XN000022-1982-03-07 — Page 8

SUNDAY, MARCH 7, 1982

CIVIL SERVANTS REFINANCING SCHEME WINDS UP

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CIVIL SERVANTS WILL HAVE UNTIL 5 PM ON THURSDAY (MARCH 11) TO APPLY FOR GOVERNMENT ASSISTANCE TO GET THEMSELVES OUT OF DEBT.

THIS IS WHEN THE REFINANCING SCHEME FOR CIVIL SERVANTS WILL BE WOUND UP AFTER BEING IN OPERATION FOR ONE YEAR.

UNDER THE SCHEME, CIVIL SERVANTS HAVE BEEN ABLE TO SETTLE THEIR DEBTS IN ONE LUMP SUM WITH BANK LOANS. THE LOANS ARE REPAID IN INSTALMENTS DEDUCTED EACH MONTH FROM THE PARTICIPANTS' SALARY.

RUNNING CONCURRENTLY WITH THE SCHEME IS A GRACE PERIOD DURING WHICH TIME CERTAIN CIVIL SERVICE REGULATIONS HAVE BEEN SUSPENDED. THESE RELATE TO PECUNIARY EMBARRASSMENT, INSOLVENCY AND BANKRUPTCY, BORROWING MONEY AT INTEREST FROM AN UNAPPROVED SOURCE, ACTING ON BEHALF OF MONEY LENDERS AND USING SUBORDINATES AS GUARANTORS IN ANY LOAN AGREEMENT.

A GOVERNMENT SPOKESMAN SAID THE GRACE PERIOD WOULD END ALSO ON MARCH 11 AND CIVIL SERVANTS WHO WERE FOUND TO BE STILL IN BREACH OF THESE REGULATIONS AFTER THAT DATE MAY RENDER THEMSELVES LIABLE TO DISCIPLINARY ACTION.

THE SPOKESMAN DISCLOSED THAT UP TO LAST THURSDAY (MARCH 4),

A TOTAL OF 3 741 APPLICATIONS HAD BEEN RECEIVED.

SOME 2 696 HAD BEEN REFINANCED WHILE THREE WERE REFERRED FOR BANKRUPTCY PROCEEDINGS, A TOTAL OF 47 MILLION HAD BEEN LOANED.

THE SPOKESMAN SAID THE CIVIL SERVANTS FINANCE ADVISORY OFFICE WOULD REMAIN IN ITS PRESENT ADDRESSES UNTIL ALL OUTSTANDING APPLICATIONS RECEIVED BEFORE THE CLOSING DATE WERE PROCESSED.

NOTE TO EDITORS 1

VOCATIONAL TRAINING COUNCIL FIRST MEETING

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THE NEWLY APPOINTED VOCATIONAL TRAINING COUNCIL WILL HOLD ITS FIRST MEETING IN THE EXECUTIVE COUNCIL CHAMBER AT 2.30 PM TOMORROW (MONDAY).

YOU ARE INVITED TO SEND A PHOTOGRAPHER TO COVER THE OPENING OF THE MEETING, PHOTOGRAPHERS SHOULD ASSEMBLE AT THE RECEPTION AREA ON THE GROUND FLOOR OF THE GOVERNMENT SECRETARIAT AT 2.15 PM.

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