XN000022-1982-07-14 — Page 15

WEDNESDAY, JULY 14, 1982

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NO CHANGE IN RETIREMENT SCHEME POLICY

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SELF-ADMINISTERED NON-FUNDED RETIREMENT SCHEMES IN WHICH FUNDS ARE HELD BY EMPLOYERS IN THEIR OWN BUSINESS MIGHT NOT PROVIDE ADEQUATE PROTECTION FOR WORKERS, THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE SAID TODAY.

THE WORKERS COULD HAVE NO ASSURANCE THAT THEY WOULD RECEIVE FULL RETIREMENT BENEFITS WHERE, FOR EXAMPLE, THE EMPLOYER'S BUSINESS ENCOUNTERED FINANCIAL DIFFICULTIES OR WAS LIQUIDATED, HE SAID, REPLYING TO QUESTIONS BY THE HON ANDREW SO IN THE LEGISLATIVE COUNCIL.

+THE STAND TAKEN BY THE COMMISSIONER OF INLAND REVENUE IN REFUSING APPROVAL OF SELF-ADMINISTERED RETIREMENT SCHEMES, WHERE FUNDS ARE INVESTED BY EMPLOYERS IN THEIR OWN BUSINESS, WILL REMAIN UNCHANGED, + HE SAID.

THE COMMISSIONER'S STATUTORY RESPONSIBILITY TO SAFEGUARD THE INTERESTS OF WORKERS WITHIN THE TERMS OF THE INLAND REVENUE (RETIREMENT SCHEME) RULES OUTWEIGHS EMPLOYERS' WISHES TO MAINTAIN INTERNAL CASH FLOWS, HOWEVER REASONABLE PRIMA FACIE, MR BREMRIDGE SAID.

MR BREMRIDGE STRESSED THAT THE RULES GOVERNING THE APPROVAL OF RETIREMENT SCHEMES ENSURED THAT THEY WERE PROPERLY CONSTITUTED IN THE INTERESTS OF THE EMPLOYERS AND ENCOURAGED THE ESTABLISHMENT OF SUCH SCHEMES BY GRANTING TAX ADVANTAGES TO EMPLOYEES, AND INCIDENTALLY TO EMPLOYERS.

+1 AM SATISFIED THAT THE PRESENT ARRANGEMENTS ARE APPROPRIATE AND DO NOT REQUIRE REVISION, HE SAID.

THE NUMBER OF TAX RELIEF APPLICATIONS FOR RETIREMENT BENEFITS RECEIVED IN 1978-79, 1979-80 AND 1980-81 WERE 377, 319 AND 323 AND APPROVAL WAS GIVEN TO 360, 305 AND 304 APPLICATIONS RESPECTIVELY, HE SAID.

REGISTRATION LIMIT ON TAXIS EXTENDED

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THE PERIOD LIMITING THE NUMBER OF MOTOR VEHICLES WHICH MAY BE REGISTERED AS URBAN OR NEW TERRITORIES TAXIS HAS BEEN EXTENDED TO JANUARY 31, 1983,

MOVING THE MOTION AT THE LEGISLATIVE COUNCIL TODAY, THE SECRETARY FOR TRANSPORT, THE HON ALAN SCOTT, SAID THIS WOULD PERMIT URBAN TAXI LICENCES TO CONTINUE TO BE ISSUED AT THE RATE OF 100 PER MONTH AND NEW TERRITORIES TAXI LICENCES AT THE RATE OF 50 PER MONTH.

THE CURRENT SPECIFIED MAXIMUM NUMBER IS 12 000 FOR URBAN TAXIS AND 3 000 FOR NEW TERRITORIES TAXIS.

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