WEDNESDAY, JANUARY 7, 1987
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PNEUMOCONIOS IS FUND LEVY REDUCED
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A RESOLUTION GIVING EFFECT TO THE PNEUMOCONIOSIS COMPENSATION FUND BOARD'S RECOMMENDATION THAT THE CURRENT 0.15 PER CENT RATE. OF LEVY BE REDUCED TO 0.05 PER CENT WAS MOVED BY THE SECRETARY.FOR EDUCATION AND MANPOWER, THE HON RON BRIDGE, IN THE LEGISLATIVE. COUNCIL TODAY (WEDNESDAY).
MR BRIDGE SAID THE LEVY - ON THE VALUE OF QUARRY PRODUCTS AND CONSTRUCTION WORKS -- WAS BEING REVISED IN ORDER TO CORRECT THE IMBALANCE BETWEEN THE FUND'S INCOME AND EXPENDITURE AND TO REDUCE ACCUMULATED RESERVES,
HE NOTED THAT A REDUCTION IN THE RATE OF LEVY. FROM 0.2 PER CENT TO 0.15 PER CENT, HAD BEEN PROPOSED IN DECEMBER 1985 AS CLAIMANTS WERE COMING FORWARD IN SMALLER NUMBERS AND AT AN EARLIER STAGE OF THE DISEASE, WITH A CONSEQUENT DECLINE IN THE AMOUNT OF COMPENSATION NEEDED TO BE PAID.
+THIS ENCOURAGING TREND HAS CONTINUED AND, AT THE END OF NOVEMBER LAST YEAR, THE ACCUMULATED SURPLUS STOOD AT $72 MILLION,+ MR BRIDGE SAID.
REFERRING TO A SUGGESTION BY THE HON HO SAI-CHU AND THE HON CHIU HIN-KWONG THAT SOME PART OF THE FUNDS AVAILABLE BE DEVOTED TO EDUCATION, PUBLICITY AND RESEARCH IN PREVENTING THE DISEASE, MR BRIDGE SAID THE BOARD WAS CONSULTING THE BUILDING CONTRACTORS ASSOCIATION AND THE HONG KONG CONTRACT QUARRY ASSOCIATION ON THIS POSSIBILITY,
SUBJECT TO THE FAVOURABLE OUTCOME OF THESE CONSULTATIONS PROPOSALS TO AMEND THE PNEUMOCONIOSIS (COMPENSATION) ORDINANCE TO ENABLE THE BOARD TO UNDERTAKE THESE ADDITIONAL ACTIVITIES WOULD BE INTRODUCED, HE SAID.
+THE TREND OF INCOME AND EXPEDITURE AND THE LEVEL OF RESERVES WILL. OF COURSE, CONTINUE TO BE KEPT UNDER REVIEW AND FURTHER. ADJUSTMENTS TO THE RATE OF LEVY WILL BE PROPOSED AS APPROPRIATE,+ MR BRIDGE ADDED.
IN ACCORDANCE WITH SECTION 36(3) OF THE PNEUMOCON IOS IS (COMPENSATION) ORDINANCE, HE SAID THE REVISED RATE OF LEVY WOULD COME INTO EFFECT ON FEBRUARY 9, 30 DAYS AFTER THE PUBLICATION OF THE RESOLUTION IN THE GAZETTE,
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