TUESDAY, JULY 12, 1994
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THE SAVINGS FROM THE EXISTING NORMAL AND HIGHER OLD AGE ALLOWANCES, AND THE STANDARD RATE PAYABLE TO ELDERLY PEOPLE UNDER THE COMPREHENSIVE SOCIAL SECURITY ASSISTANCE SCHEME, AMOUNTING TO $3.6 BILLION IN 1994;
THE GOVERNMENT'S CONTRIBUTION TO THE OPS AS AN EMPLOYER; THIS WILL BE ABOUT $1.2 BILLION IN 1994; AND
AN ANNUAL TAX REVENUE FOREGONE ON EMPLOYERS' CONTRIBUTIONS TO THE OPS, ESTIMATED AT $800 MILLION AT 1994 PRICE LEVELS.
TAKING THE AGREED AND PROPOSED CONTRIBUTIONS GOVERNMENT WILL BE COST INITIALLY.
TOGETHER, THE CONTRIBUTING NEARLY 40 PER CENT OF THE SCHEME'S
PARTICIPANTS IN OTHER SCHEMES
THERE WILL BE NO EXEMPTION FROM OPS PARTICIPATION MEMBERSHIP IN A STATUTORY OR VOLUNTARY RETIREMENT SCHEME.
BECAUSE OF
IN LINE WITH THE PRINCIPLE THAT ALL MEMBERS OF THE WORKING POPULATION SHOULD PARTICIPATE IN THE OPS AS A FORM OF COLLECTIVE SOCIAL INSURANCE, THE GOVERNMENT RECOMMENDS AGAINST EXEMPTION ON THE GROUNDS OF PARTICIPATION IN AN EXISTING SCHEME.
ADMINISTRATION
ALL ASPECTS OF THE OPS WILL BE RUN BY A NEW NON-CIVIL SERVICE PUBLIC AGENCY
THE OPS ADMINISTRATION.
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IT WILL BE GOVERNED BY STATUTE THROUGH A GOVERNING BOARD COMPRISING GOVERNMENT OFFICIALS, AND REPRESENTATIVES FROM EMPLOYERS, EMPLOYEES AND OTHER RELEVANT SECTORS.
APART FROM THE CONSULTATION PAPER, THE GOVERNMENT HAS ALSO PREPARED A QUESTION AND ANSWER BOOKLET WHICH CONTAINS ALL THE MAIN POINTS OF THE OPS, AND AN EXPLANATORY LEAFLET.
COPIES OF THE CONSULTATION PAPER, THE BOOKLET AND THE LEAFLET MAY BE OBTAINED FROM THE CITY AND NEW TERRITORIES ADMINISTRATION DISTRICT OFFICES, SOCIAL WELFARE DEPARTMENT DISTRICT OFFICES, LABOUR DEPARTMENT BRANCH OFFICES, HOUSING ESTATE OFFICES AND POST OFFICES.
COMMENT ON THE PROPOSALS IN THE PAPER SHOULD BE SENT TO: THE SECRETARY FOR EDUCATION AND MANPOWER, NINTH FLOOR, WEST WING, CENTRAL GOVERNMENT OFFICES, LOWER ALBERT ROAD, HONG KONG BY OCTOBER 31.
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