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subsequently rejoin, but he would have to wait a further six months to be eligible for sickness and injury benefits (see b(i) below).
(b) Benefits
(i)
(ii)
The sickness and injury benefit would be paid in respect of the second, third and fourth months away from work (the first month being regarded as covered by sickness allowance payable under the Employment Ordinance) to any person who had been a member for at least 6 months. To qualify, a medical certificate would be necessary.
The amount of sickness and injury benefit might be half normal pay excluding overtime (half monthly pay for monthly paid staff and 13 days pay for daily paid staff) subject to an earning maximum. Those earning over the maximum could still join, but their
contributions and benefits would be limited by reference to the prescribed maximum. (iii) If the member died before age 60, a lumpsum
death benefit would be payable. On the evidence available from the operation of grant and subsidised schools provident funds (with 5% contribution from both employer and employee) a lumpsum of up to six months pay may be possible.
(iv) On reaching age 60, there would be a small retirement benefit, which would be more in the nature of a "no claims" bonus; and might therefore be less if a member had received more than a specified amount of benefit before reaching retirement. This is designed to appeal to those employees who do not expect to be off work sick, How much benefit will be payable will depend on an actuarial costing but it is likely to be of the same order as in (iii) above,
(v)
There could be a housing loan facility after 5 year membership. The amount available might be based on a formula linked to the total of contributions already made to the scheme; and would have to be repaid. To be fair to other scheme members, a reasonable rate of interest would have to be paid. It is envisaged that the sum available would be sufficient for a downpayment.
C.S. 166
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