TAPA
Extracts from Minutes of the Meeting of The Executive Council of Hong Kong held in the Council Chamber on
Tuesday 31 Jan 1989
M(89)5
-
63
IN ATTENDANCE
CONFIDENTIAL
Mr G.T. BARNES - Secretary for Security
Mr A.J. CARTER - Director of Immigration
C
Mrs L.K.Y. WEI Security
-
Principal Assistant Secretary
for
HKR 431/G
A50
VALUE OF PENSIONS FOR OVERSEAS PENSIONERS CURRENCY PROTECTION: XCC(89722
COMMENTARY
made
In discussion, the following points
(a) It would be difficult to
justify
protecting the pensions of a small
group of
overseas
pensioners, and
not
those of local pensioners who choose to
live abroad;
(b) Overseas pensioners
concerns
had
arisen largely because of recent, short
term movements in exchange rates which
had reduced the sterling value of their
pensions. In the long term, however,
exchange rates might work
pensioners' advantage.
to
Rather
than
introduce a mechanism to protect their
current value, it may be wiser to
consider
measures which could be
CONFIDENTIAL
were
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Private notes are available after approval.