It will cover the administrative and regulatory aspects as well as provisions for preservation and portability and convergence with voluntary retirement schemes registered under the Occupational Retirement Schemes Ordinance and other statutory schemes.
Hewitt Associates is one of the largest international firms specialising in the design, financing, communication and administration of retirement programmes, and providing services to national governments and private sector clients. It is formally represented by GML Consulting Limited in Hong Kong,
GML Consulting Limited is a Hong Kong-based management consultancy firm. Its team of consultants has been involved in the design, administration and supervision of retirement schemes since 1982.
The consulting team, comprising eight consultants in Hong Kong and others in Hewitt's international offices, will start work immediately and their interim report is expected by early next month.
A final report will be submitted to the Financial Services Branch on April 18.
"Upon receipt of the consultant's final report, we will consider the recommendations and finalise our proposals on the contents of a mandatory provident fund system," Mr Cartland said.
"Meanwhile, drafting of the relevant legislation is being put in hand, with a view to submitting primary legislation for the setting of a mandatory provident fund system before the end of the current legislative session," he added.
End/Saturday, March 25, 1995
CS extends condolence to fire victims
The Chief Secretary, Mrs Anson Chan, today (Saturday) extended her deepest condolence to the victims of the bedspace apartment fire in Tsuen Wan early this (Saturday) morning and hoped that those injured would make a speedy recovery.
Speaking to reporters after officiating at the 75th anniversary celebration of the Hong Kong Y.W.C.A., Mrs Chan said the Government would certainly spare no efforts to make the lives of those who were temporarily accommodated in the Princess Alexandra Community Centre as comfortable as possible.