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WEDNESDAY, JUNE 12, 1991
MR BARNES SAID FOLLOWING
THE 1989 SALARY STRUCTURE REVIEW, SOME OF THE OBSOLETE RANK SCALES WERE NO LONGER MORE FAVOURABLE THAN THE CURRENT PAY SCALES OF THE CORRESPONDING RANKS.
"THE STAFF CONCERNED THEREFORE FEEL THAT THEY HAVE LOST OUT, EVEN THOUGH SOME OF THEM HAVE EXERCISED AN IRREVOCABLE OPTION ΤΟ REMAIN IN THE OBSOLESCENT RANKS, HE SAID.
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MR BARNES SAID NONETHELESS, IN THE INTEREST OF PHASING OUT THE OBSOLETE RANKS AND PAY SCALES AS SOON AS POSSIBLE, THE ADMINISTRATION WAS PREPARED TO GIVE THE STAFF CONCERNED A FURTHER OPTION TO TRANSFER TO THE APPROPRIATE CURRENT RANKS, ADDING THAT DETAILED CONVERSION ARRANGEMENTS WERE BRING WORKED OUT AND WOULD BE ANNOUNCED SHORTLY.
SUBVENTED ORGANISATIONS WOULD ALSO BE INFORMED SO THAT THEY MIGHT CONSIDER MAKING SIMILAR ARRANGEMENTS FOR THEIR STAFF, HE SAID.
COST OF BANK RESCUES NOT DETERMINED
THE NET COST OF RESCUE OF THE HANG LUNG BANK AND THE OVERSEAS TRUST BANK IS STILL, NOT ABLE TO DETERMINE, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, INFORMED THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
IN A WRITTEN REPLY TO A QUESTION BY THE HON PETER WONG, SIR PIERS SAID IN THE CASE OF THE HANG LUNG BANK, THE GOVERNMENT HAD GIVEN CERTAIN INDEMNITIES AND WARRANTIES FOR PRE-GOVERNMENT ACQUISITION LIABILITIES, AS HAD BREN INDICATED IN HIS REPLY ON JANUARY 10 LAST YEAR.
"TAK AMOUNT OF ULTIMATE LIABILITIES ARISING FROM SUCH INDEMNITIES AND WARRANTIES, IF ANY, IS STILL NOT YET KNOWN.
"AS TO THE OVERSEAS TRUST BANK IT HAS YET TO BE RETURNED TO THE PRIVATE SECTOR, HE SAID.
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