XN000022-1995-07-27 — Page 16

8

Mr Tam also said that it would be misleading to say that delay would decrease benefits. This is certainly not the case. It is clearly necessary for an employee to start contributing sooner, now, rather than later. As it means that by the time that he or she retires, he or she will have accrued more benefits. It is obvious the benefit will start as an early start the better.

Final point made by Mr Tam that early passage is in conflict with the previous points made. I do not see why. Early passage of the Bill will give us time to set up the MPF Schemes Authority and begin discussions on subsidiary legislation. In other words, we just cannot start anything on the MPF without the primary Bill being established as soon as possible. Insurance and the fund managing industries are not likely to develop new products without the existence of the primary legislation and this is why we must and we must proceed with the debate on the primary Bill as soon as possible.

Conclusion

In conclusion, Mr President, I should like to call upon those who support deferring debate on this Bill to consider where their actions may lead. They will go down in history I am sure if they were successful in deferring this Bill indefinitely. They will be held accountable by Hong Kong's community and the elderly in Hong Kong for what they have done today. So think again.

The reality of a retirement protection system, the real system in the form of the MPF, is clearly what the community needs. If the motion to defer the debate is carried, we will need to consider very carefully where to go next.

Mr President, the MPF Schemes Bill is a good, practical and workable means of providing our workforce with the retirement protection system which it deserves. Members of the Bills Committee have worked hard together with the Administration to produce what we believe is an effective and workable enabling Bill. To adjourn the debate at this stage would deny Members and the community in Hong Kong the chance to discuss the Bill on its merits, and to vote accordingly. Mr President, I call upon Members of this Council to vote against the motion to adjourn.

End/Thursday, July 27, 1995