*
N
statutory charge on the
General
Revenue.
The Joint
Declaration and the Basic Law provide that this legislation
will continue in force after 1997.
They also contain
specific guarantees
that the SARG shall pay pension benefits
due
to
pensioners
irrespective of nationality or place of
favourable than before. In
residence, on terms no less
practice, Government should have little difficulty in
discharging its legal pensions obligations.
Pensions
expenditure over the next twelve years is forecast to
represent only about 4% 5% of Government's recurrent annual
operating expenditure.
4.
However staff concerns and worries are very real,
and the issue of pension security has become a major
psychological factor affecting morale within the Civil
Service. Failure to address these concerns will have adverse
and destabilising consequences.
In view of these concerns
and their effect, the Administration has considered various
proposals for pension safeguards.
Proposals under Consideration
5.
Proposals which have been examined by
the
Administration include the following: