XN000022-1993-12-15 — Page 32

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WEDNESDAY, DECEMBER 15, 1993

THIS ARRANGEMENT HAS THE EFFECT OF SERVICE OF AN EMPLOYEE TO 18 YEARS.

LIMITING THE RECKONABLE

"TO

WORKERS,

WE

BUT

THE

THE ALLEVIATE

GRIEVANCES OF LONG-SERVING PROPOSE TO REMOVE THE CEILING OF 12 MONTHS' AGGREGATE WAGES, MAXIMUM PAYMENT OF $180,000 WILL REMAIN UNCHANGED," SAID MR LAM.

THE MAXIMUM PAYMENT OF $180,000 WOULD BE REVIEWED PERIODICALLY, TAKING INTO ACCOUNT INFLATION AND GENERAL WAGE MOVEMENT.

THE BILL ALSO SEEKS TO SPECIFY THAT THE 26-WEEK

ΤΟ PERIOD

LEAVE THE ENTITLEMENT OF RELATING

MATERNITY COUNTED BACKWARD FROM THE EXPECTED DATE OF COMMENCEMENT OF LEAVE.

EMPLOYMENT SHOULD BE MATERNITY

ΤΟ ΤΟ A

TO IMPROVE PROTECTION TO PREGNANT EMPLOYEES, IT IS PROPOSED MAKE LATE PAYMENT OF MATERNITY LEAVE PAY AS AN OFFENCE LIABLE MAXIMUM FINE OF $10,000.

UNDER THE BILL, THE MEDICAL CERTIFICATE ISSUED BY A DENTIST

REGARDED AS A VALID DOCUMENT FOR WOULD BE CLAIMING SICKNESS ALLOWANCE.

REGISTERED

THE PURPOSE

OF

DEBATE ON THE BILL WAS ADJOURNED.

THREE MORE AGENCIES GRANTED EXEMPTION

KONG

THE LEGISLATIVE COUNCIL HAS TODAY (WEDNESDAY) EXEMPTED DOLLAR DENOMINATED DEBT INSTRUMENTS ISSUED BY THREE MULTILATERAL AGENCIES FROM PROFITS TAX AND STAMP DUTY.

HONG MORE

THE AGENCIES ARR THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT, THE INTER-AMERICAN DEVELOPMENT BANK AND THE NORDIC INVESTMENT BANK.

LIKE THE FOUR INSTITUTIONS ALREADY EXEMPTED, THE THREE AGENCIES

ARE MULTILATERAL BODIES WITH TOP CREDIT RATINGS.

MOVING A MOTION UNDER THE INLAND REVENUE ORDINANCE (CAP.112) TO TSANG EFFECT THE EXEMPTION, THE SECRETARY FOR THE TREASURY, MR DONALD SAID THESE AGENCIES HAD INDICATED INTEREST IN ISSUING HONG KONG DOLLAR-DENOMINATED DEBT INSTRUMENTS IN LOCAL MARKET.

"THIS WOULD CONTRIBUTE TO THE EXPANSION OF THE HONG KONG DOLLAR AN AND CAPITAL MARKETS AND FURTHER PROMOTE HONG KONG'S DEVELOPMENT AS INTERNATIONAL FINANCIAL CENTRE, MR TSANG SAID.

"

'THE FOUR WHICH HAD ALREADY GIVEN EXEMPTION IN APRIL LAST YEAR WERE THE ASIAN DEVELOPMENT BANK, THE INTERNATIONAL

FOR BANK RECONSTRUCTION AND DEVELOPMENT, THE INTERNATIONAL FINANCE CORPORATION AND THE EUROPEAN INVESTMENT BANK.

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