XN000022-1994-03-30 — Page 59

OPS

-

26

WEDNESDAY, MARCH 30, 1994

ONLY SOLUTION TO FINANCIAL SECURITY FOR AGED

THE

PROPOSED

*

OLD-AGE

PENSION SCHEME IS SOLUTION TO THE PROBLEM OF FINANCIAL SECURITY SECRETARY FOR EDUCATION AND MANPOWER, MR MICHAEL TODAY (WEDNESDAY).

THE ONLY EFFECTIVE FOR THE

AGED, THE REITERATED LEUNG,

HE SAID THIS CONCLUSION WAS REACHED AFTER A YEAR-LONG OF ALL THE SUGGESTED OPTIONS.

ANALYSIS

**WE

CAREFULLY,

EXPERIENCE

DURING THE

ON

WEIGHED THE HAVE

PROS AND

OF VARIOUS CONS

AGAINST THE

COMMUNITY VIEWS EXPRESSED BY THE

MR LEUNG SAID OF RETIREMENT SCHEMES OPERATING ELSEWHERE,

DEBATE

THE APPROPRIATION

OPTIONS AND THE

++

BILL

IN

THE

LEGISLATIVE

COUNCIL.

"WE

FUND

THE TWO AND THE MEANINGFUL

HAVE COME TO THE FIRM CONCLUSION THAT NEITHER OF COMPULSORY

SCHEMES, I.E. A CENTRAL PROVIDENT SAVING

RETIREMENT PRIVATE

SCHEME, WOULD PROVIDE MANDATORY RETIREMENT COVER FOR THE BULK OF THE AGED.

A

THEN THE ONLY TIME IS ΤΟ

"IF THE COMMUNITY'S WISH IS THAT HONG KONG DOES NEED TO PROVIDE FLOOR OF INCOME PROTECTION FOR OUR SENIOR CITIZENS, EFFECTIVE WAY ΤΟ ACHIEVE THIS IN A REASONABLY IMPLEMENT AN OLD-AGE PENSION SCHEME,

Th

HE STRESSED.

SHORT

ENSURE THE THE GOVERNMENT HAS TO BE VERY CAREFUL TO HOWEVER, "IRON-LINK" BETWEEN CONTRIBUTIONS AND PENSION BENEFIT PAYOUTS COULD BE MAINTAINED SO AS TO AVOID THE COMMON MISTAKE ELSEWHERE OF TRYING FUND PENSIONS OUT OF TAX REVENUE.

ΤΟ

Th THAT IS WHY WE HAVE TO UNDERTAKE AN EXPERT CONSULTANCY BEFORE WE MAKE A FINAL DECISION.

STUDY

"WE AIM TO COMPLETE THE STUDY IN MAY AND PUBLISH FOR CONSULTATION BY THE SUMMER.

A DOCUMENT

AMONG OTHER

FOR

**WE SHALL THEN MAKE A DECISION ON THE BASIS OF, THINGS, THE COMMUNITY'S VIEWS ON WHETHER THEY ARE WILLING TO PAY SUCH A SCHEME.

11

TO TURNING

THE PILOT SCHEME TO ADMIT 1,000 PROFESSIONALS AND MANAGERS FROM CHINA, MR LEUNG SAID IT ANOTHER LIMITED EXTENSION OF THE LONG-ESTABLISHED POLICY TO ADM1T EXPERTS FROM OUTSIDE HONG KONG TO EMPLOYMENT NEEDS.

GRADUATE WAS MERELY

AND WELL-ACCEPTED MEET THE LOCAL

LIMITED

LIVED

FROM 1990 ONWARDS, THE GOVERNMENT HAS ALREADY TAKEN A STEP TO ENABLE THE PEOPLE'S REPUBLIC OF CHINA EXPERTS WHO HAVE OVERSEAS FOR TWO YEARS OR MORE TO APPLY FOR ADMISSION TO WORK IN

HONG KONG AND

KONG, DUE ΤΟ THE INCREASING ECONOMIC LINKS BETWEEN

CHINA.

HONG

/SINCE THEN