For information
(18.6.85)
CONFIDENTIAL
NOTE FOR EXECUTIVE COUNCIL
Annex A
XCCI (85)202.. Copy No.
HONG KONG UNIVERSITY STAFF TERMINAL BENEFITS SCHEME
Introduction
the
This memorandum seeks to inform Members of currency fluctuation protection arrangements under the Staff Terminal Benefits Scheme of the University of Hong Kong (HKU).
Background.
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At the meeting of this Council on 12 June 1984, Mr. Q.W. Lee expressed concern at the decision by HKU to amend its superannuation fund rules SO as to guarantee the fund's members payment at whichever was the higher of two rates, calculated in Hong Kong dollar terms, the other calculated against a basket of currencies. The Deputy to the Governor undertook that the issue would be investigated, and an information note brought to the Council.
3 this
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The Administration regrets the time taken to prepare paper.
However, because of institutional sensitivity matters of autonomy, it was necessary to research the subject with great caution and only
and only indirectly through the secretariat of the UPGC at the initial stages. Subsequently, direct contact with the University proved to be necessary but this resulted in sufficient information to complete the present submission only being recently obtained.
Staff Terminal Benefits Scheme
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The HKU Staff Terminal Benefits Scheme (hereinafter referred to as the 'Scheme') came into operation on 1 January 1980, replacing the Superannuation Scheme which had been in force since the beginning of 1968. A copy of HKU's Staff Terminal Benefits Scheme Regulations is at Annex A. A11 full-time monthly paid staff other than minor staff employed by HKU are eligible to participate in the Scheme. A member has to subscribe monthly to the Scheme Fund sum equal to 5.75% of his monthly salary. The University also contributes to the Scheme Fund on behalf of each member a sum
sum equivalent to 15% of his monthly salary.
CONFIDENTIAL
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