1
For example, if a member's earnings had averaged $1,500 a month, and the formula permitted a loan of up to four times the amount contributed by employer and employee during 5 years membership, the maximum amount avail- able would be $14,400.
8.17
Benefits paid under the scheme would be taken into account when assessing the need for public assistance, in the same way as benefits paid by an employer would be.
e) Finances of the scheme
8.18
Contributions to the scheme would be paid into a statutory fund,
The which would be suitably invested or used for housing loans to members. finances of the scheme would be controlled by an independent statutory
It would include at authority, with members appointed by the Governor. least one representative of contributors, and would bear responsibility for the finances of the scheme, including the investment of the funds.
f)
Administration of the scheme
8.19
Both the statutory authority and the Social Welfare Department would be involved in the administration of the scheme, with responsibility for supervising the contracting-out arrangements vested in the authority. There is no reason why the scheme should not be self financing though the Government would meet the administrative costs.
8.20 In due course, the Government would consider whether it should assist the scheme in other ways, for example by making available an initial
Or by undertaking to priming to facilitate the payment of carly benefits.
Or by provide low interest loans to meet temporary funding difficulties. applying to the scheme comparable tax incentives to those available in respect of approved retirement benefit schemes.
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