XN000022-1993-05-21 — Page 9

FRIDAY, MAY 21, 1993

FOR

ENROLLED EFFECT, A WORKMAN, A SOCIAL WORKER OR AN

NURSE,

ΤΟ

ENJOY

THIS

中中 IN

SATISFYING THE CRITERIA WOULD BE ABLE EXAMPLE, BENEFIT TOGETHER WITH THE PRINCIPAL OF AN AIDED SCHOOL ALTHOUGH THE LEVELS OF SUBSIDY WOULD BE DIFFERENT, HE EXPLAINED.

..

TO

"PARTICIPANTS OF THE MISS WILL RECEIVE A MONTHLY SUBSIDY PAYMENT OF INTEREST ON THEIR HOME MORTGAGE LOAN, SUBJECT FOLLOWING RULES:

FOR

THE

THE MAXIMUM LOAN ELIGIBLE FOR INTEREST SUBSIDY WILL BE 30 TIMES THEIR BASIC MONTHLY SALARY AT THE TIME OF ADMISSION TO THE SCHEME, OR THEIR ACTUAL OUTSTANDING MORTGAGE LOAN, WHICHEVER IS THE LESS (PARTICIPANTS MAY TAKE OUT A LARGER MORTGAGE LOAN BUT NO SUBSIDY WILL BE PAYABLE ON THE EXCESS AMOUNT);

THE LOAN ELIGIBLE FOR INTEREST SUBSIDY WILL BE ASSUMED TO BE REPAID BY MONTHLY INSTALMENTS OVER A PERIOD OF 10 YEARS COUNTING FROM THE DATE OF THE FIRST PAYMENT OF SUBSIDY, OR OVER THE ACTUAL REPAYMENT PERIOD OF THE MORTGAGE LOAN, WHICHEVER IS THE SHORTER; AND

*

ONE-THIRD OF THE MONTHLY MORTGAGE INTEREST SUBSIDISED, SUBJECT TO A MAXIMUM MORTGAGE INTEREST RATE 12 PER CENT PER ANNUM.

WILL

BE

OF

"THIS DOES NOT PRECLUDE THOSE ELIGIBLE FROM TAKING OUT A MORTGAGE

THAT THE LOAN ABOVE THIS LIMIT, BUT THEY SHOULD UNDERSTAND GOVERNMENT WILL ONLY SUBSIDISE INTEREST ON THE 30-MONTH SALARY PORTION OF THE MORTGAGE," MR WONG SAID.

FOR EXAMPLE, WHERE THE MORTGAGE INTEREST RATE IS 12 PER CENT MONTH PER ANNUM, A PRINCIPAL ON THE MAXIMUM PAY POINT OF $54,635 PER MAY OBTAIN A MAXIMUM INTEREST SUBSIDY OF $5,463 IN THE FIRST MONTH; CERTIFICATED MASTER,

A $1,889; A CLERK II, $1,228 AND

WORKMAN

A

II,

$623.

SUBSEQUENT

THE AMOUNT OF INTEREST SUBSIDY WOULD BE REDUCED IN MONTH BECAUSE THE OUTSTANDING AMOUNT OF THE MORTGAGE

EACH

LOAN

WOULD BE SMALLER.

WELFARE

ACCORDING TO 1992 STATISTICS, IT IS ESTIMATED THAT THERE WERE ABOUT 15,250 IN AIDED SCHOOLS, AND 750 EMPLOYEES IN SUBVENTED AND HEALTH ORGANISATIONS.

A

SYSTEM QUOTA

IS REQUIRED BECAUSE OF THE ANNUAL THERE WILL BE TWO SEPARATE ELIGIBLE STAFF. SCHOOLS AND THE OTHER FOR WELFARE AND HEALTH ORGANISATIONS.

-

NUMBER OF LARGE QUOTAS ONE

FOR

NEW

ΤΟ

THE IN

WILL QUOTAS

BE SET EACH YEAR HAVING REGARD PREVAILING MARKET MORTGAGE INTEREST RATE AND THE FUNDS AVAILABLE. THE

AND HEALTH FIRST YEAR, ABOUT 2,000 SCHOOL STAFF AND 100 WELFARE STAFF CAN BE ADMITTED INTO THE MISS.

8,500

OVER THE FIRST 10 YEARS, IT IS ESTIMATED THAT AT LEAST PEOPLE OR 53 PER CENT OF THOSE MEETING THE SALARY AND SERVICE CRITERIA IN 1992, WILL BENEFIT FROM THE SCHEME.

/PRIORITY FOR