GOVERNOR Mr Chris Patten yesterday said the issue of a central provident fund (CPF) for the territory was something that needed very careful consideration.
During yesterday's one-hour question time, he said the provision of retirement benefits had very profound social and economic consequences and it would be ludicrous to make any rapid decision on the matter.
''I think that the issues raised are so important that it would be unwise for this council or for the executive to address them before we had made every possible effort to build common ground across the community, including between groups representing employees and groups representing employers,'' he said.
''The idea of the Government controlling huge funds on behalf of potential retirees would not be in keeping with the usual economic philosophy pursued in this community and would run the risk of politicising benefits and investment in an undesirable way.'' Legco members voted in February for a CPF instead of the administration-proposed compulsory retirement scheme.
Under the Government's proposals, the administration would only be responsible for monitoring and not financially guaranteeing the schemes.
A three-month consultation on the proposal, which ended in early February, was conducted by the Government.
The Governor said the administration was at present looking at all the comments it had received on the proposals.