Sir,
UMELCO
DRAFT SPEECH BY HON HO SAI CHU, MBE, JP LEGISLATIVE COUNCIL - 4 DECEMBER 1985
Resolution under Section 36 of the Pneumoconiosis (Compensation) Ordinance
Since the establishment of the Compensation Fund in 1981, there has been a steady and significant increase in the income of the Fund. On the other hand, as a result of a decrease in the number of claimants and a reduction in the amount of compensation payable, the expenditure of the Fund has been falling for the past two years. Naturally, this resulted in huge surpluses. In 1984 alone, the surplus itself is in the order of $23 million and there are reasons to believe that this trend would continue. I believe that in a matter of three to four years, the interests on the surplus funds alone would be sufficient to meet the outgoings of the Fund. If this is the case, I submit that it would no longer be meaningful to impose a levy on the value of construction works and quarry products produced and I am pleased that the Government has taken the initiative to introduce the resolution to reduce the rate of levy by. 25% next year. I urge that the same rate of reduction should be considered for subsequent years so that the rate of levy could be progressively reduced and eventually abolished altogether when the Fund itself could generate sufficient resources to finance its prescribed functions.
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Alternatively, if there are some compelling reasons to maintain the levy, I suggest that the ambit of the Fund should be reviewed so as to allow the surplus funds to be used for even more gainful purposes such as education, publicity and research in connection with the prevention of pneumoconiosis and if approved, will be a logical extension of the purpose for which the Fund was set up. It is my sincere belief that the most important task is to reduce the incidence of the disease and that no momentary compensation is sufficient to alleviate the sufferings of the pneumoconiotics..
UMELCO
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