Extracts from Minutes of the Meeting of The Executive Council of Hong Kong held in the Council Chamber on
M(89)5
IN ATTENDANCE
Mr G.T. BARNES
63
CONFIDENTIAL
Secretary for Security
Mr A.J. CARTER - Director of Immigration
Tuesday 31 Jan 1989
MIS L.K.Y. Security
WEI
P
Principal Assistant Secretary
for
A50
VALUE OF PENSIONS FOR OVERSEAS PENSIONERS CURRENCY PROTECTION: XCC(89)22
COMMENTARY
made
In discussion, the following points were
(a)
It would be difficult to
justify
protecting the pensions of a Small
of
group of overseas pensioners, and
not
those of local pensioners who choose to
live abroad;
(b) Overseas
pensioners' concerns
had
arisen largely because of recent, short
term movements in exchange rates which
had reduced the sterling value of their
pensions. In the long term, however,
exchange rates might work
to
pensioners'
advantage.
Rather than
introduce a mechanism to protect their
current value, it may be
wiser
to
consider
measures
which could
be
CONFIDENTIAL
الفرحة