TNAG-0531-FCO40-626-Application-of-International-Labour-Convention-to-Hong-Kong-1975 — Page 202

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1.2 Source of funds

Until 31 December 1973 employees pay 2.5 employers 3.5 per cent, for a total of 6

per cent

of

credited earnings and per cent of credited wages.

Effective: 1 January 1974 to 31 December 1978:

rest.

Insured person: according to ten wage classes 1.4 per cent and 2.3 per cent of monthly earnings for the two lowest classes and 2.9 per cent for the

Employer: 5.6 per cent and 4.7 per cent of employee's monthly earnings for the two lowest classes and 4.1 per cent for the rest.

Government: any deficit.

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Maximum wage base for contribution and benefit purposes 1,000 pesos.

The above contributions (7 per cent of credited earnings) also finance cash sickness benefits, but not maternity and medical benefits.

Effective: 1 January 1979, another 1 per cent of credited wages will be added, increasing contribution from 7 per cent to 8 per cent of credited wages.

1.3

Qualifying conditions

old-age pension

Generally, 120 months of contribution. However, persons over 50 years old covered before 18 June 1962 need only pay a number of contributions equal to the number of months to age 60 but not less than 24.

In addition, persons over 60 but less than 65 must be separated from employment, or, if still employed, receive less than 250 monthly compensation.

Invalidity pension: 36 monthly contributions.

not

be

separated

Lump-sum retirement grant: if not qualified for pension, aust from employment and not continuing payment of contributions on his own.

Lump-sum disability

disability (total or partial);

permanent

qualified for invalidity pension.

grant:

Lump-sum survivor grant:

(1)

(2)

death of pension and pension drawn to less than 5 years;

death of covered employee.

Survivors' pension: 35 monthly contributions.

Funeral grant: death of covered employee or pensioner.

1.4 Cash benefits for insured workers

Old-age pension:

45 per cent of first 300 pesos of average lifetime or last 5 years monthly earnings, whichever is higher, plus 25 per cent of next 300 pesos or fraction thereof, plus 9 per cent of the remainder.

Increment of 1/10th of 1 per cent of average monthly earning for each monthly contributions beyond 120 months.

Minimum monthly pension:

45 pesos.

Lymp-syo__grant: if not qualified for pension, refund of all contributions paid by employer and employee.

E-1195-2J:5

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