-
4
THURSDAY, AUGUST 22, 1985
THE MAIN ELEMENTS OF THE PROPOSED NEW PENSION SCHEME ARE:
(A)
(B)
THE RAISING OF THE RETIREMENT AGE FROM 55 TO 60. THIS IS MORE IN KEEPING WITH PRESENT DAY LIFE EXPECTANCY. AT THE SAME TIME, WITH THE RAISING OF THE RETIREMENT AGE, PENSIONS WILL BE EARNED AT A SLOWER RATE;
THE RAISING OF THE PROPORTION OF PENSION WHICH CIVIL SERVANTS CAN COMMUTE FOR A LUMP SUM FROM 25 PER CENT TO 50 PER CENT;
(C) PROVISION FOR CIVIL SERVANTS WHO LEAVE GOVERNMENT
AFTER 10 YEARS SERVICE OR MORE TO RECEIVE THE IR
EARNED PENSION BENEFITS ON REACHING RETIREMENT AGE.
IT IS PROPOSED THAT THE NEW SCHEME IF APPROVED SHOULD APPLY TO ALL CIVIL SERVANTS APPOINTED ON PENSIONABLE TERMS AFTER THE DATE OF ITS INTRODUCTION. HOWEVER, EXISTING CIVIL SERVANTS WILL BE PERMITTED TO TRANSFER TO THE NEW SCHEME AND RETAIN THE IR EXISTING RETIREMENT AGE OF 55 SHOULD THEY SO WISH.
THE PROPOSED NEW PENSION SCHEME IS THE SECOND STEP TAKEN TO
THE FIRST STEP MODERNISE CIVIL SERVICE PENSION ARRANGEMENTS. WAS TAKEN IN 1978 WHEN NEW ARRANGEMENTS FOR THE PAYMENT OF PENSIONS TO CIVIL SERVANTS' DEPENDANTS WERE MADE WITH THE INTRODUCTION OF THE WIDOWS AND CHILDREN'S PENSION SCHEME TO REPLACE THE WIDOWS AND ORPHANS PENSION SCHEME.
THE INTRODUCTION OF THE NEW SCHEME WILL, IN THE LONG TERM, LEAD TO A REDUCTION IN THE GOVERNMENT'S PENSIONS LIABILITY. THE ACTUAL EXTENT OF SAVINGS WILL DEPEND ON THE FINAL SHAPE OF THE REVISED ARRANGEMENTS AND THE NUMBER OF SERVING CIVIL SERVANTS WHO ELECT TO TRANSFER TO THE NEW SCHEME.
POST OFFICE PRAISED FOR COURTESY DRIVE
****
THE POST OFFICE'S COURTESY DRIVE WAS GIVEN SUPPORT TODAY BY THE CHAIRMAN OF THE URBAN COUNCIL, MR HILTON CHEONG-LEEN, DURING A VISIT, TOGETHER WITH OTHER MEMBERS OF THE COUNCIL, TO THE GENERAL POST OFFICE IN CENTRAL.
THE DRIVE HAD SPECIAL MEANING FOR THE POST OFFICE WHOSE COUNTER STAFF AND POSTMEN HAD A GREAT DEAL OF DIRECT CONTACT WITH THE COMMUNITY, MR CHEONG-LEEN SAID.
/+MY FELLOW
+