73
pensions increased Bach year in line with
inflation.
14
In addition, both the Joint Declaration and
the Basic Law
guarantee
that
pensions will
continue to be
paid after 1997 on terms no
less favourable
than before that date, and
irrespective ΟΙ nationality and place of
residence.
123.
Nevertheless,
worried about their
I recognise that civil servants are
pensions after 1997. After detailed
propose to inject
study, we now feel able to recommend that a pension reserve fund be established by resolution of the Legislative Council under Section 29 of the Public Finance Ordinance. Subject
to this Council's approval, We also
$7 billion into the Fund over two
resources would ba used exclusively to pay pensions in the unlikely event that they would not be covered from general myself imagine Hong Kong ever facing a
revenue.
I cannot
years.
The Fund's
financial crisis of this sort. But I believe that the fund
will contribute to the Civil
Service's confidence in its
future.