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MONDAY, OCTOBER 10, 1994
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MR LAM SAID THERE WERE SERIOUS INADEQUACIES INHERENT IN ANY TYPE OF PROVIDENT FUND SCHEMES, INCLUDING A COMPULSORY PRIVATELY MANAGED PROVIDENT FUND SCHEME, WHICH HAD BEEN ADVOCATED BY THE LIBERAL PARTY.
FOR
"UNLIKE THE PROPOSED OLD AGE PENSION SCHEME, COMPULSORY PROVIDENT FUNDS, WHETHER CENTRAL OR PRIVATE, OFFER NO PROTECTION THAT HALF OF THE POPULATION OUTSIDE THE WORKFORCE.
"OF THE REMAINING HALF, THOSE WHO ARE ALREADY MIDDLE-AGED AND THOSE WITH LOW INCOME WILL NOT BE ABLE TO ACCRUE SUFFICIENT BENEFITS TO PROVIDE THEM WITH INCOME SECURITY UPON RETIREMENT,
*T MR LAM SAID.
"THESE PROVIDENT FUND SCHEMES WILL NOT HELP THOSE WHO ARE MOST IN NEED, AND IN VIEW OF THE LONG TIME REQUIRED TO BUILD UP SUFFICIENT FUNDS, THEY WILL NOT MEET THE COMMUNITY'S WISH OF PROVIDING INCOME SECURITY FOR THE ELDERLY AS EARLY AS POSSIBLE,
+ MR LAM ADDED.
OF THE
MR LAM EXPRESSED DISAPPOINTMENT THAT THE INADEQUACIES VARIOUS PROVIDENT FUND SCHEMES, WHICH WERE WELL DOCUMENTED, WERE ONCE AGAIN BEING OVERLOOKED.
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SMALLER INCREASE IN VTC TUITION FEES
THE GOVERNMENT
HAS GIVEN APPROVAL FOR THE VOCATIONAL TRAINING COUNCIL (VTC) TO INCREASE TUITION FEES FOR ITS SÜB-DEGREE COURSES TO $15,300 PER YEAR FOR THE 1994/95 ACADEMIC YEAR.
IN ADDITION, THE VTC HAS BEEN ALLOWED TO SET ITS OWN LEVEL OF TUITION FEES FOR SUB-DEGREE COURSES FROM 1994/95.
"AS PART OF THE TERTIARY EDUCATION EXPANSION PROGRAMME, THE VTC'S TWO TECHNICAL COLLEGES HAVE OFFERED FULL-TIME SUB-DEGREE COURSES TRANSFERRED FROM THE TWO LOCAL POLYTECHNICS SINCE OCTOBER 1993, SPOKESMAN FOR THE EDUCATION AND MANPOWER BRANCH SAID TODAY (MONDAY)
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"THE TUITION FEES FOR THE VTC COURSES WERE SET AT THE SAME LEVEL AS THOSE OFFERED BY THE POLYTECHNICS, THAT IS $12,750 PER YEAR, THE SPOKESMAN SAID.
ACCORDING TO A FORMULA FOR DETERMINING FEE LEVELS BASED ON COST RECOVERY RATES, THE FEE LEVEL FOR SUB-DEGREE COURSES PROVIDED BY THE POLYTECHNICS HAS BEEN REVISED TO $18,000 PER YEAR FOR THE 1994/95 ACADEMIC YEAR.
"HOWEVER, AS THE GENERAL SERVICES AND AMENITIES PROVIDED BY THE VTC AND THE POLYTECHNICS ARE DIFFERENT, THE VTC HAS BEEN ABLE ΤΟ ACHIEVE A LOWER UNIT OPERATING COST FOR SUB-DEGREE COURSES, THE SPOKESMAN SAID.
"THE SAME COST RECOVERY RATE CAN THEREFORE BE ACHIEVED BY A SMALLER INCREASE IN THE LEVEL OF FEES, HE EXPLAINED.
"THE VTC HAS PROPOSED, AND THE GOVERNMENT HAS AGREED, THAT THE BENEFIT SHOULD BE PASSED ON TO THE STUDENTS, THE SPOKESMAN SAID.
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