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WEDNESDAY, NOVEMBER 9, 1994
BUT THIS PROPOSED SCHEME IS A MAJOR SOCIAL POLICY
INITIATIVE. IT IS THEREFORE NECESSARY FOR THE ADMINISTRATION TO LAUNCH AN INFORMATION CAMPAIGN TO PROMOTE PUBLIC AWARENESS, FOCUS PUBLIC ATTENTION, CALL FOR VIEWS, AND DEFEND IT AGAINST MISCONCEIVED OR BIASED CRITICISMS. WE HAVE DONE WELL IN THESE EFFORTS AS INDEPENDENT POLLS HAVE CONSISTENTLY INDICATED A HIGH LEVEL OF PUBLIC AWARENESS THE SCHEME.
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MEMBERS MUST APPRECIATE THAT PUBLICITY CAMPAIGNS BY ITS NATURE CONVEYED THROUGH THE ELECTRONIC MEDIA AND PRESS ANNOUNCEMENTS MUST
NECESSARILY HAVE TO BE SIMPLE AND TO FOCUS ON THE MAIN THEME OF THE SCHEME, WHICH IS TO PROVIDE A DEGREE OF INCOME PROTECTION FOR ELIGIBLE CITIZENS AT OLD AGE. BUT AT THE SAME TIME, WE DO CONVEY THE MORE DETAILED INFORMATION ON THE SCHEME TO THE PUBLIC THROUGH THE MORE THAN 170 PRESS INTERVIEWS, SEMINARS, MEETINGS AND DISCUSSION FORUMS THAT OUR STAFF HAVE ATTENDED THROUGHOUT THE LAST THREE AND A HALF MONTHS.
PROVIDENT FUND SCHEMES
I WAS DISAPPOINTED ΤΟ HEAR CALLS YET AGAIN FOR THE ESTABLISHMENT OF A CENTRAL PROVIDENT FUND, EITHER INSTEAD OF OR IN ADDITION TO THE OLD AGE PENSION SCHEME. THERE ARE AS WE HAVE SAID BEFORE MANY TIMES SERIOUS INADEQUACIES WITH A CPF: IT TENDS TO YIELD POOR RETURNS AND IS NOT A COST-EFFECTIVE MEANS OF SAVING. IT WILL NOT PROVIDE MEANINGFUL INCOME PROTECTION TO THE BULK OF THE POPULATION THE PRESENT DAY ELDERLY, THE LOW-INCOME EARNERS, AND HOUSEWIVES. IT WILL ALSO TAKE A LONG LONG TIME TO BUILD UP SUFFICIENT FUNDS FOR RETIREMENT PROTECTION, WE DO NOT THEREFORE CONSIDER THE OPTION WORTH PURSUING.
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BUT WE DO STRONGLY ENCOURAGE EMPLOYERS TO SET UP COMPANY BASED OCCUPATIONAL RETIREMENT SCHEMES FOR THEIR EMPLOYEES. WE ALSO CONTINUE TO RELY ON THE COMMUNITY TO SAVE FOR THEIR FUTURE ACCORDING TO THEIR OWN MEANS. IT IS NOT THE TRADITION OF THIS HARD WORKING COMMUNITY ΤΟ RELY TOTALLY ON THE GOVERNMENT FOR INCOME PROVISION AT OLD AGE. BUT THAT DOES NOT MEAN TAKE AWAY THE STRONG ARGUMENT AND THE COMMUNITY DESIRE TO SEE IN PLACE A DEGREE OF INCOME SUPPORT FOR OUR ELDERLY CITIZENS.
ASSETS DECLARATION
SOME MEMBERS HAVE CALLED FOR ALL PENSION BENEFITS UNDER THE PROPOSED SCHEME TO BE MEANS-TESTED OR SUBJECT TO AN INCOME ASSETS DECLARATION, IRRESPECTIVE OF WHETHER THE BENEFICIARY HAD CONTRIBUTED TO THE SCHEME. I DO NOT AGREE. THIS IS A SOCIAL INSURANCE SCHEME, NOT A SOCIAL WELFARE SCHEME. THOSE WHO HAVE CONTRIBUTED TO THE SCHEME FOR A SUBSTANTIAL PERIOD OUGHT TO BE ENTITLED, AS A MATTER OF RIGHT IN RETURN FOR THEIR OBLIGATION TO CONTRIBUTE, TO A PENSION WHEN THEY REACH ELIGIBILITY AGE. 1 WOULD, HOWEVER, BE PREPARED TO REVIEW THE ASSET DECLARATION LIMIT FOR NON-CONTRIBUTORS WITH AN OPEN MIND.
/SCHEME ADMINISTRATION