CO129-393 - Governor Sir May - 1912 [11] — Page 355

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employees of the Hongkong and Shangai Banking Corporation have the privilege of contributing 5 per centum of their salary to a Provident Fund to which the Bank likewise contributes 5 per centum of the salary. Messrs. Jardine, Matheson and Company, Limited,

have no such fund.

It will be seen that the rates paid by the

Hongkong and Shanghai Banking Corporation are better than the

Government rates while those of Messrs. Jardine, Matheson and

Company, Limited, compare favourably with those paid by Govern- -ment since promotion appears to be more rapid.

The duties performed by the Government clerks in the grades mentioned are not less responsible than are the duties of clerke enjoying salaries of about the same amount in

the two Institutions mentioned.

7.

I therefore recommend that the rates of

sulary in the 3 grades be altered as follows:

Higher Grade......82,640 to 83,000 by 8120 biennially, First Grade...... ..81,920 to $2,400 by 8120 biennially, Second Grade......81,440 to 81,800 by 8120 biennially, and that the number of posts in Grades I and II be increased to 12 and 15 respectively in order to give a somewhat larger scope for promotion.

I also recommend that the initial salary in Grade VI for clerical posts be raised to $360 per annum. It is very difficult to obtain suitable candidates for a less initial

salary than that mentioned.

The financial effect of these recommendations, which I recommend should take effect on the 1st. of January next,

is shewn in the enclosure hereto.

8.

I have further to recommend that in considera- -tion of the increases in the three grades mentioned a rule should be made to come into operation on the 1st. of January that promotion to Grade II will be conditional on candidates passing

Enclosure 5.

a