XN000022-1994-07-12 — Page 4

3

TUESDAY, JULY 12, 1994

65

LEAST

OR

THE PENSION WILL BE AVAILABLE TO ELIGIBLE PERSONS AGED ABOVE WHO HAS LIVED IN HONG KONG FOR A CONTINUOUS PERIOD OF AT SEVEN YEARS PRIOR TO THE DATE OF APPLICATION. APPLICANTS AGED BETWEEN DECLARE 65 AND 69 WHO HAVE NOT CONTRIBUTED TO THE SCHEME WILL HAVE TO THAT THEIR TOTAL ASSETS DO NOT EXCEED $2 MILLION.

WANT

THEY HAVE TO REMAIN IN HONG KONG IF BENEFICIARIES WILL THEIR PENSION TO CONTINUE, ALTHOUGH UP TO 180 DAYS ABSENCE A YEAR WILL BE PERMITTED.

CONTRIBUTIONS

OF ASSESSABLE THE SELF-EMPLOYED WILL MERT

THE OPS CONTRIBUTION RATE WILL BE 1.5 PER CENT INCOME EACH FROM EMPLOYEES AND EMPLOYERS. THE TOTAL CONTRIBUTION.

ORIGIN.

THERE WILL BE NO RESTRICTIONS ON GROUNDS OF ETHNIC OR

NATIONAL

ALL NON-LOCAL EMPLOYEES AND NON-LOCAL OWNERS OF UNINCORPORATED BUSINESSES WILL HAVE TO PARTICIPATE IN THE OPS, AND WILL BE ELIGIBLE FOR PENSION BENEFITS, IN EXACTLY THE SAME WAY AS THEIR LOCAL COUNTERPARTS.

IMPORTED WORKERS TO BE EXEMPT

AN EXCEPTION WILL BE MADE TO EXEMPT WORKERS IMPORTED UNDER

LABOUR IMPORTATION SCHEME, BECAUSE THEY ARE NOT NORMALLY GENERAL

AND THEREFORE ALLOWED TO STAY IN HONG KONG FOR MORE THAN SIX YEARS, SHOULD NOT HAVE TO CONTRIBUTE TO THE OPS.

THE

ASSESSABLE INCOME FLOOR

PERSONS EARNING A SALARY OR RECEIVING A REGULAR INCOME OF THAN $4,000 A MONTH WILL NOT HAVE TO CONTRIBUTE TO THE OPS, BUT STILL PARTICIPATE IN IT.

LESS

WILL

THIS WILL REDUCE THE POTENTIAL FOR FINANCIAL HARDSHIP TO INCOME PARTICIPANTS,

LOW-

AS

HARDSHIP OF FINANCIAL THE CONCEPT

RECOMMENDS THAT THE THE GOVERNMENT EMPLOYERS, PERSONS EARNING BELOW THE PRESCRIBED AMOUNT WILL STILL HAVE TO PAY THE EMPLOYERS' SHARE OF THAT OPS CONTRIBUTION.

NOT

DOES

APPLY EMPLOYERS OF

TO

THOSE

GOVERNMENT CONTRIBUTION

THE

GOVERNMENT

WILL BE

MAKING

SUBSTANTIAL A

FINANCIAL

CONTRIBUTION TO THE OPS WHICH INCLUDE

A ONE-OFF CAPITAL INJECTION OF $10 BILLION;

THE SAVINGS