1
ASSESSMENT
25.
Having
considered
10
the financial and
political
constraints and the very real feelings in the Civil Service
over this issue, it appears that a one-year, roll forward
pension reserve fund would be a viable option.
26.
The Financial Secretary [and the Secretary for the
Treasury] takes
are ૐ statutory
revenue.
the view that pensions are secure. Pensions
right and a statutory charge on recurrent
inconceivable that the Hong Kong
It is almost
Government or the SARG
could not meet annual pension
commitments. He therefore objects to a one year roll forward
pension reserve fund
tie up further sums
which will never arise.
on the grounds that it is illogical to
of the reserves to meet a contingency
27.
Nevertheless,
an initial $3 billion pension
financial
reserve fund should not be an excessive
commitment.
It should be acceptable to the Chinese, who have
indicated support for a partial funding proposal previously.
Although it may be regarded as cosmetic, it is the only
viable option for providing a small but helpful pension
safeguard for all serving and retired civil servants. It
would be seen as a positive move and a clear indication that
Government
has
tried to address the wide-ranging and serious
concerns of staff. We therefore recommend that the proposal
No comments yet.
Private notes are available after approval.