OPS
-
26
WEDNESDAY, MARCH 30, 1994
ONLY SOLUTION TO FINANCIAL SECURITY FOR AGED
THE
PROPOSED
*
OLD-AGE
PENSION SCHEME IS SOLUTION TO THE PROBLEM OF FINANCIAL SECURITY SECRETARY FOR EDUCATION AND MANPOWER, MR MICHAEL TODAY (WEDNESDAY).
THE ONLY EFFECTIVE FOR THE
AGED, THE REITERATED LEUNG,
HE SAID THIS CONCLUSION WAS REACHED AFTER A YEAR-LONG OF ALL THE SUGGESTED OPTIONS.
ANALYSIS
**WE
CAREFULLY,
EXPERIENCE
DURING THE
ON
WEIGHED THE HAVE
PROS AND
OF VARIOUS CONS
AGAINST THE
COMMUNITY VIEWS EXPRESSED BY THE
MR LEUNG SAID OF RETIREMENT SCHEMES OPERATING ELSEWHERE,
DEBATE
THE APPROPRIATION
OPTIONS AND THE
++
BILL
IN
THE
LEGISLATIVE
COUNCIL.
"WE
FUND
THE TWO AND THE MEANINGFUL
HAVE COME TO THE FIRM CONCLUSION THAT NEITHER OF COMPULSORY
SCHEMES, I.E. A CENTRAL PROVIDENT SAVING
RETIREMENT PRIVATE
SCHEME, WOULD PROVIDE MANDATORY RETIREMENT COVER FOR THE BULK OF THE AGED.
A
THEN THE ONLY TIME IS ΤΟ
"IF THE COMMUNITY'S WISH IS THAT HONG KONG DOES NEED TO PROVIDE FLOOR OF INCOME PROTECTION FOR OUR SENIOR CITIZENS, EFFECTIVE WAY ΤΟ ACHIEVE THIS IN A REASONABLY IMPLEMENT AN OLD-AGE PENSION SCHEME,
Th
HE STRESSED.
SHORT
ENSURE THE THE GOVERNMENT HAS TO BE VERY CAREFUL TO HOWEVER, "IRON-LINK" BETWEEN CONTRIBUTIONS AND PENSION BENEFIT PAYOUTS COULD BE MAINTAINED SO AS TO AVOID THE COMMON MISTAKE ELSEWHERE OF TRYING FUND PENSIONS OUT OF TAX REVENUE.
ΤΟ
Th THAT IS WHY WE HAVE TO UNDERTAKE AN EXPERT CONSULTANCY BEFORE WE MAKE A FINAL DECISION.
STUDY
"WE AIM TO COMPLETE THE STUDY IN MAY AND PUBLISH FOR CONSULTATION BY THE SUMMER.
A DOCUMENT
AMONG OTHER
FOR
**WE SHALL THEN MAKE A DECISION ON THE BASIS OF, THINGS, THE COMMUNITY'S VIEWS ON WHETHER THEY ARE WILLING TO PAY SUCH A SCHEME.
11
TO TURNING
THE PILOT SCHEME TO ADMIT 1,000 PROFESSIONALS AND MANAGERS FROM CHINA, MR LEUNG SAID IT ANOTHER LIMITED EXTENSION OF THE LONG-ESTABLISHED POLICY TO ADM1T EXPERTS FROM OUTSIDE HONG KONG TO EMPLOYMENT NEEDS.
GRADUATE WAS MERELY
AND WELL-ACCEPTED MEET THE LOCAL
LIMITED
LIVED
FROM 1990 ONWARDS, THE GOVERNMENT HAS ALREADY TAKEN A STEP TO ENABLE THE PEOPLE'S REPUBLIC OF CHINA EXPERTS WHO HAVE OVERSEAS FOR TWO YEARS OR MORE TO APPLY FOR ADMISSION TO WORK IN
HONG KONG AND
KONG, DUE ΤΟ THE INCREASING ECONOMIC LINKS BETWEEN
CHINA.
HONG
/SINCE THEN