XN000022-1991-05-28 — Page 3

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TUESDAY, MAY 28, 1991

"IN ADDITION TO CONSIDERING THE RESULTS OF THE PRIVATE SECTOR PAY TREND SURVEY FOR THE PERIOD FEBRUARY 1, 1990 TO APRIL 1, 1991 AND THE PAY CLAIMS SUBMITTED BY STAFF REPRESENTATIVES, THE COUNCIL ALSO TOOK INTO ACCOUNT THE STATE OF THE ECONOMY AND THE GOVERNMENT'S BUDGETARY SITUATION."

MR WIGGHAM SAID THE PROPOSED PAY ADJUSTMENT OF 10.43 PER CENT CORRESPONDED WITH THE AVERAGE INCREASE IN THE COST OF LIVING IN THE 12 MONTHS BETWEEN APRIL 1, 1990 AND MARCH 31, 1991, AS MEASURED BY MOVEMENTS IN THE CONSUMER PRICE INDEX (A).

THAN

THE OFFER IS BETWEEN 1.45 AND 2.06 PERCENTAGE POINTS LESS THE NET PAY TREND INDICATORS WHICH ARE 11.88 PER CENT FOR THE UPPER BAND ($23,151 TO $46,815 A MONTH), 12.49 PER CENT FOR THE MIDDLE BAND ($7,550 ΤΟ $23,150) AND 12.09 PER CENT FOR THE LOWER BAND (BELOW $7,550).

"THE EXECUTIVE COUNCIL HAS HAD ΤΟ CAREFULLY BALANCE THE GOVERNMENT'S RESPONSIBILITY TO CIVIL SERVANTS AS AN EMPLOYER AND ITS WIDER RESPONSIBILITY TO THE COMMUNITY AS THE MANAGER OF PUBLIC FUNDS, IN THE LIGHT OF THE PRESENT ECONOMIC SITUATION," MR WIGGHAM EXPLAINED.

"THE OFFER RECOGNISES THE NEED TO CONTAIN INFLATION WHILE BROADLY MAINTAINING THE REAL VALUE OF CIVIL SERVICE SALARIES SINCE THE LAST PAY ADJUSTMENT.

FOLLOWING CONSULTATIONS WITH STAFF, THE PROPOSED PAY AWARD WILL BE CONSIDERED AGAIN BY THE EXECUTIVE COUNCIL IN DUE COURSE FOR A FINAL

DECISION.

IF APPROVED, THE PROPOSED PAY AWARD WOULD COST AN ADDITIONAL $4.1 BILLION A YEAR.

BRIGHT BUSINESS PROSPECTS UNDERLINED

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OVERSEAS INVESTMENT PROJECTS IN HONG KONG'S MANUFACTURING SECTOR NOT ONLY UNDERSCORE THE MANY ADVANTAGES HONG KONG OFFERS TO MULTINATIONAL CORPORATIONS BUT ARE ALSO CLEAR SIGNALS THAT THE TERRITORY IS WELL PLACED TO MOVE INTO HIGH TECHNOLOGY IN VARIOUS INDUSTRIES, THE DIRECTOR OF INDUSTRY,

MR. T.H. BARMA, SAID TODAY (TUESDAY).

MR BARMA WAS SPEAKING ON "HONG KONG'S MANUFACTURING INDUSTRIES: OPPORTUNITIES IN THE 1990'S" AT AN INDUSTRIAL INVESTMENT PROMOTION SYMPOSIUM IN TOKYO, JAPAN,

HE SAID SOME OF THE RECENT AND MORE NOTABLE PROJECTS INCLUDED:

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