XN000022-1993-12-17 — Page 6

FRIDAY, DECEMBER 17, 1993

:

NEED OLD AGE

IN REPLY TO PRESS QUESTIONS ON THE ISSUE, THE GOVERNOR SAID "WE'VE SAID THAT THE GOVERNMENT REPRESENTING THE TAX-PAYERS WILL то CONTRIBUTE FOR EXAMPLE THE SAME AMOUNT THAT IT PUTS INTO ALLOWANCES, AT THE MOMENT OVER $3 BILLION.

THAT

THE GREAT

DISADVANTAGE OF HE POINTED OUT PROVIDENT FUND, WHICH A LOT OF PEOPLE HAD TALKED ABOUT IN DID NOTHING TO TODAY'S AND TOMORROW'S ELDERLY.

A CENTRAL THE PAST,

FOR AND THEN HE ADDED.

MUCH

GOT TO WAIT 20 OR 30 OR 40 YEARS. "YOU'VE LARGER CONTRIBUTIONS, YOU GET A LOWER RETURN,"

EXPANDING

THE

CONTRIBUTION, ON THE QUESTION OF GOVERNMENT GOVERNOR SAID: "PEOPLE CAN'T SAY THE GOVERNMENT MUST DO MORE WITHOUT RECOGNISING THAT THE GOVERNMENT DOING MORE MEANS THAT TAX-PAYERS DOING

MORE.

"THE

GOVERNMENT DOESN'T HAVE ANY MONEY OF ITS OWN. GOT YOUR MONEY, THE HARD EARNED MONEY THAT YOU'VE MADE,

IT'S ONLY

"SO

IF FROM NOW ON, THINK I

ABOUT TAX-PAYERS' PEOPLE TALK RATHER THAN GOVERNMENT'S, THEY'LL BE A BIT CLOSER TO THE MARK.

||

FS CLARIFIES MISGIVINGS ABOUT PENSION PROPOSAL

**

KONG TO HONG KONG

THE TIME

COME

FACE HAS

FOR

SQUARELY RESPONSIBILITY TO PROVIDE A DIGNIFIED OLD AGE FOR ITS RESIDENTS, ADEQUATE INCOME FOR LIFE'S NECESSITIES, THE FINANCIAL HAMISH MACLEOD, SAID TODAY (FRIDAY).

ITS WITH

SECRETARY, MR

THE WAY MAJOR STEP

HE POINTED OUT THAT THE ANNOUNCEMENT ON WEDNESDAY OF AHEAD ON PROVIDENT FUNDS AND PENSIONS MARKED A DECISIVE FORWARD IN SOCIAL SERVICES.

KONG EXPORTERS

MISGIVINGS ABOUT THE

SPEAKING AT THE LUNCHEON MEETING OF THE HONG ASSOCIATION, HE

SOUGHT TO ALLAY SOME INITIAL PROPOSED OLD AGE PENSION SCHEME (OPS).

HE REFUTED THE ARGUMENT THAT THE PROPOSAL WAS SIMPLY A NEW TO INCREASE GOVERNMENT REVENUE.

TAX

HE EXPLAINED THAT THE REVENUE FROM CONTRIBUTIONS WOULD BE ONLY FOR THE OPS AND NONE OF IT WOULD GO INTO GENERAL REVENUE AND THAT FUND PENSION ANY SURPLUS WOULD STAY IN THE POOL OF CONTRIBUTIONS TO PAYMENTS IN FUTURE,

USED

ON THE CONTENTION THAT THE MIDDLE-CLASS WOULD BE HARDEST HE SAID THE OPS FUNCTIONED ON THE PRINCIPLE OF COLLECTIVE SUPPORT OLD PEOPLE.

HIT,

FOR

..

OLD 'IF THE COMMUNITY WISHES TO HAVE A REAL SAFETY NET FOR OUR

IN MAKING IT PEOPLE, WE WILL HAVE TO BE PREPARED TO PLAY OUR PART

++ HE SAID, WORK, IRRESPECTIVE OF WHICH INCOME BRACKET WE COME FROM, NOTING THAT THE DETAILS OF THE CONTRIBUTION ARRANGEMENTS WOULD NEED TO RE WORKED OUT.

/HE SAID