CONFIDENTIAL
Forecast of Pension Expenditure as a Fercentage of the Government's Operating Expenditure for the period 1990-91 to 2006-07
Govt Operating Expenditure
Year
Pensions
HKƏM
AA แ
% on
Operating Expenditure
1990-91
2490
63,440
3.9
1991-92
2570
70,950
3.6
1992-93
2970
79,780
3.7
1993-94
3890
89,410
4.3
1994-95
4670
100,640
4.0
1995-96
5160
113,224
4.0
1996-97
5940
127,440
4.7
1997-98
6810
143,430
4.7
1998-99
7470
101,430
4.0
1999-2000
8280
181,680
4.6
2000-01
9870
204,480
4.8
2001-02
10900
230,130
4.7
2002-03
13220
259,000
5.1
2003-04
15040
291,500
5.2
2004-05
17710
328,070
5.4
2005-06
20240
369,230
2006-07
23150
415,560
5.6
Explanatory Notes
1.
2.
3.
HK$ figures are at current prices (i.e. money-of-the- day, not constant 1990-91 prices).
Expenditure on pensions assumes inflation at from 1991-92 onwards
1.15 pia «
Operating expenditure assumes inflation at 7.7% p.a. and a target growth of 4.5% p.a. from 1991-92 onwards. Operating expenditure figures are as per the Long Kanye Forecast. They show a trend over the period and are not year-on-year estimates of provision required.
The Long Range Forecast does not cover the period beyond 1998-99. Figures for 1999-2000 onwards in the table above are merely projections using the assumptions in the explanatory notes above.
CONFIDENTIAL
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