Cathay Pacific 1999 Annual Report Download - page 53

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Notes to the Accounts – Directors and Employees
57CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1999
29. Loans to Directors
Loans made by the Company to Directors disclosed pursuant to Section 161B of the Hong Kong Companies
Ordinance are as follows:
Maximum balance
Balance at Balance at outstanding
1st January 1999 31st December 1999 during the year
HK$M HK$M HK$M
Ken Barley 0.2 0.2 0.2
The loan is repayable on demand and bears interest at Hong Kong prime rate. There was no interest due but
unpaid nor any provision made against this loan at 31st December 1999.
30. Retirement benefits
The Group operates various defined benefit and defined contribution retirement schemes for its employees in
Hong Kong and in some overseas locations. The assets of these schemes are held in funds administered by
independent trustees. The retirement schemes in Hong Kong are registered under and comply with the
Occupational Retirement Schemes Ordinance. Most of the employees engaged outside Hong Kong are covered
by appropriate local arrangements.
Retirement benefit costs for the year were:
1999 1998
HK$M HK$M
Swire Group Retirement Benefit Scheme 79 243
Cathay Pacific Airways Limited Retirement Scheme 41 112
CPA Provident Fund 1993 63 49
Other schemes 176 199
359 603
The Group operates the following principal schemes:
(a) Defined benefit retirement schemes
The Swire Group Retirement Benefit Scheme (“SGRBS”) in Hong Kong, in which the Company and
Cathay Pacific Catering Services (Hong Kong) Limited (“CPCS”) are participating employers, provides
resignation and retirement benefits to its members, which include the Company’s cabin attendants and
other locally engaged employees, upon their cessation of service. The Company and CPCS meet the full
cost of all benefits due by SGRBS to their employee members, who are not required to contribute to the
scheme.
Staff employed by the Company in Hong Kong on expatriate terms before 1st April 1993 were eligible to
join another scheme, the Cathay Pacific Airways Limited Retirement Scheme (“CPALRS”). Both members
and the Company contribute to CPALRS.