6
WEDNESDAY, JUNE 1, 1977
IT HAS A TENDENCY, HE SAID, TO DISCOURAGE MOBILITY OF LABOUR, MAKE HONG KONG PRODUCTION LESS FLEXIBLE, ENCOURAGE DISPUTES, AND FOSTER BIG BUSINESS AT THE EXPENSE OF SMALL BUSINESS.
ALSO, HE SAID, IT WILL CONVERT A FUTURE PORTION OF REAL WAGES INTO A DEFERRED CONTINGENT BENEFIT, AMOUNTING TO AN UNSECURED LOAN TO THE EMPLOYERS, SO THAT OUR WORKERS, WITHOUT EVER HAVING HAD THE MATTER PROPERLY EXPLAINED TO THEM, WILL BE DENIED IN FUTURE THE FREEDOM OF CHOOSING WHAT THEY WANT TO DO WITH THAT PART OF THE IR MONEY.+
HE SAID HE WOULD NOT DWELL ON THESE POINTS +PARTLY BECAUSE THEY HAVE BEEN MADE BEFORE WITHOUT ANY EFFECT ON THE GOVERNMENT AND PARTLY BECAUSE OF MY FAITH IN THE RESILIENCE OF HONG KONG PEOPLE AND THEIR ABILITY TO SURVIVE INAPPROPRIATE IMPORTED GOVERNMENT LEGISLATION,+
IN REPLY TO THE UNOFFICIALS, THE COMMISSIONER FOR LABOUR, THE HON. PETER WILLIAMS SAID THE VIEWS EXPRESSED BY EMPLOYERS AND EMPLOYEES HAVE, NOT UNNATURALLY, BEEN CONFLICTING.
THESE VIEWS, TOGETHER WITH INFORMED COMMENTS IN THE PRESS AND OPINIONS RECEIVED, BY MEMBERS OF THE PUBLIC HAD BEEN EXAMINED MOST CONSCIENTIOUSLY, HE SAID.
MR. WILLIAMS SAID THE ARGUMENT ABOUT CONTINGENT LIABILITY WAS SOMEWHAT SPECULATIVE SINCE THERE WAS NO REAL EVIDENCE EITHER TO SUPPORT OR TO DISPROVE IT.
HE WENT ON, +A GOING CONCERN WITH ORDERS IN HAND SHOULD NOT NORMALLY HAVE DIFFICULTY WITH BANK CREDIT. A FIRM SEEKING CREDIT WOULD BE JUDGED BY THE LENDING INSTITUTIONS ON ITS OVERALL CAPABILITY RATHER THAN ITS CONTINGENT LIABILITY IN CASE OF FAILURE.
+WHEN SEVERANCE PAY WAS FIRST INTRODUCED AND DEBATED IN 1974. A NUMBER OF MEMEBERS REFERRED TO EMPLOYERS' CONCERN THEN ABOUT THE LIMITATIONS OF CREDIT FACILITIES BEING MADE AVAILABLE BY BANKS TO
INDUSTRIAL ISTS.+
+ IN THE EVENT, HE SAID, +SINCE THE INTRODUCTION OF SEVERANCE PAY, THERE HAD BEEN NO PROBLEM IN THIS REGARD.
MR. WILLIAMS PAID TRIBUTE TO THE RELEVANCE OF DR. CHUNG'S CONTRIBUTION TO THE DEBATE WITH HIS MATHEMATICAL AND PRACTICAL ANALYSES OF THE CONSEQUENCES OF THE AMENDING LEGISLATION.
HE THOUGHT THE APPREHENSION EXPRESSED ABOUT SECURITY OF EMPLOYMENT AND REDUCING JOB OPPORTUNITIES NOT REALISTIC, BECAUSE WHILE SEVERANCE PAY OBILGATION MIGHT MAKE INDUSTRIAL ISTS THINK TWICE BEFORE OVER-EXTENDING THE IR LABOUR FORCE, OVERALL EMPLOYMENT OPPORTUNITIES WOULD NOT BE AFFECTED SO LONG AS THE OVERALL DEMAND WAS THERE.
/+IN FACT,