§ Mr. Wigleyasked the Chancellor of the Exchequer if he will introduce modifications to the regional employment premium in order to (a) provide for payment according to a sliding scale, stepped in line with net additions to work force and (b) provide for payment in advance in six-monthly block grants.
§ Mr. Joel BarnettWhen, in the Budget Statement in March last year, my right
£ million Annual provision 1974–75 Actuarial deficits at latest valuation completed prior to the account National Coal Board: Mineworkers Pension Scheme … … … … … 14.5(1) — Staff Superannuation Scheme … … … … … 37.7(2) — Electricity (England and Wales) … … … … … 2.075 7.7 British Gas Corporation … … … … … about 1.0 8.0 Post Office … … … … … 107.9 1,092.0 1975 British Railways Board … … … … … 48.6(3)(4) 360 1974 National Freight Corporation … … … … … 38.1(5) — Scottish Transport Group … … … … … 0.165 Not available If the Government were to meet the total of the provisions detailed above, the cost to public funds would be £250 million, inclusive of the Government's contributions, totalling £56.9 million, referred to in notes 1 and 3.
(1) After crediting continued annual deficiency payments from 1969–70 of £5.6 million, the valuation at 31st March 1972 showed a surplus of £9 million, but payments were increased to take account of improvements to the scheme. The Government met £8.3 million of the total of £14.5 million in 1974–75. Following the introduction of a new earnings-related scheme from 1st April 1975, the NCB (Finance) Bill now before the House provides for annual deficiency contributions by the Government of up to £18 million.
(2) £1.7 million of this total is for an actuarial deficiency of £22 million as assessed at the last valuation: the remainder is to cover increased liabilities incurred subsequently,
214Whon. Friend announced that regional employment premium would be maintained, he also said that consideration would be given to the future possibilities for regional employment premium, and these suggestions will be taken into account in this review.