FRIDAY, DECEMBER 17, 1993
:
NEED OLD AGE
IN REPLY TO PRESS QUESTIONS ON THE ISSUE, THE GOVERNOR SAID "WE'VE SAID THAT THE GOVERNMENT REPRESENTING THE TAX-PAYERS WILL то CONTRIBUTE FOR EXAMPLE THE SAME AMOUNT THAT IT PUTS INTO ALLOWANCES, AT THE MOMENT OVER $3 BILLION.
THAT
THE GREAT
DISADVANTAGE OF HE POINTED OUT PROVIDENT FUND, WHICH A LOT OF PEOPLE HAD TALKED ABOUT IN DID NOTHING TO TODAY'S AND TOMORROW'S ELDERLY.
A CENTRAL THE PAST,
FOR AND THEN HE ADDED.
MUCH
GOT TO WAIT 20 OR 30 OR 40 YEARS. "YOU'VE LARGER CONTRIBUTIONS, YOU GET A LOWER RETURN,"
EXPANDING
THE
CONTRIBUTION, ON THE QUESTION OF GOVERNMENT GOVERNOR SAID: "PEOPLE CAN'T SAY THE GOVERNMENT MUST DO MORE WITHOUT RECOGNISING THAT THE GOVERNMENT DOING MORE MEANS THAT TAX-PAYERS DOING
MORE.
"THE
GOVERNMENT DOESN'T HAVE ANY MONEY OF ITS OWN. GOT YOUR MONEY, THE HARD EARNED MONEY THAT YOU'VE MADE,
IT'S ONLY
"SO
IF FROM NOW ON, THINK I
ABOUT TAX-PAYERS' PEOPLE TALK RATHER THAN GOVERNMENT'S, THEY'LL BE A BIT CLOSER TO THE MARK.
||
FS CLARIFIES MISGIVINGS ABOUT PENSION PROPOSAL
**
KONG TO HONG KONG
THE TIME
COME
FACE HAS
FOR
SQUARELY RESPONSIBILITY TO PROVIDE A DIGNIFIED OLD AGE FOR ITS RESIDENTS, ADEQUATE INCOME FOR LIFE'S NECESSITIES, THE FINANCIAL HAMISH MACLEOD, SAID TODAY (FRIDAY).
ITS WITH
SECRETARY, MR
THE WAY MAJOR STEP
HE POINTED OUT THAT THE ANNOUNCEMENT ON WEDNESDAY OF AHEAD ON PROVIDENT FUNDS AND PENSIONS MARKED A DECISIVE FORWARD IN SOCIAL SERVICES.
KONG EXPORTERS
MISGIVINGS ABOUT THE
SPEAKING AT THE LUNCHEON MEETING OF THE HONG ASSOCIATION, HE
SOUGHT TO ALLAY SOME INITIAL PROPOSED OLD AGE PENSION SCHEME (OPS).
HE REFUTED THE ARGUMENT THAT THE PROPOSAL WAS SIMPLY A NEW TO INCREASE GOVERNMENT REVENUE.
TAX
HE EXPLAINED THAT THE REVENUE FROM CONTRIBUTIONS WOULD BE ONLY FOR THE OPS AND NONE OF IT WOULD GO INTO GENERAL REVENUE AND THAT FUND PENSION ANY SURPLUS WOULD STAY IN THE POOL OF CONTRIBUTIONS TO PAYMENTS IN FUTURE,
USED
ON THE CONTENTION THAT THE MIDDLE-CLASS WOULD BE HARDEST HE SAID THE OPS FUNCTIONED ON THE PRINCIPLE OF COLLECTIVE SUPPORT OLD PEOPLE.
HIT,
FOR
..
OLD 'IF THE COMMUNITY WISHES TO HAVE A REAL SAFETY NET FOR OUR
IN MAKING IT PEOPLE, WE WILL HAVE TO BE PREPARED TO PLAY OUR PART
++ HE SAID, WORK, IRRESPECTIVE OF WHICH INCOME BRACKET WE COME FROM, NOTING THAT THE DETAILS OF THE CONTRIBUTION ARRANGEMENTS WOULD NEED TO RE WORKED OUT.
/HE SAID