Cathay Pacific 2000 Annual Report Download - page 69

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CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 67
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:
Balance at Balance at Maximum balance
1st January 2000 31st December 2000 outstanding during the year
HK$M HK$M HK$M
Ken Barley 0.2 0.1 0.2
The loan is repayable on demand and bears interest at Hong Kong prime rate. There was no
interest due but unpaid nor any provision made against this loan at 31st December 2000.
30. Retirement benefits
The Group operates various defined benefit and defined contribution retirement schemes for its
employees in Hong Kong and in some overseas locations. The assets of these schemes are held
in funds administered by independent trustees. The retirement schemes in Hong Kong are
registered under and comply with the Occupational Retirement Schemes Ordinance. Most of
the employees engaged outside Hong Kong are covered by appropriate local arrangements.
Retirement benefit costs for the year were:
2000 1999
HK$M HK$M
Swire Group Retirement Benefit Scheme –79
Cathay Pacific Airways Limited Retirement Scheme –41
CPA Provident Fund 1993 67 63
CPA Provident Fund 34 30
Other schemes 151 146
252 359
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 who joined before September 1996 and other locally
engaged employees who joined before June 1997, 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 April 1993 were
eligible to join another scheme, the Cathay Pacific Airways Limited Retirement Scheme
(“CPALRS”). Both members and the Company contribute to CPALRS.
Notes to the Accounts – Directors and Employees