CONFERIVAL
布政司署
教育統籌科
香港下亞州鳘邋
*** Our Re.. EMB CR L/M No. 200/84
FN MEME Your Ref..
The Hon. J.J. Swaine, OBE, QC, JP,
Chairman,
University and Polytechnic Grants
Committee,
3/F., Edko Tower,
32-38 Ice House Street,
Hong Kong.
Annex B
EDUCATION AND MANPOWER BRANCH GOVERNMENT SECRETARIAT,
Lower Albert Road,
Hong Kong.
9 July 1985
Dear Chairman,
As your Secretary may have told you, the Executive Council has expressed considerable concern about the implications of a recent decision taken by the University of Hong Kong (HKU) to include a "Currency Fluctuation Clause" in the regulations governing its Staff Terminal Benefits Scheme.
As far as we know, the HKU Staff Terminal Benefits 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 annexed. All 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 a sum equal to 5.75% of his monthly salary. The University also contributes to the Scheme Fund on behalf of each member a sum equivalent to 15% of his monthly salary.
Upon the cessation of membership of the Scheme for any reason other than death, to which a alightly different formula will apply, a member shall be entitled to a Guaranteed Benefit, calculated according to the following formula:
Guaranteed Benefit = Factor x Final Month's
Salary x Number of Years. of Continuous
Superannuable Service
A
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