XN000022-1994-10-19 — Page 33

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WEDNESDAY, OCTOBER 19, 1994

ADVANTAGES OF OLD AGE PENSION SCHEME

* * * * *

THE OLD AGE PENSION SCHEME IS PROPOSED BY THE GOVERNMENT TO HELP TO PROVIDE A FINANCIALLY SECURE OLD AGE FOR THE CITIZENS OF HONG KONG,

DIRECTOR OF SOCIAL WELFARE, MR IAN STRACHAN, SAID TODAY

(WEDNESDAY).

MR STRACHAN SAID THIS AT THE OPENING CEREMONY OF THE HONG KONG- MACAO CONFERENCE OF SEVENTH-DAY ADVENTISTS SIU SAI WAN SOCIAL CENTRE FOR THE ELDERLY.

H

WE CHERISH THE TRADITIONAL CHINESE RESPECT FOR THE AGED. WE ALSO FULLY RECOGNISE THE CONTRIBUTION OF OUR OLDER GENERATION TOWARDS THE SUCCESS OF HONG KONG TODAY.

"THE PROPOSED SCHEME HAS MANY ADVANTAGES. CONTRIBUTION IS COVERAGE IS WIDE, BENEFIT IS IMMEDIATE, AND AMOUNT IS GUARANTEED, SAID.

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LOW, HE

POINTING OUT THAT THE GOVERNMENT HAD PLEDGED MAJOR FINANCIAL SUPPORT FOR THE SCHEME, MR STRACHAN SAID IT REQUIRED ONLY A LOW TO CONTRIBUTION RATE FROM EMPLOYERS AND EMPLOYEES, THAT IS EQUIVALENT JUST 1.5 PER CENT OF ASSESSABLE INCOME.

"ONCE THE SCHEME IS IMPLEMENTED, ALL ELIGIBLE CITIZENS AGED 65 OVER WOULD HAVE THE IMMEDIATE BENEFIT OF A MONTHLY ALLOWANCE OF

AND $2,300.

"THE SCHEME OFFERS FINANCIAL SECURITY FOR ALL ELIGIBLE CITIZENS DURING THEIR OLD AGE, INCLUDING LOW-INCOME EMPLOYEES, HOUSEWIVES AND RETIRED PERSONS.

"I HOPE YOU WILL TAKE THE TIME TO READ THE CONSULTATION PAPERS OR THE SIMPLIFIED EXPLANATORY LEAFLET AND LET YOUR VIEWS BE KNOWN OR HEARD BEFORE THE END OF THIS MONTH, HE SAID.

MR STRACHAN STRESSED THAT THE CONSIDERATION ALL VIEWS RECEIVED.

GOVERNMENT WOULD TAKE INTO

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