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WEDNESDAY, DECEMBER 11, 1991
GOVT NOT IN FAVOUR OF A CENTRAL PROVIDENT FUND
*
THE GOVERNMENT'S POSITION ON THE ESTABLISHMENT OF A CENTRAL PROVIDENT FUND HAS NOT CHANGED SINCE THE SUBJECT WAS LAST DEBATED IN THE LEGISLATIVE COUNCIL ON JULY 10 THIS YEAR, THE SECRETARY FOR EDUCATION AND MANPOWER, MR JOHN CHAN, SAID.
SPEAKING AT A MOTION DEBATE IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY), MR CHAN REITERATED: "WE CONTINUE TO HAVE MAJOR RESERVATIONS ABOUT A CENTRAL PROVIDENT FUND, IN PARTICULAR ABOUT ITS IMPLICATIONS FOR THE ECONOMY AND THE FINANCIAL MARKET.
"WE WOULD VERY MUCH PREFER TO ADOPT OTHER SOLUTIONS, THAT IS TO SAY SOLUTIONS OTHER THAN A CENTRAL PROVIDENT FUND, TO PROVIDE THE COMMUNITY-WIDE RETIREMENT PROTECTION WE NEED," HE SAID.
RETIREMENT
TECHNICAL IN
IT
A
MR CHAN OPINED THAT TODAY'S DEBATE SHOULD HAVE MADE
THAT ABUNDANTLY CLEAR TO THE COMMUNITY
IS PROTECTION COMPLEX MATTER REQUIRING CAREFUL CONSIDERATION OF MANY ISSUES, SOME OF WHICH ARE HIGHLY PROFESSIONAL OR
AND NATURE,
THAT
THERE ARE NO QUICK AND EASY ANSWERS.
HE THANKED MEMBERS WHO HAD SPOKEN ON THE ISSUE FOR PROVIDING USEFUL REFERENCE AND GUIDANCE TO THE INTER-DEPARTMENTAL WORKING GROUP EXAMINE WAYS ON RETIREMENT PROTECTION WHICH WAS SET UP LAST MONTH TO OF MEETING THE GREATER NEED FOR COMMUNITY-WIDE
SCHEMES, INCLUDING VARIOUS FORMS OF COMPULSORY RETIREMENT SCHEMES.
RETIREMENT
THE WORKING GROUP HAS SO FAR SUBSTANTIALLY COMPLETED THE FIRST TWO PHASES OF THE FOUR-PHASED WORK PROGRAMME IT HAS SET ITSELF.
THESE TWO PHASES CONSISTED OF THE COLLECTION AND EXAMINATION BOTH IN OF FACTUAL INFORMATION REGARDING EXISTING RETIREMENT SCHEMES,
IDENTIFICATION OF ISSUES REQUIRING HONG KONG AND OVERSEAS, AND THE DETAILED CONSIDERATION.
MR CHAN SAID: "WE ARE NOW WHICH IS TO EXAMINE THE VARIOUS
STUDY POSSIBLE
ALTERNATIVES,
ABOUT ΤΟ ENTER THE THIRD PHASE, ISSUES WE HAVE IDENTIFIED IN CONSULTATION
THE WITH
AND TO RELEVANT THE WORKING PUBLIC
PROFESSIONAL BODIES AND EXPERTS AS REQUIRED. EVENTUALLY,
PROPOSALS AS A BASIS FOR GROUP AIMS TO FORMULATE SPECIFIC CONSULTATION ON A WIDE SCALE.
NOT YET POSSIBLE
"AS OF NOW, IT IS
TO SET A PRECISE AND DEFINITIVE TIMETABLE FOR THE COMPLETION OF THE WORKING GROUP'S TASK.
AND
WE SHALL RETIREMENT BE IN A
"BUT I HOPE AND BELIEVE THAT, BY NOVEMBER NEXT YEAR,
SUITABLE HAVE DEVELOPED A
COMMUNITY-WIDE
PROPOSALS SCHEMES, HAVE SOUGHT PUBLIC POSITION TO START DRAFTING THE NECESSARY LEGISLATION.
FRAMEWORK FOR
VIEWS ON OUR
HE UNDERTOOK
THAT
ONCE THE WORKING
CONCRETE PROPOSALS, THE PUBLIC WOULD BE WIDELY
FIRM DECISIONS WERE MADE.
GROUP CONSULTED
HAD
DEVELOPED
BEFORE
ANY
/TURNING TO