19
WEDNESDAY, JUNE 24, 1987
HE SAID IT HAD BEEN ESTIMATED THAT BY THE EARLY PART OF THE NEXT CENTURY, IN VIEW OF THE AVERAGE AGE OF THE CIVIL SERVICE BEING RELATIVELY YOUNG, THE ANNUAL EXPENDITURE ON PENSIONS WOULD AMOUNT TO 40 PER CENT OF PERSONAL EMOLUMENTS.
EVEN THOUGH IT WAS CLAIMED BY THE ADMINISTRATION THAT IN THE LONG RUN THE NEW PENSION SCHEME COULD BRING ABOUT A SAVING OF EIGHT PER CENT, MR CHEONG-LEEN EMPHASISED THAT GOVERNMENT SHOULD MAINTAIN PRUDENT POLICIES AT ALL TIMES ON THE USE OF ITS RESOURCES.
MR CHEONG-LEEN SAID THE FACT THAT THE NEW PENSION SCHEME WAS FOUND FULLY ACCEPTABLE TO THE CHINESE AUTHORITIES SHOULD ALLAY CONCERNS ON THE PART OF THOSE CIVIL SERVANTS WHOSE PENSIONS WOULD CONTINUE TO BE PAID AFTER 1997.
HE ADDED THAT CIVIL SERVANTS WOULD NO DOUBT WELCOME THE NEW PROVISION WHICH WOULD ALLOW THEN THE FLEXIBILITY TO COMMUTE UP TO 50 PER CENT OF THEIR PENSION FOR A LUMP SUM, AS WELL AS ANOTHER NEW PROVISION THAT PENSJONS WERE MADE A RIGHT RATHER THAN A PRIVILEGE.
HE ALSO BELIEVED THAT ADJUSTING THE NORMAL AGE OF RETIREMENT FROM 55 TO 60 WAS IN KEEPING WITH SOCIAL AND ECONOMIC CONDITIONS IN
[ONG KONG.
ON CONCERNS ABOUT FLUCTUATION OF THE GENERAL REVENUE OR CHANGING ECONOMIC AND OTHER CONDITIONS THAT MIGHT AFFECT THE PENSION SCHEME, MR CHEONG-LEEN NOTED THAT CLAUSE 6 OF THE BILL WHICH STATED THAT "THERE SHALL BE CHARGED ON AND PAID OUT OF THE GENERAL ALL SUNS OF MONEY AS MAY FROM TIME то TIME BE GRANTED BY PENSION BENEFITS' PROVIDED THE BEST INSURANCE.
"1T IMPLIED THE GOVERNMENT'S OBLIGATION ΤΟ PAY BENEFITS AND IT HAD TO DISCHARGE ITS OBLIGATION," HE SAID.
REVENUE WAY
OF
PENSION
IMPROVEMENTS TO CIVIL SERVICE PENSION SCHEMF
*
THE HON K C
CHAN SAID TODAY
BENEFITS BILL 1987 PROVIDED FOR
THE
PENSION TO THE THAT PENSION
THAT (WEDNESDAY) A NUMBER OF IMPROVEMENTS EXISTING PENSION SCHEME AND ONE OF THE IMPROVEMENTS WAS WAS MADE A RIGHT RATHER THAN A PRIVILEGE.
MR
SPEAKING IN THE LEGISLATIVE COUNCIL IN SUPPORT OF THE BILL,
EXPECTANCY, CHAN SAID ANOTHER IMPROVEMENT WAS THAT DUE TO LONGER LIFE
FIVE MORE YEARS OF THEIR CIVIL SERVANTS COULD NOW WORK HIGHEST SALARIES AND FRINGE BENEFITS.
EARN AND
THE BILL