CONFIDENTIAL
Annex A
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NOTE FOR EXECUTIVE COUNCIL
XCCI(93)34
Copy No. 20
RETIREMENT PROTECTION
INTRODUCTION
This note informs Members of the current position regarding deliberations over a proposed mandatory retirement protection system, and explains the issues under consideration by the Administration.
BACKGROUND
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On 13 October 1992, having considered memorandum XCC(92) 154 (copy at Annex), the Council ADVISED and the Governor ORDERED that the draft consultation paper as set out at Annex A to the memorandum and the popular version of the same document at Annex B should be issued for public consultation.
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Members took the view that the publicity materials on the scheme should emphasize the proposals were being put forward for public comment only at this stage, and as yet no decisions had been taken. They also felt that the public consultation period should extend until after Chinese New Year.
The Public Consultation Period
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The consultation paper “A Community-wide Retirement Protection System" was released for public comment on 23 October 1992. When the public consultation period ended on 31 January 1993, 176 written submissions had been received. While the overall response showed general support for some form of retirement protection, there were very diverse views as to its nature. The key areas of controversy are -
Executive Council