XN000022-1987-05-13 — Page 36

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WEDNESDAY, MAY 13, 1987

HE SAID THAT TRADE UNIONS AND LABOUR ORGANISATIONS IN HONG KONG HAD NEVER GIVEN UP HOPE AND HAD ALL ALONG BEEN PRESSING THE GOVERNMENT TO FACE UP TO THE FACT OF AN AGING WORKFORCE AND THE SOCIAL PROBLEMS POSED BY THEIR LACK OF SECURITY ON RETIREMENT. RELEVANT MEASURES WERE THUS REQUIRED TO SOLVE THE PROBLEM.

MR PANG CONCLUDED BY QUOTING FROM THE 1967 REPORT ON SOCIAL SECURITY: +WE ARE THUS CONVINCED THAT THE TIME HAS COME WHEN THE COMMUNITY AS A WHOLE SHOULD BE PERSUADED AND, IF NECESSARY, COMPELLED TO BEGIN ASSISTING ITSELF IN MAKING PROVISION FOR ITS OWN OLD AGE. WHILE RESISTENCE TO SUCH MEASURES CAN BE EXPECTED FROM

CERTAIN SECTORS OF THE COMMUNITY ON THE GROUNDS THAT THEY WOULD CONSTITUTE INTERFERENCE WITH THE LIBERTY OF THE INDIVIDUAL. IT SHOULD BE REMEMBERED THAT THESE SAME PEOPLE WILL BE QUICK TO BLAME THE ADMINISTRATION FOR LACK OF FORESIGHT WHEN A VAST AND INSOLUBLE PROBLEM OF OLD AGE POVERTY EMERGES.+

CALL FOR INDEPENDENT BODY TO MANAGE FUND

*****

THE GOVERNMENT SHOULD ESTABLISH A COMPREHENSIVE PROVIDENT FUND SCHEME THROUGH LEGISLATION TO BE MONITORED AND MANAGED BY AN INDEPENDENT BODY, THE HON LEE YU-TAI SAID IN THE LEGISLATIVE COUNCIL.

MR LEE ALSO SUGGESTED THAT THE FUND SHOULD BE NAMED +STATUTORY PROVIDENT FUND, DURING THE ADJOURNMENT DEBATE ON CENTRAL PROVIDENT FUND.

HE POINTED OUT THAT THE PEOPLE OF HONG KONG MIGHT NOT HAVE CONFIDENCE IN A FUND BEING MANAGED BY THE GOVERNMENT BECAUSE OF THE FUTURE OF THE TERRITORY AND THE HANDING OVER OF THE SOVEREIGNTY TO CHINA.

+THE WORD CENTRAL* MAY EASILY LEAD TO THE MISUNDERSTANDING THAT THE FUND IS 'MANAGED BY GOVERNMENT' AND A CHANGE OF NAME IS THEREFORE NECESSARY, + HE SAID.

QUOTING FIGURES, MR LEE SAID MOST PEOPLE WOULD PROBABLY SPEND MORE THAN 10 YEARS IN RETIREMENT AND HE FEARED THAT SOCIAL WELFARE AND PERSONAL SAVINGS WOULD NOT BE ABLE TO COPE WITH THIS PROBLEM.

/+THE ESTABLISHMENT

H