XN000022-1986-08-17 — Page 2

SUNDAY, AUGUST 17, 1986

CENTRAL PROVIDENT FUND DESERVES CAREFUL EXAMINATION

*****

THE ESTABLISHMENT OF A CENTRAL PROVIDENT FUND DESERVES THE MOST CAREFUL EXAMINATION - NOT JUST AS AN EMPLOYEES' BENEFIT SCHEME BUT ALSO AS A MAJOR SOCIAL AND ECONOMIC POLICY WITH FAR REACHING CONSEQUENCES, THE DEPUTY COMMISSIONER FOR LABOUR, MR DARWIN CHEN, SAID TODAY (SUNDAY).

ADDRESSING A SEMINAR ON CENTRAL PROVIDENT FUND ORGANISED BY THE HONG KONG FEDERATION OF TRADE UNIONS, MR CHEN POINTED OUT THAT FROM ECONOMIC AND FINANCIAL POINTS OF VIEW, SUCH A SCHEME WOULD HAVE SUBSTANTIAL IMPACT ON THE ECONOMY AS A WHOLE AND, IF IMPLEMENTED, WOULD BE LIKELY TO AFFECT ALMOST EVERYONE.

+CURRENTLY THE ADMINISTRATION IS FINALISING AN ASSESSMENT OF MAJOR FACTORS RELEVANT TO A CENTRAL PROVIDENT FUND AND THIS ASSESSMENT IS INTENDED TO PROVIDE A BASIS FOR FURTHER CONSULTATION,+ HE SAID.

+WE THEREFORE VERY MUCH WELCOME SEMINARS AND DISCUSSIONS ON THIS SUBJECT.+

MR CHEN NOTED THAT IN CONTRIBUTING TO SUCH A SCHEME, EMPLOYERS WOULD EXPECT THE IR EMPLOYEES TO IDENTIFY THEMSELVES MORE CLOSELY WITH THE IR COMPANY AND TO MAKE A GREATER CONTRIBUTION TO ITS SUCCESS.

AS FOR EMPLOYEES, SUCH A SCHEME WOULD MEAN COMPULSORY SAVING OF A PART OF THE IR MONTHLY INCOME OVER THEIR ENTIRE WORK ING LIFE, BUT THEY COULD EXPECT TO REAP THE FRUIT OF THIS LIFE-LONG CONTRIBUTION AND ENJOY SOME DEGREE OF FINANCIAL SECURITY WHEN THEY FINALLY RETIRED.

HE CALLED ON SPEAKERS AND PARTICIPANTS IN THE SEMINAR TO EXPRESS THE IR OPINIONS ON BOTH THE PROS AND CONS AS WELL AS THE FEASIBILITY OF SUCH A FUND SINCE THESE WILL BE MOST USEFUL NOT ONLY TO THE GOVERNMENT, BUT TO OUR COMMUNITY AS A WHOLE+.

SUBSIDY FOR CIVIC EDUCATION PROJECT AVAILABLE ******

A TOTAL OF $250 000 HAS BEEN SET ASIDE BY THE COMMITTEE ON PROMOTION OF CIVIC EDUCATION TO SUBSIDISE COMMUNITY PARTICIPATION PROJECTS ON CIVIC EDUCATION.

+APPLICATIONS FOR THE SUBSIDY ARE NOW OPEN AND THE MAXIMUM GRANT PER PROJECT IS $10 000,+ CONVENOR OF THE COMMUNITY PARTICIPATION GROUP OF THE COMMITTEE ON PROMOTION OF CIVIC EDUCATION, MR MAK HOI-WAH, SAID TODAY (SUNDAY).

/THE AIM