XN000022-1986-11-06 — Page 14

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THURSDAY, NOVEMBER 6, 1986

THIS SEQUENCE OF DEVELOPMENT, AS DR TSE SAW IT, WOULD ALLOW THE UNIVERSITY TO RECRUIT RESEARCH SCIENTISTS WHO COULD BEGIN THEIR RESEARCH ACTIVITIES ALMOST FROM DAY ONE, PROVIDE ADEQUATE OPPORTUNITIES TO OUTSTANDING GRADUATES AND ENABLE GRADUATES TO TAKE HIGHER DEGREE AND OTHER COURSES TO RE-EQUIP THEMSELVES FOR CHANGING CAREER NEEDS.

NOTING THE GOVERNMENT'S INTENTION TO INCREASE ITS PROVISION OF FIRST-YEAR PLACES TO 8 300 BY 1994-95, HE HOPED THAT GOVERNMENT WOULD CONTINUE ITS POLICY OF HIGHER EDUCATION EXPANSION WELL INTO THE NEXT CENTURY.

TIME TO SET UP A CENTRAL PROVIDENT FUND

*****

WITH THE FUTURE GUARANTEED BY THE SINO-BRITISH JOINT DECLARATION, IT IS THE RIGHT TIME FOR GOVERNMENT TO INTRODUCE THE CENTRAL PROVIDENT FUND, THE HON HU FA-KUANG SAID TODAY (THURSDAY).

SPEAKING IN THE LEGISLATIVE COUNCIL DURING THE DEBATE ON THE GOVERNOR'S ADDRESS, HE SAID A CENTRAL PROVIDENT FUND, IF PROPERLY SET UP AND ADMINISTERED, WOULD CONTRIBUTE TO THE SOCIAL STABILITY AND PROSPERITY OF HONG KONG.

ALTHOUGH PEOPLE OFTEN REMINDED THEMSELVES OF THE UNPLEASANT EXPERIENCE OF THE SINGAPORE SCHEME AND THE DISASTROUS EFFECT IT HAD BROUGHT TO ITS ECONOMY, HE SUGGESTED THAT THE ISSUE SHOULD BE APPROACHED IN A MORE POSITIVE MANNER.

+

+FIRST, A CENTRAL PROVIDENT FUND COULD PROVIDE EMPLOYEES WITH BASIC FINANCIAL SECURITY UPON RETIREMENT AND FOR THEIR OLD AGE, THUS REDUCING TO A CERTAIN EXTENT, GOVERNMENT'S LONG-TERM RESPONSIBILITY UNDER VARIOUS SOCIAL SECURITY MEASURES.

+SECONDLY, DEPENDING ON HOW IT IS DESIGNED, THE FUND COULD ALSO MAKE FUNDS AVAILABLE TO EMPLOYEES TO PURCHASE THEIR OWN HOMES AND TO MEET OTHER SOCIAL OR MEDICAL NEEDS.

*

+FURTHERMORE, THROUGH THE FUND, SUBSTANTIAL SAVINGS COULD BE CREATED OVER THE YEARS, WHICH IF SUCCESSFULLY MANAGED WOULD CONTRIBUTE SIGNIFICANTLY TO CAPITAL FORMATION AND CREATIVE INVESTMENT BY THE GOVERNMENT, + MR HU SAID.

TURNING TO