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SATURDAY, JULY 23, 1994
TO
OLD AGE PENSION SCHEME WILL ENSURE
HAPPY AND SECURE RETIREMENT
#
THE MAIN THRUST OF THE PROPOSED OLD AGE PENSION SCHEME (OPS) IS ENSURE A HAPPY AND SECURE RETIREMENT FOR THE ELDERLY, THE ACTING SECRETARY FOR HOME AFFAIRS, MISS CHRISTINE CHOW, SAID TONIGHT (SATURDAY).
SPEAKING AT 'THE INSTALLATION CEREMONY OF THE LIONS CLUB DISTRICT 303, MISS CHOW SAID THE SCHEME WOULD PROVIDE IMMEDIATE CASH BENEFITS TO ALL ELIGIBLE CITIZENS AGED 65 AND OVER AND WHO HAD LIVED IN HONG KONG FOR SEVEN YEARS.
THE SCHEME, SHE BELIEVES, WOULD BEST MEET AND SUIT THE NEEDS OF KONG PEOPLE INCLUDING HOUSEWIVES, LOW INCOME WORKERS AND
HONG RETIREES.
DURING THEIR WORKING YEARS, THESE PEOPLE HAVE WILLINGLY CONTRIBUTED TO THEIR FAMILIES AS WELL AS TO SOCIETY AND IN RECOGNITION OF THIS, MISS CHOW SAID A PROSPEROUS COMMUNITY SUCH AS HONG KONG COULD WELL AFFORD TO MAKE CERTAIN THAT THEY LEAD A DIGNIFIED LIFE IN THEIR OLD AGE.
"AND, AS YOU ARE ALL AWARE, TAKING CARE OF OUR ELDERLY IS DEEPLY ROOTED IN OUR CULTURE AND TRADITION.
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IN STRESSING THE GOVERNMENT'S COMMITMENT TO THE SCHEME MISS POINTED OUT THAT IN ADDITION TO AN ANNUAL CASH CHOW
CONTRIBUTION OF ABOUT 30 PER CENT, THE ADMINISTRATION WOULD FORGO TAXES ON EMPLOYERS' CONTRIBUTIONS TO THE TUNE OF SOMETHING LIKE $0.8 BILLION A YEAR.
FURTHERMORE, THE GOVERNMENT WILL LAUNCH THE
PROPOSED SCHEME
•
WITH A START-UP FUND OF $10 BILLION.
"IN OTHER WORDS, THE GOVERNMENT WILL BEAR SOME 35 PER CENT ΤΟ 40 PER CENT OF THE COST OF THE OPS," SHE SAID.
IN THIS CONNECTION, SHE ALSO REFERRED ΤΟ PROJECTIONS BY
PER WHICH SHOWED THAT THE CONTRIBUTION RATE OF 1.5 CONSULTANTS
CENT SHOULD BE SUFFICIENT FOR THE LEVEL OF BENEFITS PROPOSED WELL INTO NEXT CENTURY.
THE
MISS CHOW ALSO CALLED ON MEMBERS OF THE LIONS CLUB TO THEIR VIEWS ON THE PROPOSED SCHEME.
GIVE
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DOWNPOUR AFFECTS BUSINESS AND SOCIAL ACTIVITIES
BECAUSE OF THE CONTINUOUS DOWNPOUR OVERNIGHT, THE BLACK RAIN STORM WARNING WAS HOISTED AT 5.50 AM THIS MORNING (SATURDAY), AFFECTING NORMAL BUSINESS AND SOCIAL ACTIVITIES IN THE TERRITORY,
THE HONG KONG ASSOCIATION OF BANKS ANNOUNCED THAT BANKS WOULD BE CLOSED TO THE PUBLIC BECAUSE OF THE ADVERSE WEATHER CONDITIONS.
THERE WOULD