may in addition be Chinese
4
objections
and
fears about
encouraging civil servants to retire. We had difficulty in
to
obtaining Chinese agreement in 1986
the proposal to
increase the commutation rate to 50% under the New Pension
Scheme.
Provident Fund Scheme
9.
This scheme
would establish a provident fund for
the Civil Service to cover the future service of both serving
officers and new appointees. The main features could be
modelled on the Grant and Subsidized Schools Provident Fund
at Annex B.
10.
Assuming
that past service would count for
eligibility for withdrawal of benefits but would not count as
qualifying service for determining Government's contributions
Provident Fund Scheme, an "estimate of the cashflow
requirements for such ȧ Provident Fund Scheme, amounting to
some $6 billion over the first six years at 1991/92 prices,
under the
is at Annex C.
11.
There are substantial
establishing a provident fund
officers
and
new
appointees.
cashflow implications in
scheme for both serving
If it covers only future
*
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Private notes are available after approval.