Staff Relations Hotline: 2866-7519

Should you keep on joining the "PAYE" Scheme?

SINCE 21 December 1998, the Inland Revenue Department has reduced the interest rate of the "Pay As you Earn" (PAYE) Scheme from 8.16 per cent per annum to 5.7083 per cent per annum. Obviously, the revised interest rate makes joining the scheme relatively unattractive as compared with some other forms of saving or investment.

If you have good knowledge on investment, it is a desirable option to use your spare money to invest and spend part of the return on tax payment, instead of joining the PAYE Scheme when its interest rate is low. However, it will not be a good idea to invest without that knowledge while hoping that the return can cover your tax payment when it is due.

For example, if you invest in the stock market with the intent of paying your tax when it is due by selling some of the shares, you may be frustrated to find that the fluctuating stock market spoils your plans. As a result, you may have to resort to tax loan and one of your original purposes of investment is defeated.

The PAYE Scheme may in fact be regarded as a regular r saving plan for the specific purpose of tax payment. Those who have joined the scheme with an appropriate amount of monthly saving will readily and happily meet their tax payment.

You should have specific aims in saving and investment and should be persistent once you have started. If you joined the PAYE Scheme when its interest rate was high and then quit when it falls, you may be defeating the original purpose of regular saving for tax payment.

Also, an opportunity cost will be incurred as you change your forms of saving or investment from time to time.

In the end, the PAYE Scheme is only a specific saving plan instead of an investment tool. So maybe you'd better not drop it simply because of its comparatively low interest rate at times.

Things could change.

Tapes of the programmes below are available for training purposes from PPRB's TV & Films Section
Police Magazine
(broadcast on 21 to 23 November)
Part I:
1. Attempt to obtain Property by Deception (WCH RN 98049427)
2.Good Citizen Award Presentation Ceremony 1998
3.Burglary (TWS RN 98009161)
Part II:
1.Smoky Vehicle Control
2.Special Traffic Arrangement for New Year
Police Report
(boardcast on 21 to 23 November)
1.Seasonal Advice on Crime Prevention (MKDIST)
2.Special Traffic Arrangement for New Year

20/F Police Officers' Mess Restaurant and '699' Lounge Grand Closing Down Celebration
Date: Friday 26 February Time: 12:30pm to ???
Venue: 20/F May House, Police Headquarters
Catering: Buffet Food and Bar Service
Cost: To be decided Ал but heavily subsidised from Mess Funds Welcome extended to:
a) All ranks in PHQ who regularly use the restaurant
b) Members (inspectorate officers and above and civilian officers of equivalent rank serving in the force)
c) Past members no longer with the Force
d) Members and past members'guests
e) Other friends of '699' Hope to see you there!

Ал 20/F Police Officers'Mess Restaurant and
'699' Louonge Committee



The decorations may be coming down everywhere else, but Club Members will have plenty of reasons to carry on celebrating in January, Both the TSK Hall and Beat Cafe have exciting new dishes on offer at great low prices, and the Verandah Bar's increasingly popular Happy Hour will continue every evening between 5pm and 8pm Ал only $9 for a bottle of Filipino San Mig. What's more, patrons of the restaurants who spend over $1,000 will receive a complimentary bottle of red wine.
On the subject of wine, the Club Wine Shop is in the process of re-stocking after its return to Club operation. The good news for boasting an increased selection of wines from around the world at the lowest possible prices.


Members are reminded that the winter pool opening hours are from 7am to 2pm on weekdays, and 9am to 4pm on weekends and holidays. Why not try starting your day with a refreshing swim in the Club's beautifully warm water, followed by a hearty breakfast in the Beat Cafe? Western or Chinese style breakfast is available every morning from 7:30am.


The Verandah Bar will be going through a bit of a face-lift in the next few weeks. The pictures of the old boys with large moustaches will be gracefully retired, and replaced with spectacular scenes from around Hong Kong. In addition, the Club is trying to gather as many Formation wall plaques as possible for an "Uphanging" sometine later this month. Pledges of plaques have already been gratefully received from CPB, KEOB, SBU, VIPPU, SDU, PTS, CCB,FPD, EU NTN and MEDIV among others. If your Formation is not in this list but has a plaque, please contact the AM POC, Robbie microbe on 2591-1930.

Leave Homes

FORCE holiday bungalow accommodation is available from January 13 to February 8 for Gazetted and Inspectorate officers and their civilian counterparts as follows:

Hoi Fu Fa Yuen, P3 in Macau, Jan 13-31, Feb 1-8
Casa Pearl Terrace in Macau, Jan 13-31, Feb 1-8
Casa Sagres in Macau, Jan 13-18, 20-31, Feb 1-8
Hellen Garden in Macau, Jan 15-31, Feb 1-8
Ham Tin No.10, 1/F in Pui O, Jan 13-31, Feb 1-8
Tung Tsz A4, Jan 13-15, 17-22, 24-31, Feb 2-8
Tong Fuk No. 149, 1/F, Jan 13-15, 17-21, 27-29, Feb 1-8

Accommodation after February 8 will be allocated by ballot, For reservations apply to Personnel Services Branch Holiday Facilitates Unit at 2804-1135. Applicants please use the new application forms (Rev 97). You cannot apply for more than one bungalow during the same period.

The following hotels are offering accommodation at reduced rates for Force members:

Mandarin Oriental Macau (800-967338)
New World Emperor Hotel Macau (2192-6074)
Hotel Sintra (2546-6944)
Holiday Inn Macau (800-965646)
Hotel Ritz Macau (2739-9928)
Forum Hotel Shenzhen (2866-7699); and
Shenzhen Century Plaza Hotel (2598-0363)
Shenzhen Nanhai Hotel (2315 5388)
Guangzhou Hai Tao Hotel (2311-2283); and
Gold Coast Hotel (2452-8888)
Warwick Hotel (2981-0081)
Concerto Inn (2982-1668)

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

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