-3-
may
8. The work involved in setting up this small reserve fund is purely technical in nature. It does not require additional resources. The Government
have less flexibility to manoeuver its resources as this fund will have to set aside for the payment of pensions alone and will continue to attract interest like the Hong Kong Reserve Fund. The fund shall be sufficient
guarantee pension payments for 5 years.
to
9. When the Union's delegation met Mr LU Ping, the Director of
the PRC State Council's Hong Kong & Macau Office
on 26 October 1992, Mr LU pledged to fully support the Union's proposal. He also promised that the Chinese side would formally raise this subject at the coming Sino-British Joint Liaison Group meeting scheduled to be held in December 1992.
Q.
get
10. The Union's delegation
delegation now comes
how comes to London and wishes to equally firm guarantee from the UK Government that it will urge the British Hong Kong Government to set up Civil Service Pension Reserve Fund by 1995 and that the issue will be raised in the next JLG meeting irrespective of the current disagreement over the development of democratic reforms between the British and the Chinese Governments.
11. The Unim warns if the civil servants' worries continue to prevail,
the British Hong Kong Government's effective administration to the territory shall be severely undermined, thereby eroding Hong Kong's continuing prosperity and stability, a price the territory could hardly afford to pay!
16 November 1992, London
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