XN000022-1992-10-23 — Page 19

FRIDAY, OCTOBER 23, 1992

18

THE PAYMENT of RETIREMENT BENEFITS COULD BE IN THE FORM EITHER A LUMP-SUM, A MONTHLY PENSION, OR A COMBINATION OF BOTH.

OF

MR

TURNING TO THE QUESTION OF SECURITY OF RETIREMENT BENEFITS, CHAN SAID THE WORKING GROUP CONSIDERED THAT THE GENERAL AREAS OF CONCERN REGARDING THE ISSUE WOULD BE DEALT WITH BY THE OCCUPATIONAL RETIREMENT SCHEMES BILL.

THAT

"HOWEVER, AS AN ADDITIONAL SAFEGUARD, WE ARE RECOMMENDING APPROPRIATE CRITERIA SHOULD BE LAID DOWN FOR INDIVIDUALS WISHING TO BECOME TRUSTEES, HE SAID.

A

11

"THERE HAVE BEEN SUGGESTIONS THAT THE GOVERNMENT SHOULD PROVIDE FINANCIAL GUARANTEE TO COVER ANY LOSSES WHICH MAY BE CAUSED ΤΟ BENEFICIARIES BY THE FAILURE OF RETIREMENT SCHEMES.

"THE WORKING GROUP DOES NOT SUPPORT THIS. PROVIDING A GUARANTEE WOULD REQUIRE THE GOVERNMENT то TAKE ON AN IMMENSE CONTINGENT LIABILITY, WHICH WOULD NOT BE PRACTICABLE.

"IN ADDITION, IF A GOVERNMENT GUARANTEE WAS PROVIDED, IT COULD ENCOURAGE AGGRESSIVE OR UNSCRUPULOUS FUND MANAGEMENT.

11

THE WORKING GROUP ALSO REJECTED SUGGESTIONS THAT PUBLIC FUNDS SHOULD BE USED TO AUGMENT BENEFITS PAYABLE UNDER THE PROPOSED RETIREMENT PROTECTION SYSTEM.

"THE GOVERNMENT IS ALREADY PROVIDING A PUBLIC ASSISTANCE SCHEME, A SPECIAL NEEDS ALLOWANCE SCHEME AS WELL AS OTHER BENEFITS SUCH AS COMMUNITY SUPPORT AND RESIDENTIAL SERVICES FOR THE ELDERLY.

SUBJECT TO THE APPROVAL OF FUNDS BY THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL, A PACKAGE OF IMPROVEMENTS WILL BE MADE TO THE PUBLIC ASSISTANCE SCHEME, WHICH WILL BE RENAMED THE COMPREHENSIVE SOCIAL SECURITY ASSISTANCE SCHEME, FROM JULY 1 NEXT YEAR.

"THESE BENEFITS WILL REMAIN IN PLACE EVEN AFTER THE RETIREMENT PROTECTION SYSTEM HAS BEEN INTRODUCED, AND AS THEY ARE PROVIDED THROUGH GENERAL REVENUE AT MINIMAL OR NO COST, THEY MUST BE TAKEN INTO CONSIDERATION, 11 MR CHAN STRESSED.

APART FROM THE CONSULTATION PAPER ENTITLED "A COMMUNITY-WIDE RETIREMENT PROTECTION SYSTEM", THE GOVERNMENT HAS ALSO PREPARED A SIMPLE CUIDE WHICH CONTAINS ALL THE MAIN RECOMMENDATIONS OF THE WORKING GROUP,

COPIES OF THE CONSULTATION PAPER AND THE SIMPLE GUIDE ARE AVAILABLE AT THE DISTRICT OFFICES OF THE CITY ADMINISTRATION, BRANCH OFFICES OF THE LABOUR

OFFICES.

AND NEW TERRITORIES DEPARTMENT AND POST

SEND THEIR VIEWS IN (SD), EDUCATION AND

MEMBERS OF THE PUBLIC ARE INVITED TO WRITING ΤΟ THE PRINCIPAL ASSISTANT SECRETARY MANPOWER BRANCH, 12TH FLOOR, CENTRAL GOVERNMENT OFFICES, WEST WING, HONG KONG, ON OR BEFORE JANUARY 31 NEXT YEAR.

0

/19