TNAG-0786-FCO40-990-Policy-of-Government-of-Hong-Kong-on-labour-and-trade-union--1978 — Page 104

Type of

Territory

me a sure

Singapore

Thailand

Title of legislation/

scheme

Coverage

Source of funds

Qualifying conditions

Benefits

Table 19

Administrative organisation

Remarks

Provident fund

Central Provident Fund Act, 1953

All employee s

Civil Service Armed Forces

Insured person (earning more than $363 (about HK$726) a month):

15% of ordinary wages subject to a maximum of $310 (about HK$620) plus 15% of any additional wages.

Employer (of those earning more than $$363 a month):

15% of ordinary wages subject to a maximum of $310, plus 15% of any additional wages paid.

(Different rates of contribution by employer

and employee in respect of those earning $$363 or less a month are also specified in the Act)

Insured person (earning more than $235 a month): 51% of ordinary wages subject to a maximum of S$310, plus 15% of any additional allowance received.

Government

51% of ordinary wages plus 15% of any additional allowance paid.

(Different rates of contribution in respect of those earning less than $235 or less a month are also specified by Regulations)

(Details of all rates of contribution at

Appendix XVI)

For old age grant:

Aged 55 & over and at retirement; or at any age if leaving the country for good.

For invalidity grant :

Permanent incapacity for work.

For survivor grant:

Payable at the death of the insured.

Old age grant:

Lump sum equivalent to the total con- tributions by the insured and employer, plus at least 2.5% compound interest.

Invalidity grant: Same as old age grant.

Survivor grant:

Same as old age grant, payable to nominated survivors or legal heirs.

Administered by the Central Provident Fund Board under the general supervision of the Ministry of Labour.

Special

pension

system also

exists for Government employees.

Nil