TNAG-1610-FCO40-22132-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 102

The

recent

50

of insolvency

several

of

these funds within

has

prompted the Government to examine the framework W which they operate here in relation

to

practice elsewhere.

suffer from

We have therefore

assets

It is

is clear that our present arrangements suffer some potentially serious shortcomings. decided that a proper regulatory framework for such funds

This will ensure that should be established.

the future benefit of employees,

including their own savings, are given an adequate measure of protection. Because regulation will affect a it would be large number of employers and employees,

which

are

held for

number of employers

We

right to consult the public on the adequacy or otherwise of the rules before they are put into effect.

publish in the near future a

therefore

to intend

consultative document setting out a proposed regulatory

framework.

Next,

102.

social security provision for the elderly. Firstly, the Government propose to extend the Old Age Allowance in stages So that, instead of only applying to those over 70, it will, by 1991, apply to all those over 65. In addition, we intend, as from

from 1 April 1988, to introduce a higher rate of allowance for those over 70: it is people in that age bracket who tend to be The more frail and to have a greater need of assistance. new higher rate of allowance will be paid to all who, now get the Old Age Allowance, that is those now over the age of

170.J New applicants will however be required to make

/simple

150.

to all those

a