of pension alone. To allow a 5-year roll-over fund of $15 billion, the amount involved is about $5 billion per year in the next 3 years so that the $15 billion could be made available serve as a small reserve fund for pensions before 1997. Fund would continue to attract interest like the Hong Kong Reserve Fund.
We
to This
but
consider the setting up of the Fund as a must, we hope, an additional proposal with various options can also be produced to meet the needs of officers of different categories upon their individual circumstances. The options could include the setting up of a Civil Service Provident Fund Scheme, a higher commutation, a Pension Morgage Scheme and a modified civil service housing benefit scheme, etc.
We belief the availability of this Pension Reserve Fund would definitely allay civil servants' anxiety and put their minds at ease. If not, we afraid, civil servants' worries shall continue to prevail and thus very detrimental to the Government's effective administration to the territory, thereby eroding Hong Kong's continuing prosperity and stability, a price the territory can hardly afford to pay.
the out
The Association therefore sincerely hopes if you could take up the matter with the Chinese Government and persuade Chinese Officials so that concrete measures could be worked at the Sino-British Joint Liaison Group. If possible the Association wishes to express its views to you or representative directly in London in the nearest future.
your
On behalf of the members of the Association I thank you
in advance for your kind attention.
Yours faithfully,
(Peter H WONG )
President