THURSDAY, SEPTEMBER 11, 1980
VISIT BY LORD CARRINGTON
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THE SECRETARY OF STATE FOR FOREIGN AND COMMONWEALTH AFFAIRS, LORD CARRINGTON, WILL VISIT HONG KONG FROM SEPTEMBER 26 TO 29.
A GOVERNMENT SPOKESMAN SAID THAT LORD CARRINGTON WOULD COME HERE AFTER HIS CUSTOMARY VISIT TO NEW YORK FOR THE UNITED NATIONS GENERAL ASSEMBLY. AFTER HONG KONG, LORD CARRINGTON WILL BE VISITING JAPAN AND CHINA.
DURING HIS STAY HERE, HE WILL HAVE DISCUSSIONS WITH THE GOVERNOR AND A PROGRAMME OF VISITS AND MEETINGS WITH SENIOR OFFICIALS AND UNOFFICIALS IN HONG KONG IS BEING PREPARED.
WHILE IN TOKYO LORD CARRINGTON WILL HAVE MINISTERIAL CONSULTATIONS WITH THE JAPANESE FOREIGN MINISTER AND IN CHINA HE WILL MEET CHINESE LEADERS TO DISCUSS CURRENT INTERNATIONAL AFFAIRS AND BILATERAL ISSUES.
LORD CARRINGTON WILL BE ACCOMPANIED BY LADY CARRINGTON. THEY WILL ARRIVE IN HONG KONG ON THE NIGHT OF SEPTEMBER 26 (FRIDAY) AND WILL DEPART THE FOLLOWING MONDAY MORNING.
GOVERNMENT CONTRIBUTES MORE TO PROVIDENT FUND SCHEMES
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EMPLOYEES OF SUBVENTED ORGANISATIONS WILL RECEIVE IMPROVED LONG TERM BENEFITS FOLLOWING A GOVERNMENT DECISION TO INCREASE SUBSIDIES TOWARDS PROVIDENT FUND SCHEMES.
AT THE MOMENT, THE MAXIMUM LEVEL OF AN EMPLOYER'S CONTRIBUTION TO A PROVIDENT FUND SCHEME RECOGNISED FOR SUBSIDY PURPOSES IS FIVE PER CENT OF AN EMPLOYEE'S SALARY,
THE EMPLOYER'S CONTRIBUTION, WHICH IS MET BY THE GOVERNMENT, IS MATCHED BY A FIVE PER CENT CONTRIBUTION BY THE EMPLOYEE HIMSELF.
FOLLOWING A REVIEW BY THE GOVERNMENT, IT WAS CONCLUDED THAT THE SUBSIDY OF FIVE PER CENT DID NOT PROVIDE A SUFFICIENT LEVEL OF BENEFIT ON RETIREMENT.
IT WAS ALSO FELT THAT THE FLAT RATE OF SUBSIDY PROVIDED LITTLE INCENTIVE TO AN EMPLOYEE TO WORK UP TO RETIREMENT AGE, GIVEN THAT HE COULD RECOVER ALL ACCUMULATED BENEFITS AT ANY TIME AFTER COMPLETING 10 YEARS' SERVICE.
IN ORDER TO ENCOURAGE LONG SERVICE BY EMPLOYEES OF SUBVENTED SCHOOLS AND MEDICAL AND SOCIAL WELFARE INSTITUTIONS, THE GOVERNMENT HAS DEVISED A NEW FORMULA FOR INCREASING THE LEVEL OF ITS SUPPORT TO THE EMPLOYER'S CONTRIBUTION TO THE SCHEMES.
/WITH RETROSPECTIVE