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WEDNESDAY, MAY 13, 1987
DECENTRALISED PROVIDENT SYSTEM URGED
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THE HON ANDREW WONG SAID TODAY (WEDNESDAY) THAT HE SUPPORTED THE IDEA OF LEGISLATING FOR COMPULSORY PROVIDENT ARRANGEMENT BUT WAS AGAINST THE IDEA OF A COMPULSORY AND CENTRAL PROVIDENT FUND.
HE GAVE THE REASONS BEHIND HIS PHILOSOPHY WHEN ADDRESSING THE LEGISLATIVE COUNCIL DURING THE ADJOURNMENT DEBATE ON CENTRAL PROVIDENT FUND.
HE SAID THE COMPULSION HE MENTIONED SHOULD NOT BE INTERPRETED TO MEAN A RESTRICTION ON THE EMPLOYEE'S FREEDOM TO HIS DECISION BETWEEN SPENDING AND SAVING AND HIS CHOICE OF FORMS OF INVESTMENT.
+RATHER IT SHOULD BE READ IN THE LIGHT OF SAVINGS FOR OLD AGE AND JUSTIFIED ON THE GROUNDS THAT NO MAN OUGHT TO BE GIVEN THE LICENCE TO BECOME A CHARGE TO THE PUBLIC,+ HE SAID.
MR WONG SAID HE BELIEVED THAT A DECENTRALISED SYSTEM WAS THE ONLY SYSTEM COMPATIBLE WITH HONG KONG'S COMPETITIVE FREE ENTERPRISE ECONOMY.
HE SUPPORTED THE CALL FOR THE SETTING UP OF A COMMITTEE TO BE APPOINTED BY THE GOVERNOR TO STUDY IN DETAIL THE NITTY-GRITTIES OF IMPLEMENTATION.
+LET US NOT PROCRASTINATE AND PUT OFF TILL TOMORROW, AS THERE IS A TOMORROW AFTER TOMORROW, AND YET OTHER TOMORROWS TO FOLLOW,+ HE SAID.
MR WONG SAID THE NECESSITY OF SOME ARRANGEMENTS UNDER THE RUBRIC OF SOCIAL SECURITY WAS UNQUESTIONABLE, BE IT FOR HUMANE AND CHARITY REASONS OR ONLY IN THE INTEREST OF THOSE WHO REQUIRED PROTECTION AGAINST ACTS OF DESPERATION.
BUT, HE SAID THE KEY QUESTIONS WERE: FIRST, WERE THE BENEFITS UNDER THE EXISTING ARRANGEMENTS ADEQUATE BOTH IN TERMS OF ELIGIBILITY CRITERIA AND RATES OF PAYMENT? AND IF NOT, SECOND, SHOULD THEY BE MADE ADEQUATE BUT ONLY BY WAY OF FURTHER IMPROVING THE EXISTING ARRANGEMENTS?
HIS ANSWER TO BOTH QUESTIONS WERE +NO+.
ON THE FIRST QUESTION, HE SAID MEMBERS WERE ALL AWARE HOW STRINGENT THE CRITERIA AND HOW MEAGRE THE PAYMENTS WERE, ADDING THAT THE SECRETARY FOR EDUCATION AND MANPOWER'S REVIEW OF THE QUESTION OF THE IDEA OF A CENTRAL PROVIDENT FUND WAS AMPLE EVIDENCE THAT THERE WAS INDEED DEFICIENCY IN THE BENEFITS PAID OUT UNDER THE EXISTING ARRANGEMENTS.
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