XN000022-1988-05-16 — Page 5

MONDAY, MAY 16, 1988

WITH

ITS

MR LEUNG NOTED THAT THE INDUSTRY DEPARTMENT, PROMOTION OFFICES IN NEW YORK, SAN FRANCISCO, ΤΟΥΚΟ, LONDON AND BRUSSELS AND PROVIDES A ONE STOP UNIT WITH A FULL RANGE OF FACILITATION SERVICES IN HONG KONG, ACTIVELY ENCOURAGED INVESTMENT IN HONG KONG'S MANUFACTURING INDUSTRIES.

SUPPORTING OVERSEAS

"THE MAIN OBJECTIVES OF OUR INWARD INVESTMENT PROMOTION EFFORTS IS ΤΟ BRING INTO HONG KONG NEW OR IMPROVED INDUSTRIAL TECHNOLOGIES, KNOW-HOW AND PRODUCTION TECHNIQUES.

"WE ARE IMPROVING OUR APPROACH AND COVERAGE TO ACHIEVE THIS OBJECTIVE EVEN MORE EFFECTIVELY," MR LEUNG CONCLUDED.

AT THE END OF 1986, THE ACCUMULATED TOTAL OF SUCH OVERSEAS INVESTMENT STOOD AT HK$19,554 MILLION, AN INCREASE OF 25 PER CENT OVER 1985. THE ELECTRONICS INDUSTRY ATTRACTED THE LARGEST SHARE

(40 PER CENT) OF THE TOTAL.

PROVIDENT FUND SCHEMES BENEFIT EMPLOYERS AND EMPLOYEES

MORE AND MORE EMPLOYERS HAVE COME TO REALISE THE IMPORTANCE OF SETTING UP PROVIDENT FUNDS AS A FORM OF RETIREMENT BENEFIT, AN ASSISTANT COMMISSIONER YAN-NANG, SAID.

EMPLOYEES' LONG-TERM FOR LABOUR, MR YIU

SPEAKING AT A DINNER MEETING OF THE ROTARY CLUB OF NEW TERRITORIES THIS (MONDAY) EVENING, MR YIU SAID THAT AS AT THE END OF MARCH THIS YEAR, OVER 5,800 APPROVED RETIREMENT SCHEMES WERE REGISTERED WITH THE INLAND REVENUE DEPARTMENT AN INCREASE OF 20 PER CENT OVER THE PRECEDING YEAR.

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HE SAID A PROPERLY MANAGED PROVIDENT FUND SCHEME SERVED TO ASSIST AN EMPLOYER IN MAKING REGULAR SAVINGS FOR THE PURPOSE OF DISCHARGING HIS FUTURE RESPONSIBILITIES.

UNDER THE EMPLOYMENT ORDINANCE, EMPLOYEES DISMISSED UNDER CERTAIN CIRCUMSTANCES ARE ENTITLED TO EITHER LONG SERVICE PAYMENT OR SEVERANCE PAYMENT.

THE MAXIMUM PAYMENT THEY CAN OBTAIN FROM THE EMPLOYER IS THE TOTAL AMOUNT OF WAGES EARNED DURING THE PERIOD OF 12 MONTHS IMMEDIATELY PRIOR TO DISMISSAL.

/"WHERE THE