XN000022-1987-09-04 — Page 8

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FRIDAY, SEPTEMBER 4, 1987

"THESE FIGURES REPRESENT SIGNIFICANT DECREASES OF 16 AND 38 PER CENT RESPECTIVELY WHEN COMPARED WITH THE SAME PERIOD LAST YEAR.

"THESE ARE ALSO POSITIVE SIGNS OF AN IMPROVED RELATIONSHIP BETWEEN EMPLOYERS AND EMPLOYEES," HE ADDED.

MR HAMMOND STRESSED THAT STABLE LABOUR RELATIONS COULD ACHIEVE ONLY WHEN EMPLOYEES AND EMPLOYERS HAD A CHANCE TO SHARE IN THE PROSPERITY OF HONG KONG'S ECONOMY,

FOR MANY YEARS, HE NOTED, THE GOVERNMENT HAD BEEN AIMING AT INTRODUCING GRADUAL IMPROVEMENT IN LABOUR LEGISLATION, THROUGH CONSULTATION WITH THE LABOUR ADVISORY BOARD, SO AS TO KEEP PACE WITH THE LOCAL SOCIAL AND ECONOMIC DEVELOPMENT.

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"THERE IS INEVITABLY A COST ELEMENT IN EVERY PIECE OF LABOUT LEGISLATION, BUT IN MOST CASES, THE ADDITIONAL COSTS HAVE BEEN VERY MARGINAL," HE SAID.

"IN EVERY CASE, CAREFUL CONSIDERATION IS ALWAYS GIVEN TO THE ECONOMIC IMPLICATIONS OF A NEW PIECE OF LEGISLATION BEFORE IT IS PROPOSED.

**THE STRONG ECONOMIC PERFORMANCE OF HONG KONG HAS PROVED BEYOND ANY REASONABLE DOUBT THAT THE TOTAL COSTS OF LABOUR LEGISLATION HAVE NOT REDUCED THE COMPETITIVENESS OF OUR PRODUCTS IN THE WORLD MARKET, AND THAT GRADUAL AND JUSTIFIABLE IMPROVEMENTS IN OUR LABOUR LEGISLATION HAVE RESULTED IN A STABLE SOCIETY WHICH 19 30 CRUCIAL TO OUR INVESTMENT CLIMATE."

MR HAMMOND ALSO PAID TRIBUTES TO MANY EMPLOYERS WHO HAD TAKEN CONCRETE STEPS TO BUILD UP A BRIGHTER FUTURE FOR THEIR COMPANIES AS WELL AS FOR THEIR EMPLOYEES.

FOR EXAMPLE, THE NUMBER OF APPROVED RETIREMENT SCHEMES FOR FIRST TIME EXCEEDED 5,000 AT THE END OF JULY

1987, REPRESENTING INCREASE OF ALMOST 18 PER CENT OVER THE PRECEDING YEAR.

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ANTICIPATED THAT THE MOMENTUM IN THE UPSURGE IN NEW RETIREMENT SCHEMES, SPECIALLY PROVIDENT FUND SCHEMES, 19 LIKELY TO BE MAINTAINED "AS THE NEED TO RETAIN MORE EXPERIENCED EMPLOYEES IS BEING FELT INCREASINGLY BY FORWARD-LOOKING EMPLOYERS".

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