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Appendix 15
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Subsidized Schools Provident Fund
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Teachers joining the Subsidized Schools Provident
Fund are subject to the Rules of the Fund which are statutory rules made
under the Education Ordinance. The following are extracts of certain main
features for easy reference only.
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| 1. |
With effect from 1 September 1980, Government's
subsidies towards the employers' contribution in respect of the Subsidized
Schools Provident Fund shall be made in accordance with the following scale
:
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Length of continuous
contributory service |
Employers' contribution
(percentage of employees' salary)
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Less than ten years |
5%
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Not less than 10 years ) |
10%
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but less than 15 years )
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Not less than 15 years |
15%
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| 2. |
Employees' contribution shall remain at 5%.
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| 3. |
Every teacher who is not over the age of
55 years upon his first appointment to a school on or after 24 June 1982
is required to contribute to the Fund. A part-time teacher employed on a
regular basis may at his option contribute to the provident fund. Full-time
teachers taking up part-time teaching on a temporary basis will not entitle
to further contribute to the provident fund.
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| 4. |
An annual dividend to each contributor of
5 per cent of his account is guaranteed and any shortfall in funds for the
purpose of the guaranteed dividend Is to be met by a loan (repayable without
interest) made by the Government to the Funds. No supplementary dividend
may be declared if there is an outstanding loan.
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| 5. |
Benefits to contributors are increased on
the following sliding scale according to length of continuous contributory
service on withdrawal from the Funds in normal circumstances :
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Benefits on Withdrawal
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Length of continuous
contributory service
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Contributor's
own contribution
plus dividends
declared thereon
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Government's
donation plus
dividends
declared thereon
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| Less than 5 years |
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100%
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Nil
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| Not less than 5 years |
) |
100%
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50%
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| but less than 6 years |
)
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| Not less than 6 years |
) |
100%
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60%
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| but less than 7 years |
)
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| Not less than 7 years |
) |
100%
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70%
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| but less than 8 years |
)
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| Not less than 8 years |
) |
100%
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80%
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| but less than 9 years |
)
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| Not less than 9 years |
) |
100%
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90%
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| but less than 10 years |
)
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| Not less than 10 years |
) |
100%
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100%
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