2
The Board at present has a surplus balance of
In order to correct the imbalance between
$30 million.
income and expenditure the Board has recommended to the
Government that the rate of levy be reduced by 25%,
to 0.15%.
The rate of levy imposed under Section 35 of the
Pneumoconiosis (Compensation) Ordinance may be altered by
resolution of the Legislative Council. A draft resolution,
which makes the recommended reduction, has been prepared
accordingly.
Under Section 36 (3) of the Ordinance, the revised
rate of levy would come into effect thirty days after the
publication of this resolution in the Gazette, that is
on 6 January 1986.
Sir, I beg to move.