K.BẸP JLG HÙNG KÙNG.
THE O JUL
CONFIDENTIAL
7 UTUS
455
M Sze Esq
HKA 283/1
M in flyve Thank
secretary for Constitutional Affairs17
3rd floor
Central Government offices
IT is a
wide scheme
Yes; No HMors relevence.
Community for employers and employees to pay into provident Funds (Not run by HKG (tink), I can't really see a
for partial ред
Dea Michael,
hunding.
Office of the
British Senior Representative Sino-British Joint Liaison Group
I also thinks Galsworthy is over reaching: There has seen this for years and it Hica imple cations
N's 10/7
Lebate ou
RETIREMENT PROTECTION
1.
has no
9 July 1992
No HMOCS relevance I think. as aimed at providing pensio.. for those whose employers do out provide one
in fox
Mr Stone
aut
present. (But it might
perhaps give
a pess partial funch
W3
12 Curl Sem
Arm alle whet versions
He scheme with de?
in
Mmors relevance ? 9/v
We were very grateful to Nigel Whitney for showing us a copy of the draft ExCo memorandum on the public consultation paper on retirement protection.
2. As I told you on the telephone today, my first reaction on reading this was one of some horror. This is obviously a major change to the system by any standards, and has some pretty important long term implications, both for social security and
for the SARG finances.
3.
Clearly it is not going to be possible to avoid dealing with the Chinese over this because of these long term implications. It also looked to me as though there was quite a lot in this which would be controversial in terms of higher costs to employers and money being taken out of employees' pockets.
4.
In normal circumstances I would guess that the Chinese machine would be very reluctant to grapple with anything as complex as this and on such a scale. The gut reaction would be that we have lived with the present system for goodness knows how long, and it is only five years before the SARG takes over, and that it should be left to the SARG to take a decision on whether or not such a scheme should be implemented. We could easily find ourselves in the same situation that we found ourselves in on RTHK.
CONFIDENTIAL
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