The Green Paper proposal for a semi-voluntary contributory scheme envisages the administrative costs being met from General Revenue. An indication of what these administrative costs might be could possibly be gleaned from the Singapore Central Provident Fund (which does not recieve any financial contribution from the Singapore Government other than in its capacity as employer). A copy of the 1979 Accounts extracted from its Annual Report published in June 1980 is attached as Appendix IV. It will be noted that total expenditure shown on the Income and Expenditure Account is $ $10.5M or roughly HK$ 273 M (HK$ 2.60 S$1).
As Hong Kong's population and numbers of employees and employers are at least twice Singapore's the cost of administering a comparable scheme here is not likely to be less than HK$55 M. Indeed the Hong Kong costs are found to be higher in respect of: