WITH effect from 2 March, 1998, the annual rate of interest payable on the Pay-As-You-Earn Scheme (offered by Inland Revenue to help civil servants put aside money to pay their tax payment well in advance), has been increased from 6.24 per cent to 7.68 per cent per annum.

Bearing in mind that the current interest rate for savings accounts in most of the banks in Hong Kong is only about 5.5 per cent, and fixed deposits with higher interest rates (about 9.125 per cent) require a minimum saving of $50,000, the terms and conditions of the Pay-As-You-Earn Scheme are in fact quite appealing. On the understanding that investment in stocks and foreign exchanges may be much riskier under the current economic conditions, joining the scheme is not without its attractions.

For example, if an officer expects to pay $30,000 income tax in May, 1999, and he started to take part in the Pay-As-You-Earn Scheme in March this year, he will only have to have $2,350 deducted per month from his salary by the Director of Accounting Services under the scheme. Although $ 2,350 per month is not a small sum of money, by joining the scheme participants will find themselves avoiding the hassle of having to borrow money from the bank at the end of the tax year if they don't have the funds on hand.

Joining the Pay-As-You-Earn Scheme is simple. Just complete a GF 605 form obtainable from the General Registry of your unit and send it to the Inland Revenue Department, which will automatically deduct the sum of money specified in your form (the minimum amount that can be deducted is $300, with multiples of $50 thereafter) when you receive your monthly salary.

During the month prior to your tax payment due date, the Inland Revenue Department will send you a notification listing your savings and interest so that you can determine if you have enough money to pay your tax total. The department will then automatically deduct the payable sum of money from your savings when your tax payment is due.

For further information, please call the Enquiries Hotline of the Inland Revenue Department: 187-8033, or the Staff Relations Hotline: 2866-7519.

POLICE OFFICERS' CLUB GO SURFIN' IN THE BEAT CAFE Attention all internet surfers! The Beat Cafe now has its own internet terminal. There is no charge for usage but members must purchase at least one beyerage (coffee, soft drink, fruit juice, etc) in the cafe before they can log on. Time on line depends on demand, usually 30 minutes if others are waiting, which can be checked from the waiting list booklet next to the terminal. Children's Easter Party Sunday 12 April. $85 per child. Includes Easter egg hunt, bilingual comedy show, jumpy castle and, of course, an Easter tea party.

THE WELFARE BARGAIN CO-ORDINATING UNIT has successfully negotiated and made formal an agreement with Fortress, one of the biggest dealers of electrical and electronic appliances in the territory, to include all their products - both agency and non-agency - for sale to members of the Force under our Bulk Purchase Scheme.
With effect from 11 Mar 98, Force members can purchase appliances of any brand from any of the Fortress 50 retail shops with an interest free loan from the Police Welfare Fund.
Application procedures for the welfare loan remain unchanged. For enquiries about this new offer phone: 2804-1125 or 2804-1134.
For product specifications call the Fortress Hotline: 2555-5788

THE PERSONNEL SERVICES BRANCH operates a Travel Desk Scheme aimed at providing travel arrangements for all members of the Force and their family members. With immediate effect, the Charming Holidays Ltd and the China Travel Service (HK) Ltd are enlisted into the Scheme.
Charming Holidays Ltd specialises in arranging long-haul tours to Europe, North America, Australia, New Zealand and South Africa. Force members may approach the company at 16/F, Golden Centre, 188 Des Voeux Road, Central (2542-0220) for booking of tours at discounted prices. The company also provides a 5 per cent discount for airline tickets.
China Travel Service (HK) Ltd is an expert in China tours. Force members will be given a discount on package tours at any of their branches on presentation of the PSRC/POC membership cards.
For enquiries contact the Travel Desk Scheme: 2804-1125.

Leave Homes

FORCE holiday bungalow accommodation is available from March 25 - April 20, 1998 for Gazetted and Inspectorate officers and their civilian counterparts as follows:

Interested colleagues should obtain a letter of introduction from the Personnel Services Branch Holiday Facilities Unit and contact the hotels directly for reservations.