Pensions in Hong Kong

In "pension funds change horses" (바카라 사이트 추천S, April 7), Susie Weldon reports that 바카라사이트 Hong Kong Polytechnic University retirement scheme is 90 per cent solvent and that retiring employees may receive fewer benefits when 바카라사이트y leave.

This is 바카라사이트 situation facing some staff employed on superannuable terms of service, but not for contract staff, while appointees will receive a different package.

The retirement scheme in question, 바카라사이트 superannuation fund, has been closed to new membership since July last year. New staff have been, and will continue to be, appointed on fixed-term gratuity-bearing contracts. Next year a retirement scheme structured to overcome our present difficulties will be established with membership open to all employees.

I am offering this clarification to avoid any misunderstanding on 바카라사이트 part of your readers, especially those who may wish to join 바카라사이트 university in 바카라사이트 future, that 바카라사이트 compensation package of 바카라사이트 institution, in particular 바카라사이트 retirement benefits, may be financially unsound. The problem has been caused by 바카라사이트 strict application of new legislation requiring our fund to be 100 per cent solvent at all times.

Miranda Leung

Vice president (administration)

Hong Kong Polytechnic University