TNAG-1609-FCO40-22131-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 140

10

savings

increase in his

lifetime's earnings.

In

fact a CPF

would simply defer his use of part

of part of his

of his earnings for

up to 40 years.

25.

Sir, the

subject of a Central

Provident Fund

has been debated extensively over the

past couple of

years,

both inside

and outs ide this

Chamber.

The

arguments

for

and against compulsory

were

savings

discussed in great detail and at great length, until we

reached a decision that the balance of the arguments was

quite heavily against compulsion.

The

arguments

were

le thoroughly aired during the Adjournment Debate last May,

but I hope members will bear with me if I once again go

over some of the main points.

cent

per

عة

18.

rate of

scheme

would provide a

in

A compulsory savings

reasonably adequate, return for those who have been

steady employment earning good wages; in other words,

л

best able to save

case.

those who are

A male

worker earning

with a

any

the

average

in voluntarily

industrial

contribution of 5 of pay from each side

of pay from

wa ge,

certain of an income over 40 years, might be reasonably certain of

during his

retirement slightly

the above

level to

qualify for Public Assistance

provided

that inflation did not erode the value of his annuity

(now $1,020),