Updated at 4.58pm: The remuneration package for the top job in Hong Kong would remain unchanged until July 2007- when the third Chief Executive assumes office, an independent commission report said on Thursday. The Independent Commission on Remuneration Package and Post-office Arrangements for the Chief Executive on Thursday submitted a report to the government. The report details its recommendations on pay and benefits for the Chief Executive. Independent Commission chairman Wong Po-yan told reporters: 'In respect of the remuneration package, the independent commission recommends that the existing package should continue to apply to the Chief Executive...' 'The new arrangement should be implemented in July 2007 when the third term Chief Executive assumes office,' he said. The commission said the new remuneration package should be a total cash package and relevant benefits. The total cost of the new package would be the same as the existing package. This would provide an annual remuneration of around $4 million a year, which is 12.5 per cent more than the existing annual pay of the Chief Secretary. Mr Wong stressed that the new arrangement would not entail any extra financial burden to taxpayers. The commission also said the government should provide a suitable permanent residence for future Chief Executives. However, if the Chief Executive chose not to move into the official residence, he would have to meet his accommodation needs out of his own means. The commission recommended that no restrictions should be imposed on a former Chief Executive's involvement in political activities. But he or she would have a 'three-year control period' for commercial activities. 'For participation in post-office employment/commercial activities after leaving office, a former Chief Executive should be subject to a three-year control period,' Mr Wong said. He said that during the first year, a former leader would be barred from commencing any new employment or commercial activities. In the following two years, he or she is required to seek advice from an advisory committee before re-engaging in new employment, business or professional activities. 'During the three-year control period, blanket exemptions will be made for a former Chief Executive to undertake appointments with the central and Hong Kong governments, or academic, charitable or other non-profit making organisations, or non-commercial regional or international organisations,' he added.