TNAG-1364-FCO40-1810-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1986 — Page 100

employers.

In the first year after the enactment of the

Bill, the cut-off date will be set in 1980, six years

before the commencement date of the Bill. In each of

the following three years the cut-off date will be moved

back by one year so that in 1989 it will come to rest in

1977.

Like any other piece of social legislation

involving the interests of both employers and employees,

the long service payment scheme represents a workable

compromise between what is desirable and what is

practicable. The scheme has to be both acceptable to

employees and

the same time affordable

at large. The present proposals are the result of a

prolonged discusssion between representatives of both

employers and employees in the Labour Advisory Board and

are acceptable to both sides.

to to employers

The Companies (Amendment) (No. 2) Bill 1985 and

the Bankruptcy (Amendment) (No. 2) Bill 1985 are

consequential amendments introduced to accord long

service payment the same preferential

severance

winding-up.

status as

payment in the event of а bankruptcy or

Sir, I beg to move.

X X X X X