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  • November 26, 2014
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  1. Hardly the retirement plan of choice

    Posted Aug 17th 2005, 12:00am by Simon Patkin

    ... was the government giving in to heavy lobbying by the finance industry, implementing the ill-fated Mandatory Provident Fund (MPF). Recent reports show returns on the MPF have been averaging a woeful 4 per cent per year- less than the growth of the Hang Seng Index. Further, activist David Webb claims that up to 55 per cent of total contributions to the MPF will end up as commission payments ...

  2. HK's retirement scheme flourishes

    Posted Dec 15th 2005, 12:00am by Chris Davis

    ... (MPF) scheme has exceeded the expectations of many. About 98 per cent of employers and 97 per cent of eligible employees have joined the scheme, while the self-employed lag at about 80 per cent. ... of Hong Kong's 3.4 million-strong working population is covered by some type of retirement protection. There are 19 trustees or MPF service providers altogether and more than 2,800 ...

  3. MPFA pursues claim on behalf of employee

    Posted May 26th 2005, 12:00am by Staff Reporter

    ... MPF contributions by his employer. The defendant, Intelligence Education Company, did not appear at Thursday?s hearing, a government spokesman said. In its absence, the adjudicator ordered it to pay the MPFA $6,421.35. This was for mandatory contributions in arrears and surcharges payable. The spokesman said the amounts awarded would be reimbursed to the employee?s MPF account as soon ...

  4. Experts call for more contributions

    Posted Dec 01st 2005, 12:00am by Enoch Yiu

    ... to raise the mandatory contribution rates to the Mandatory Provident Fund system. The calls came on the eve of the pension scheme's fifth anniversary today. The MPF system has attracted ... 'Hong Kong people now have one of the longest life expectancies worldwide but our MPF has one of the lowest contribution levels around the world,' Mr Choy said. Data compiled for 2002 ...

  5. Court orders employer to make MPFA payments

    Posted Mar 30th 2005, 12:00am by Staff Reporter

    ... and surcharges payable to six employees of the defendant. The amount awarded will be reimbursed to the employees? MPF accounts as early as it is received by the MPFA. The court also ordered the defendant to pay $930 as the cost of the claim. Under Hong Kong law, companies are required to make mandatory contributions towards MPF payments. ...

  6. Five employers fined for MPF offences

    Posted May 03rd 2005, 12:00am by Staff Reporter

    ... Schemes Ordinance, a government spokesman said. In the first case, the defendant, Alliance (Far East) Holdings, pleaded guilty to two counts of failing to make MPF contributions on time, after ... In the second case, the defendant, Lee Yiu Ting Finn, pleaded guilty to three counts of failing to enrol three employees in an MPF scheme. The defendant was fined $6,000 for the first summons, ...

  7. Manulife sees room for expansion in MPF

    Posted Jan 27th 2005, 12:00am by Staff Reporter

    ... Kelvin Wong Canadian insurer Manulife will attempt to capitalise on the business opportunities in the Mandatory Provident Fund (MPF) and other retirement products created by a rapidly ... residents appear to have paid little heed to talk on the need for adequate retirement planning. 'Only 4 per cent of our MPF members are making voluntary contributions, while 65 per cent of them ...

  8. Manulife offers lifestyle portfolio to boost choices

    Posted Dec 15th 2005, 12:00am by Chris Davis

    ... Chris Davis FROM A STANDING start five years ago, the MPF scheme now hosts assets of about $140 billion under the management of trustee companies approved by the Mandatory Provident Fund Authority (MPFA), including Manulife. As Hong Kong's second-largest player in the MPF market with more than 600,000 member accounts and $24.7 billion under management, the company seeks ...

  9. Changes I'd make to get MPF working in the interests of members

    Posted Oct 11th 2005, 12:00am by Jake Van Der Kamp

    ... Services Secretary Frederick Ma Si-hang for puffing himself up on dubious claims of success for the MPF and the email poured in, mostly supportive. The MPF is still widely resented. One reader, ... Kong-wide provident fund was really necessary, and this was never proven, I shall concede that our civil servants did some things right with the MPF. They made it a fully funded and defined ...

  10. Second taskforce created to force MPF-dodging firms to pay up

    Posted Apr 16th 2005, 12:00am by Staff Reporter

    ... yesterday. The new group, formed this month, is the second to deal with an estimated 600 employers who repeatedly fail to pay benefits and ignore warnings- or even court orders- to settle their MPF ... employers regularly failed to pay MPF contributions each month. Most were probably companies that no longer existed but which failed to inform their MPF trustee, while some simply failed to pay ...




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