24
Wednesday, March 15, 1972
A public bond would put off increased taxation;
would bear lower interest
would
rates than commercial interest or even international loan interest;
create a bond market and absorb surplus capital; and would create a sense of
belonging for the bond holders with a greater stake in the Government of Hong
Kong, he said.
On raising the retirement age of civil servants from the existing
55 years to 60, Mr. Wong said the Chinese Civil Servants Association were
unanimously in favour of bringing the retirement age in line with the rest of
the world and thus stabilize their livelihood,
Valid Argument
It appeared that the only valid argument against extending the retirement
age from 55 had been put up by the "next in line" in that heads of departments
were now blocking their promotion.
The answer to this line of reasoning is that the same terms would
apply to the next-in-line in that by waiting a few more years he would stay
a few years longer as head.
"Meanwhile, we are losing men at the zenith of their wisdom and
experience by this antiquated system.
"The civil service is a career job. The terms of service must be such
to make it so. For the sake of the few exceptions we should not leave civil
servants high and dry at the age of 55," he said.
Mr. Wong added that he sincerely believed that both from the view
point of Government and the individual servant the retirement age of 60 should
be instituted forthwith.
He also