XN000022-1994-03-02 — Page 29

17

WEDNESDAY, MARCH 2, 1994

"WE

SHOULD

RELYING ON A MORE HAVE URGED.

++

ABOUT ABSOLUTELY CLEAR BF

OF

CONSEQUENCES

SOME MEMBERS

THE 'GENEROUS' SOCIAL SECURITY SYSTEM AS

HE SAID THIS APPROACH WOULD CREATE AN WHICH THE TAXPAYER WOULD HAVE TO FINANCE.

OPEN-ENDED

COMMITMENT,

ΤΟ

ELDERLY AS A

"NOR WOULD MEANS-TESTING REDUCE THE BURDEN ON THE TAXPAYER ANY WORTHWHILE EXTENT OVER THE LONG TERM BECAUSE THE GROUP IS AMONG THE LEAST WELL-OFF IN SOCIETY."

LINK BENEFIT THE PROPOSED PENSION SCHEME, BY CONTRAST, WOULD

IT WOULD NOT WRITE A BLANK LEVELS TO THE TOTAL CONTRIBUTIONS LEVIED.

HONOUR, HE CHEQUE FOR THE FUTURE WHICH THE TAXPAYER WOULD HAVE TO SAID.

AS FOR ENSURING THAT PENSION SCHEME CONTRIBUTIONS ARE COLLECTED FOR ANY TYPE OF FROM ALL WHO ARE LIABLE, THIS WILL BE A PROBLEM COMPULSORY CONTRIBUTORY SCHEME, THE FINANCIAL SECRETARY SAID.

FLE DIFFICULTIES.

SAID THE

PENSION

SCREMF

WOULD NOT

ANY FACE

UNIQUE

THE PROBLEM IS A LIMITED ONE, IN THE SENSE EMPLOYED ACCOUNT FOR LESS THAN 6% OF THE WORKFORCE.

THE THAT

SELF-

THE PENSION

WOULD,

FOR THE

CPF.

THE GOVERNMENT PROPOSED SCHEME MAJORITY, OFFER RIGGER BENEFITS FOR SMALLER CONTRIBUTIONS THAN A THE PENSION SCHEME COULD BE EXPECTED, THEREFORE, TO BE REGARDED AS THE BETTER INVESTMENT BY THE PUBLIC

SOCIAL 1 AM CONVINCED THAT WE SHOULD NOT GO ON RELYING ON THE

OF OUR ELDERLY SECURITY SYSTEM TO PROVIDE FOR THE FINANCIAL NEEDS POPULATION INDEFINITELY.

TO BRING HALLENGE OF HOUSING

"AS THE CHIEF SECRETARY HAS SAID ELSEWHERE, WE NEED

THE SOLVING THE SAME VISION AND RESOURCEFULNESS TO RETIREMENT INCOMES AS WE DID IN ESTABLISHING OUR FIRST PUBLIC PROGRAMMES FORTY YEARS AGO.

RECOMMEND, BOTH TO THE COUNCIL AND THE COMMUNITY,

BELIEVE

A THAT

PENSION

FINANCIALLY

RESPONSIBLE

SOLUTION WHICH

SCHEME IS

THE

ΤΗΙ. GOVERNMENT

HE SAID.

SOCIALLY

OUGHT

AND то

RESPONSIBILITY

IT WAS THE A POSSIBLE

HOWEVER, SIR HAMISH SAID HE ALSO ACCEPTED THAT TO PRODUCE AS SOÓN AS GOVERNMENT'S CONSULTATION DOCUMENT WHICH COVERED ALL THE KEY DETAILS AND ENABLED AN INFORMED DEBATE TO TAKE PLACE.

DPCISIONS THAT

HE SAID THIS WAS ONE OF THE MOST IMPORTANT GOVERNMENT WOULD HAVE TO TAKE AND LEGISLATORS WERE ENTITLED TO FACTS BEFORE BEING ASKED TO DECIDE ON THE PROPOSALS.

THE

THE

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