THURSDAY, OCTOBER 14, 1993
"WE WANT TO EMPHASISE TO ALL EMPLOYERS IN HONG KONG ORDINANCE HAS BEEN DESIGNED TO BENEFIT EVERYBODY.
THAT
THE
"BY CREATING A MORE SECURE ENVIRONMENT FOR THE OPERATION RETIREMENT SCHEMES, THE ORDINANCE SHOULD HELP TO ENCOURAGE ESTABLISHMENT OF MORE SCHEMES IN HONG KONG, MR CARTLAND SAID.
"ESTABLISHING RETIREMENT SCHEME IS BENEFICIAL TO EMPLOYERS TAX RELIEF IS AVAILABLE UNDER THE INLAND REVENUE ORDINANCE.
OF
THE
AS
AND
"IT IS AN ALTERNATIVE TO LONG SERVICE/SEVERANCE PAYMENTS ABOVE ALL, EMPLOYERS WHO OFFER RETIREMENT SCHEMES WILL BE ABLE ΤΟ ATTRACT AND RETAIN QUALITY EMPLOYEES," HE SAID.
+1
—
*AT THE SAME TIME, GOVERNMENT BELIEVES IT IS ESSENTIAL ΤΟ ENSURE THAT PARTICIPANTS IN RETIREMENT SCHEMES THE EMPLOYEES HAVE MAXIMUM POSSIBLE PROTECTION FOR THEIR CONTRIBUTIONS. THIS IS THE OBJECTIVE OF THE ORDINANCE.
"THE ORDINANCE SHOULD ALSO HELP TO RAISE AWARENESS OF THE IMPORTANCE OF RETIREMENT PLANNING AND TO ENCOURAGE EMPLOYERS WHO DO NOT AT PRESENT PROVIDE RETIREMENT SCHEMES TO CONSIDER IMPLEMENTING THEM FOR THEIR WORKFORCE," HE SAID,
AND SMALLER COMPANIES CAN
"THE PROCESS IS UNCOMPLICATED PARTICIPATE IN POOLED SCHEMES WHICH ALLOW FOR RETIREMENT PROVISION WITH THE MINIMUM OF ADMINISTRATION,
་་ HE ADDED.
FUND
ECONOMY,
"HONG HONG IS KNOWN INTERNATIONALLY FOR ITS STRONG THRIVING BUSINESS CLIMATE, SOUND LEGAL AND ACCOUNTING INFRASTRUCTURE AND MINIMAL GOVERNMENTAL INTERVENTION IN BUSINESS ACTIVITY.
"WE WILL ENSURE THAT THE BEST OF THESE ELEMENTS SHAPE THE DEVELOPMENT OF OVERALL RETIREMENT PROTECTION POLICY.
AGE
"THE ORDINANCE MEANS THAT A FINANCIALLY SECURE AND HAPPY OLD IS WITHIN REACH OF EVERYONE WHO CONTRIBUTES TO AN OCCUPATIONAL RETIREMENT SCHEME, HE ADDED.
**
COMMISSIONER FOR INSURANCE AND REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES, MR STEPHEN IP, SAID:
AND
"THE ORDINANCE WILL COME INTO OPERATION WITH IMMEDIATE EFFECT MY COLLEAGUES AND I LOOK FORWARD ΤΟ WORKING WITH INDIVIDUAL EMPLOYERS, ADMINISTRATORS, PROFESSIONAL BODIES AND ALL OTHER INTERESTED PARTIES IN MAKING THE ORDINANCE A SUCCESS.
"ENQUIRIES CAN BE MADE TO THE NEW OFFICE OF THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES ON TEL 867 4642.
OCCUPATIONAL RETIREMENT
**FOR THE FIRST TIME IN HONG KONG, SCHMES, WHICH HAVE PREVIOUSLY BEEN UNREGULATED, WILL BE BROUGHT UNDER STATUTORY CONTROL.
"ALTHOUGH THE LEVEL OF CONTRIBUTIONS TO A SCHEME WILL REMAIN AT THE DISCRETION OF EMPLOYERS AND EMPLOYEES, THE ORDINANCE REQUIRES ALL SCHEMES TO BE SEPARATELY AND ADEQUATELY FUNDED, INDEPENDENTLY AND TRANSPARENT.
AUDITED
/"FULL DISCLOSURE