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Businesses unhappy with pension proposals

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AN overwhelming majority of members of the influential Hong Kong General Chamber of Commerce who responded to a survey are against the Government's compulsory pension scheme.

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More than 85 per cent of the respondents to the survey opposed the old age pension scheme which was released in June for a period of consultation that finishes at the end of this month.

Respondents accounted for 11.4 per cent of the chamber's 3,800 members, the chamber said in a statement.

Of these, 85 per cent were from small and medium-size enterprises which make up the bulk of its membership. There was also a broad cross-section of larger companies.

The survey found 93 per cent were adamant that retirement schemes and basic government welfare systems should be clearly defined.

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The scheme is being accused, particularly by China and the business community, of mixing the issues of retirement and welfare protection.

According to the survey, more than 80 per cent of the respondents believed that only the 'needy elderly' should benefit from enhanced government welfare through means testing.

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