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WEDNESDAY, MAY 13, 1987
HE FELT THESE ACTIONS WERE NOT REALLY CONDUCIVE TO AN OBJECTIVE DETAILED ANALYSIS OF THE IMPORTANT ISSUE OF PROVISION OF FUTURE RETIREMENT BENEFITS.
HE URGED THAT THE ISSUE SHOULD BE LOOKED AT IN THE MANRCO VIEW OF WHETHER OR NOT A HASTILY IMPOSED SCHEME WOULD ENDANGER THE VERY ECONOMIC SURVIVAL THAT EVERYONE WAS STRIVING FOR.
MR CHEONG SAID THAT THE FEDERATION OF HONG KONG INDUSTRIES HAD TRIED TO ANALYSE AND ADDRESS PROBLEMS FROM THE MARCO ANGLE AND HAD COME TO SOME PRELIMINARY VIEWS IN A PAPER PUBLISHED FOR PUBLIC REFERENCE.
HE SAID IT HAD BEEN MADE CLEAR THAT THE FEDERATION SUPPORTED THE IDEA OF A DETAILED AND OBJECTIVE STUDY OF THE ISSUE THROUGH A GOVERNMENT APPOINTED COMMISSION.
MR CHEONG ALSO LISTED SOME OF THE FINDINGS OF A PROJECT DONE BY MEMBERS ATTENDING A RECENT SENIOR STAFF COURSE WHICH HE SAID HAD MADE A VERY USEFUL START IN STUDYING THE PROBLEM IN REASONABLE DEPTH.
MR CHEONG SAID IT HAD BEEN GENERALLY ESTABLISHED BY ECONOMISTS THAT THE BETTER PROVISION THROUGH GOVERNMENT OF SOCIAL SECURITY, THE DESIRE TO SAVE BY ITS CITIZENS WOULD DECLINE LEADING TO A SHRINKING OF REINVESTMENT RESOURCES FOR FURTHER ECONOMIC DEVELOPMENT.
HE SAID COMPULSORY OR CENTRAL PROVIDENT FUND WAS REALLY NO MORE THAN FORCING PERSONAL SAVINGS INTO A POOL RUN AND CONTROLLED BY THE STATE THEREBY FREEZING THEIR USE UNTIL 20 OR 30 YEARS LATER.
HE ADDED THAT THIS FREEZING OF AVAILABLE ASSETS WOULD NO DOUBT HAVE ADVERSE EFFECTS ON THE CONTINUED DEVELOPMENT OF THE ECONOMY.
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THREE-PRONGED APPROACH TO IMPROVE WELFARE FOR ELDERLY *****
DR THE HON HO KAM-FAI TODAY (WEDNESDAY) ADVOCATED A THREE- PRONGED APPROACH TO IMPROVE SOCIAL SECURITY FOR OLD AGE: ADOPT A SYSTEM OF PRIVATE PROVIDENT FUND SCHEMES, REVIEW THE EXISTING PUBLIC ASSISTANCE, AND EXTEND THE EXISTING LONG SERVICE AND SEVERANCE BENEFITS FOR WORKERS.
SPEAKING DURING THE ADJOURNMENT DEBATE ON CENTRAL PROVIDENT FUND BR HO SAID IT WAS IN THE BEST INTEREST OF HONG KONG TO ADOPT A SYSTEM OF PRIVATE PROVIDENT FUND SCHEMES INSTEAD OF A COMPULSORY CENTRAL PROVIDENT FUND.
/HE SAID
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