HK$1.1b used to offset long service payments

PUBLISHED : Thursday, 11 November, 2010, 12:00am
UPDATED : Thursday, 11 November, 2010, 12:00am

About HK$1.1 billion of Mandatory Provident Fund accrued benefits were used to offset severance payments or long service payments in the first half of the year - 0.37 per cent of the total asset value, Secretary for Financial Services and the Treasury Professor Chan Ka-keung told the Legislative Council. Allowing employers to use their contributions to the scheme for offsetting severance payments or long service payments was long established, he said. The Government has no plan to review the existing arrangements, Chan said.