the 

 mixed system ; e.g., in the case of survival beyond sixty-five 

 years of age, or of death, the policy reverts either to the 

 widow or to the children, or conjointly to the widow and 

 children, of the assured person. If he is unmarried or 

 childless, he may will the policy to one or more of his legi- 

 timate heirs. The amount of the policy is equivalent to one 

 year's salary as regards the General Secretary and the Heads 

 of Divisions ; to one and a half years' minimum salary for the 

 Librarian and Heads of Branches; to one and two-thirds 

 years' salary for the Assistants to the General Secretary ; and 

 to two years' initial salary for the Editors, Translators, 

 Clerks, and Shorthand-Typists. 



The difference between the sum representing 15 per cent, 

 of the salary and the cost of the policy is paid into a savings- 

 bank fund, which is guaranteed by the State, or it is converted 

 into Government securities, and the amount remains to the 

 credit of the official. The interest which accrues is added 

 to the capital sum. The right of withdrawal is withheld until 

 the completion of eight years' service, and the fund reverts 

 to the Institute if, before the completion of that period, the 

 official terminates his service for any cause whatever. In 

 case of death the amount to his credit in the savings-bank 

 reverts to his legal heirs. 



We believe that we have by this means satisfactorily com- 

 plied with the legal requirements of the Institute, which do 

 not permit financial engagements to be made for more than 

 a year, and which require that adequate provision for the 

 officials must also be made. The following results which ttie 

 system will provide show that the necessary conditions have 

 been fulfilled. A second-class editor-translator, who joins 

 the Institute when he is twenty-five at an annual salary 

 of £160, will receive — assuming that he remains in the 

 same grade — a final payment of ^288 after thirty-six years' 

 service. When he is sixty-five years of age he will, more- 

 over, draw the sum of about ^2,480 (at si per cent, interest), 

 which could be converted into an annuity of about £260. 



