XN000022-1994-07-20 — Page 6

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WEDNESDAY, JULY 20, 1994

"TO SUGGEST THAT A CONTRIBUTION OF 1.5 PER CENT OF PAYROLL WOULD PERSUADE COMPANIES TO RELOCATE OR WOULD RENDER THEM IMPOTENT IN TERMS OF COMPETITION, I FIND FANCIFUL TO SAY THE LEAST, HE SAID.

MR TSANG ADDED THAT THE PROPOSED PENSION SCHEME WAS BETTER THAN A CENTRAL PROVIDENT FUND.

HE SAID A CENTRAL PROVIDENT FUND WAS A VERY POOR OPTION IN MEETING THE NEEDS OF THE ELDERLY AT LARGE IN HONG KONG.

"SUCH A FUND WOULD REQUIRE CONTRIBUTIONS MANY TIMES MORE THAN THE PROPOSED OLD AGE PENSION SCHEME HAS CALLED FOR.

"THE HOUSEWIVES WHO MAKE INVALUABLE SACRIFICES FOR OUR COMMUNITY RECEIVE NO BENEFIT FROM A CENTRAL PROVIDENT FUND. FURTHERMORE, A CPF WILL NOT YIELD MUCH FOR ITS BENEFICIARIES UNTIL THE FUND MATURES MANY YEARS DOWN THE ROAD.

"IN OTHER WORDS, IT WILL NOT TAKE CARE OF THE BULK OF OUR PRESENT GENERATION OF THE ELDERLY. IT IS SIMPLY NOT THE ANSWER TO HONG KONG'S PRESENT NEEDS, HE SAID.

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