### Grant Schools Provident Fund Rules 《補助學校公積金規則》

8. Contributions
(1) Contribution to the fund by a contributor employed in a grant school shall be at the rate of 5 per cent of the contributor’s basic salary, including any allowances approved for that purpose by the Permanent Secretary, and, except with the consent of the Permanent Secretary, shall be payable only in respect of periods during which the contributor draws his basic salary. (L.N. 87 of 1976; L.N. 78 of 2000; 3 of 2003 s. 16)
(1A) Contribution to the fund by a contributor employed in a DSS school shall be at the rate of 5 per cent of the contributor’s salary under his contract of employment, and, except with the consent of the Permanent Secretary, shall be payable only in respect of periods during which the contributor draws such salary. (L.N. 78 of 2000; 3 of 2003 s. 16)
(2) Subject to paragraph (2A), the contributions shall be deducted from salaries monthly by each management authority who shall within 7 days thereafter pay to the treasurer the amount of such deduction. (G.N.A. 116 of 1961; L.N. 239 of 1982; 27 of 2004 s. 70)
(2A) Where an option to contribute to the fund is exercised with retrospective effect under rule 7(2A) or (2B)*, any contributions payable by a contributor in respect of the retrospective period shall be deducted, in such instalments as the Permanent Secretary may determine, from the salary of the contributor monthly by the management authority who shall within 7 days thereafter pay to the treasurer the amount of such deduction. (L.N. 239 of 1982; 3 of 2003 s. 16; 27 of 2004 s. 70)
(3) It shall be the duty of the management authority to maintain an independent complete account for each contributor in his school which shall specify— (27 of 2004 s. 70)
(a) contributions paid;
(b) donations made by Government in accordance with rule 9;
(ba) donations made by the school in accordance with rule 9A (if applicable); and (L.N. 78 of 2000)
(c) such further credits for the previous year as shall have been notified to him by the treasurer. (L.N. 239 of 1982)
(4) The total of each such account shall be reconciled annually with the treasurer, and the detail shall be available for inspection by the contributor.

### Grant Schools Provident Fund Rules 《補助學校公積金規則》

9A. DSS school donation
(1) For each contribution by a contributor employed in a DSS school, the school shall pay to the fund a sum referred to in these rules as a DSS school donation.
(2) A DSS school donation by a DSS school shall be paid to the fund each month when the contribution by a contributor employed in the DSS school becomes payable, and shall be an amount equal to the following percentage of the contributor’s salary under his contract of employment—
(a) 5 per cent, if his continuous contributory service is less than 10 years;
(b) 10 per cent, if his continuous contributory service is not less than 10 years but less than 15 years;
(c) 15 per cent, if his continuous contributory service is not less than 15 years.
(3) A DSS school donation paid in respect of a contributor shall be forthwith credited to his account by the management authority of the relevant DSS school and by the treasurer. (27 of 2004 s. 70)
(L.N. 78 of 2000)

10. Investments
All sums considered by the board to be surplus to the normal cash requirements of the fund may at the direction of the board be invested or deposited by—
(a) the treasurer; or
(b) any investment manager appointed by the board with the approval of the Financial Secretary,
in such manner or by such method as the Financial Secretary may from time to time approve for that purpose, including the form of any contract, agreement, financial transaction or arrangement that may be entered into, and any dividends, interest, profits, gain or loss thereon shall be credited or debited to the fund.
(L.N. 10 of 1987; L.N. 162 of 1996)

### Grant Schools Provident Fund Rules 《補助學校公積金規則》

12. Credits to contributors’ accounts
(1) At each annual general meeting of the board, the board shall declare to the account of each contributor a credit of 5 per cent of each such account as at the previous 31 August, hereinafter referred to as the guaranteed dividend, out of the sum comprised of the following—
(a) the income of the fund after providing for any expenses and for the amount, if any, credited to the reserve fund under rule 11(1)(a)(iii);
(b) any amount debited to the income and expenditure account under rule 11(2);
(c) any amount credited to the income and expenditure account under rule 11(3);
(d) any amount credited to the income and expenditure account, being the amount of the transfer to the debit of the dividend deficiency account, of the balance of the guaranteed dividend which cannot be met from the income and expenditure account and which is underwritten by the Government by way of a loan made under paragraph (2).
(2) Where in any year the guaranteed dividend cannot be met under paragraphs (1)(a), (1)(b) and (1)(c), the Financial Secretary may direct that a sum, sufficient to cover the debit of the dividend deficiency account under paragraph (1)(d), to be paid out of the general revenue and referred to in these rules as a Government loan, shall be paid to the fund.
(3) A Government loan made under paragraph (2) shall not bear interest against the fund and shall be a charge against the reserve fund.
(4) A Government loan made under paragraph (2) shall be repaid out of the fund at such time and in such instalments as the Financial Secretary may determine.
(5) Subject to paragraph (6), the board may, at its annual general meeting, declare a supplementary dividend, subject to the approval of the Chief Executive, by way of a percentage of the account of each contributor as at the previous 31 August, to be credited to each account from the excess available under rule 11(4). (55 of 2000 s. 3)
(6) No supplementary dividend shall be declared if any Government loan made under paragraph (2) has not been repaid.
(7) In this rule, “dividend deficiency account” (股息不敷帳目) means the account to which the balance of the guaranteed dividend that cannot be met from the income and expenditure account and the reserve fund is debited.
(L.N. 239 of 1982)

### Grant Schools Provident Fund Rules 《補助學校公積金規則》

13A. Account of deceased contributor kept open
(1) Notwithstanding the provisions of rule 13, the account of a deceased contributor shall be kept open and the amount of any dividends, declared in accordance with the provisions of rule 12, shall be credited to the deceased’s account for a maximum period expiring on the third anniversary of the date of death of the contributor or for the period from the date of death of the contributor to the date of the grant of probate or letters of administration, as the case may be, whichever is the earlier. (L.N. 232 of 1997)
(2) An account to which paragraph (1) applies is closed on—
(a) the third anniversary of the date of death of the contributor; or
(b) the date of the grant of probate or letters of administration in respect of the deceased,
whichever is the earlier. (L.N. 232 of 1997)
(L.N. 259 of 1995)