II. PENSIONS
(a) Pension Safeguards
6.
3
-
events Recent
in
China have led
to a
Staff concern
resurgence of requests for improved pension safeguards. arises because Government meets pension
liabilities as they
Associated
with the
arise
change
out of current income.
sovereignty in
in 1997,
there
is widespread
unease about the risks consequent
upon pensions
pensions being dependent upon
general revenue.
non-hypothecated
7.
Staff have been seeking :
(1) funding of pensions; and
(ii)
payment
of accrued pension benefits before
1997.
pensions after 1997 on terms than before is guaranteed by the
that this
8.
The payment of
no
less
favourable
Joint
Declaration,
guarantee
expected and it is
will be embodied in the Basic Law.
are
now a
right
and are a
general revenue.
Pensions
statutory charge on the
Pensions will therefore be secure.
9.
Nevertheless,
in
the light of staff anxiety,
the Hong Kong
Government
is considering whether more