XN000022-1994-07-20 — Page 4

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WEDNESDAY, JULY 20, 1994

"CONSEQUENTLY, THERE WOULD BE AN EXEMPTION WHICH DOES NOT PROHIBIT DISCRIMINATION IF THE PERSON IS NOT ABLE TO PERFORM THE INHERENT REQUIREMENTS OF THE PARTICULAR JOB," MRS WONG SAID.

FOR

ALSO, IT WOULD NOT BE UNLAWFUL UNDER THE LEGISLATION SPECIAL MEASURES OR SERVICES, SUCH AS SPECIAL SCHOOLS OR SHELTERED WORKSHOPS, TO BE PROVIDED FOR PEOPLE WITH A DISABILITY.

"IN OTHER WORDS, THE LEGISLATION WILL NOT REQUIRE ABSOLUTE EQUALITY IN ALL AREAS WHATEVER THE COST, NOR PROHIBIT SPECIAL TREATMENT OR AFFIRMATIVE ACTION WHICH MIGHT APPEAR DISCRIMINATORY, BUT WHICH IS, IN FACT, IN THE INTERESTS OF PEOPLE WITH A DISABILITY, WONG SAID.

MRS

SECRETARY FOR THE TREASURY ON OLD AGE PENSION SCHEME

THE

*

GOVERNMENT'S ANNUAL CASH CONTRIBUTION TO THE PROPOSED OLD AGE PENSION SCHEME WILL ACCOUNT FOR ONE-THIRD OF THE TOTAL COST OF THE SCHEME, THE SECRETARY FOR THE TREASURY, MR DONALD TSANG, SAID TODAY (WEDNESDAY).

SPEAKING AT A LUNCH MEETING OF THE ROTARY CLUB OF KOWLOON GOLDEN MILE, MR TSANG SAID: "AS THE SINGLE LARGEST EMPLOYER IN TERRITORY,

THE GOVERNMENT WILL CONTRIBUTE ALMOST $1.2 BILLION IN 1994 PRICES IN RESPECT OF CIVIL SERVANTS AND SUBVENTED SECTOR EMPLOYEES.

"IN ADDITION, WE WILL PLOUGH BACK ALL SAVINGS ON THE STANDARD PAYMENTS TO THE ELDERLY UNDER OUR SOCIAL SECURITY SCHEMES, WHICH WILL BE SUBSUMED UNDER THE PENSION. THIS WILL AMOUNT TO SOME $3.6 BILLION, AGAIN AT 1994 PRICES.

It

ON TOP OF THESE, MR TSANG SAID THE GOVERNMENT WOULD MAKE A SUBSTANTIAL UP-FRONT CAPITAL INJECTION OF $10 BILLION INTO THE SCHEME.

"THIS WILL ENABLE IMMEDIATE PAYMENT OF PENSION TO THOSE ELIGIBLE, WHILE CONTRIBUTORS' FUNDS ARE BUILDING UP.

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IN ADDITION, IT WILL PROVIDE A CUSHION AGAINST ADVERSE ECONOMIC CIRCUMSTANCES SO THAT, EVEN IF WE WERE TO EXPERIENCE SOME LEAN YEARS, THE RISK OF HAVING TO INCREASE CONTRIBUTION RATES WOULD BE MINIMAL, HE SAID.

"

FURTHERMORE, EMPLOYERS + CONTRIBUTIONS WERE ΤΟ DEDUCTIBLE, COSTING SOME $770 MILLION IN THE SCHEME'S FIRST OPERATION.

BE

YEAR

TAX- OF

HI

"ALL TOLD, THE GOVERNMENT WILL BEAR SOME 35 PER CENT TOTAL COST OF THE SCHEME,

OF THE

HE SAID.

IN REPLY TO COMMENTS THAT THE GOVERNMENT SHOULD CONTRIBUTE MORE, MR TSANG STRESSED THAT GOVERNMENT MONEY WAS TAXPAYERS' MONEY.

/"EVEN GREATER