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The Government today (March 24) announced the appointment of Mr Clement Chen Cheng-jen as the Chairman of the Protection of Wages on Insolvency Fund Board (PWIFB) for two years with effect from April 1, 2006.
Mr Chen succeeds Mr Ho Sai-chu, who has been Chairman of the Board since 2000.
Three incumbent members have been reappointed to serve on the Board for another two years. They are Mr Ma Ho-fai, a solicitor; Ms Lam Shuk-yee, Vice-Chairman of the Hong Kong Federation of Trade Unions; and Mr Cheung Pak-chi, an appointed member representing employees in the Labour Advisory Board.
Three new members have been appointed to the Board from April 1, 2006 to March 31, 2008. They are Mr Paul Yin Tek-shing, an employer representative to the Labour Advisory Board; Mr Patrick Chan Kwok-wai, Executive Director and Chief Financial Officer of Hang Seng Bank; and Mr Chan Wai-lun, Chairman of the Federation of Hong Kong and Kowloon Labour Unions.
The Permanent Secretary for Economic Development and Labour, Mr Matthew Cheung Kin-chung paid a warm tribute to Mr Ho for his exemplary leadership and contribution to the work of the PWIFB.
"Under the chairmanship of Mr Ho, the board has gone from strength to strength. In particular, it has been able to explore measures to maintain the financial viability of the Fund which ran into serious deficit during the economic downturn following the Asian financial crisis in 1997 and the outbreak of the Severe Acute Respiratory Syndrome in 2003.
"The financial position of the Fund has improved continuously in the last two years, turning the deficit into surplus. As at the end of February this year, the Fund recorded a healthy accumulated surplus of $358 million," Mr Cheung said.
He looked forward to the support of the new Chairman and members of the Board in administering the Fund in the new term.
"Mr Clement Chen Cheng-jen was first appointed to the Board as a member in April 2002. Throughout the years, he has been very committed to the work of the Board and has offered constructive and sound advice. I count on his continuous support in leading the PWIFB in the coming term," he said.
Mr Cheung also expressed gratitude to two outgoing members, Mr Michael Li Hon-shing and Mr Wan Koon-sun, for their dedicated service and valuable contribution. Mr Li and Mr Wan have served on the Board for eight and six years respectively.
The PWIFB is constituted under the Protection of Wages on Insolvency Ordinance with the task of administering the Fund which provides ex-gratia payment to employees whose employers become insolvent.
Ends/Friday, March 24, 2006
Issued at HKT 17:14
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