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  • August 28, 2014
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  1. Paying the price for MPF plan's lack of credibility

    Posted Mar 02nd 2011, 12:00am by Albert Chen, Albert Cheng

    ... of criticism instead of praise. A one-off injection of HK$6,000 into each MPF account, costing the government HK$24 billion, turned out to be the most criticised measure. Financial Secretary John Tsang Chun-wah must have least expected that. The government introduced a similar measure in a previous budget when it injected HK$6,000 into the MPF accounts of people earning less than HK$10,000 per ...

  2. Lawmakers hope to spare lowest paid from MPF

    Posted Feb 22nd 2011, 12:00am by Martin Wong

    ... workers must join the MPF by HK$500 to HK$5,500. Emmy Wong Kwok-ling, principal assistant secretary for financial services and the treasury, said the suggestion was made because the city's monthly median pay level stood at HK$11,000. At present, about 2.3 million workers are in the MPF. Each worker contributes 5 per cent of their salary, up to a maximum salary of HK$20,000. ...

  3. No need for police to join MPF rally: chief

    Posted Mar 01st 2011, 12:00am by Simpson Cheung

    ... with the administration. The police management will meet representatives of staff associations today to hear their complaints about not getting the extra MPF funding. Some officers, such as the chairman ... widespread discontent about the MPF exclusion. Representatives of four police associations will meet the acting police director of personnel and training, Chau Kwok-leung, this afternoon to discuss ...

  4. Hunger for MPF payments

    Posted Jun 26th 2006, 12:00am by Staff Reporter

    ... of non-government workers sat in Senado Square from 1pm to 9pm. Most of the protesters, in their 40s or 50s, worked on short-term contracts for the government and had been excluded from the MPF scheme. They demanded the government make back payments of MPF contributions for the time they had worked as civil servants. Mr Coutinho said more than 6,500 civil servants were affected. ...

  5. Postpone HK$9b boost of MPF, say pan-democrats

    Posted Feb 07th 2009, 12:00am by Staff Reporter

    ... earners' MPF accounts. 'I wish the government would reconsider making contributions into employee's voluntary MPF accounts. This allows more freedom on withdrawing the money to support ... in the coming budget, Mr Tam said. Liberal Party chairwoman Miriam Lau Kin-yee supported the original plan to making special contributions to MPF accounts. A spokesman for the financial secretary said ...

  6. Tsang blocks bill for early MPF payment

    Posted Feb 14th 2009, 12:00am by Staff Reporter

    ... of his private member's bill because it was inconsistent with policy. The bill suggested that the HK$9 billion injection of government money paid into low-income earners' voluntary MPF ...

  7. Flexibility urged over one-off MPF payment

    Posted Nov 27th 2008, 12:00am by Staff Reporter

    ... Eva Wu Amid growing uncertainty in the labour market, low-income earners should be allowed to withdraw the government's one-off payment of HK$6,000 into their MPF accounts, unionist lawmaker Lee Cheuk-yan said yesterday. In early July, the Legislative Council approved the payments into the Mandatory Provident Fund accounts of 1.7 million low-income workers who earn no more ...

  8. One-off MPF sum approved by Legco

    Posted Jul 11th 2008, 12:00am by Staff Reporter

    ... Scarlett Chiang The Legislative Council yesterday approved making one-off HK$6,000 payments into the MPF accounts of 1.7 million low-income earners. Lawmakers passed an amendment ... would have let MPF members withdraw the one-off payment before retirement. Professor Chan said it was not the government's intention to allow recipients to use the money immediately. ...

  9. Untouchable fund

    Posted Aug 22nd 2003, 12:00am by Staff Reporter

    ... I refer to the letter 'Mortgage relief' (August 20). I disagree with correspondent Tom Wang's idea of using the mandatory provident fund (MPF) for mortgage relief. The MPF has its own purpose of helping people to save money for their retirement. If we can withdraw money from the fund, then it is just another savings account. The MPF not only affects ...

  10. Tsang sticks to his guns in face of protests

    Posted Feb 27th 2011, 12:00am by Staff Reporter

    ... the decision to exclude those civil servants. 'Many civil servants have MPF,' he said. 'The nature of the pension system is different from the MPF scheme. After retirement, they receive a sum of pension each month until they pass away. They don't have to contribute to the fund while they work, whereas MPF scheme members make their own contributions. The two systems cannot ...




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