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  • July 24, 2014
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  1. Business - Money

    Government stands by best interest clause in proposed insurance law

    Posted Jul 21st 2014, 03:18am by Enoch Yiu

    ... to act in the best interest of members. Many insurance agents are selling MPF policies already and they have no problem with that," Cheung said. The best interest provision is generating ...

    http://www.scmp.com/business/money/markets-investing/article/1556927/government-stands-best-interest-clause-proposed
  2. News - Hong Kong - SOCIETY

    Crunch time for new pension plan, says Professor Nelson Chow

    Posted Jun 30th 2014, 05:06am by LO WEI

    ... was the best time to discuss the issue given that the Mandatory Provident Fund (MPF) system had been in place for over a decade. He said the government had increased spending on welfare for the elderly ... on big pensions should not be eligible for the universal plan. The MPF began in 2000. Some critics say it does not provide enough; others say it benefits only those in work. ...

    http://www.scmp.com/news/hong-kong/article/1543209/crunch-time-new-pension-plan-says-professor-nelson-chow
  3. Business - Money - FUNDS

    MPF returns to black in February on equities rebound

    Posted Mar 05th 2014, 01:38am by Enoch Yiu

    ... Encoh Yiu enoch.yiu@scmp.com Hong Kong pension fund reports 2.25pc average return last month after 2.43pc loss in January MPF returns to black on equities rebound The city's Mandatory Provident Fund is back in the black after reporting an average return of 2.25 per cent last month, thanks to a rebound in regional stock markets. This came after the MPF suffered an average loss ...

    http://www.scmp.com/business/money/article/1440465/mpf-returns-black-february-equities-rebound
  4. Business - Banking & Finance - REGULATION

    Hong Kong lawmakers urge financial reforms must move faster

    Posted Jan 30th 2014, 05:01am by Enoch Yiu

    ... to improve the MPF. "The MPF management fee remains high. At the moment, employees can only shift their own contribution to other providers and not the part contributed by their employers. We ... The government should also change the law to ban employers from using their MPF contributions to offset long-service or severance payments- a move that many critics said eroded the retirement benefit ...

    http://www.scmp.com/business/banking-finance/article/1417009/hong-kong-lawmakers-urge-financial-reforms-must-move-faster
  5. News - Hong Kong - COURTS

    Rafael Hui did not declare HK$2.4 million of loans, trial told

    Posted Jul 23rd 2014, 04:00am by Austin Chiu

    ... Austin Chiu austin.chiu@scmp.com Ex-MPF authority chief was not aware Rafael Hui borrowed money and received lodging from Sun Hung Kai Properties, trial told Hui 'didn't declare HK$2.4m of loans' Rafael Hui Si-yan did not declare to the Mandatory Provident Fund Schemes Authority chairman two loans totalling HK$2.4 million he obtained from a Sun Hung Kai Properties ...

    http://www.scmp.com/news/hong-kong/article/1557317/rafael-hui-did-not-declare-hk24-million-loans-trial-told
  6. Business - Money - WHITE COLLAR

    Big players unlikely to heed welcome move by smallest MPF provider

    Posted Feb 17th 2014, 11:27am by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Market leaders unlikely to follow Haitong's move to reduce management fees on their products Small MPF players fight tough battle to stay in the game ... in capturing a piece of the HK$514 billion market. With an average fee of 1.71 per cent, the MPF generates fee revenues for fund houses of HK$8.79 billion a year. Ben Zhang Yibin, the managing director ...

    http://www.scmp.com/business/money/investment-products/article/1429490/big-players-unlikely-heed-welcome-move-smallest
  7. Business - Banking & Finance - WHITE COLLAR

    Fatca dealt with, but clones of tax evasion law may emerge

    Posted May 12th 2014, 10:28am by Enoch Yiu

    ... Enoch Yiu Mainland version of US tax law would have broader implications for compliance efforts City's MPF escapes Fatca, but similar tax nets looming Fund houses and insurers in Hong ... with Fatca would face a 30 per cent withholding tax on their US-sourced income. So even Hong Kong's MPF, which manages retirement funds for 2.4 million employees in the city, of whom ...

    http://www.scmp.com/business/banking-finance/article/1510412/fatca-dealt-clones-tax-evasion-law-may-emerge
  8. News - Hong Kong - PENSION SCHEME

    Business sector gives resounding 'no' to MPF offsetting clause

    Posted Feb 10th 2014, 10:06am by Tanna Chong, Jeffie Lam and Tony Cheung

    ... promise 'No deal' on ending loophole in MPF Despite unionists’ possible concessions on the timing of their demand to see the Mandatory Provident Fund’s “offsetting” mechanism ditched, ... allows employers to offset severance payouts and long-service pay with their contributions to the employees’ MPF accounts – from the policy address last month. But the employers remained ...

    http://www.scmp.com/news/hong-kong/article/1425107/business-sector-gives-resounding-no-mpf-offsetting-clause
  9. Making up for lost ground

    Posted Sep 26th 2008, 12:00am by Eileen Lian

    ... Hong Kong lags in its retirement scheme, but these qualified professionals are helping workers reach their goals. Eileen Lian reports The role of the Mandatory Provident Fund (MPF ... of MPF intermediaries to help them achieve this. 'MPF intermediaries are like the bridge between the MPF Authority and the workforce,' explained Michael Chan, vice-president, ...

    http://www.scmp.com/article/653970/making-lost-ground
  10. News - Hong Kong - POLICY ADDRESS

    Lam convinced Leung to shelve plan to scrap MPF 'offsetting' mechanism: source

    Posted Jan 23rd 2014, 03:23am by Tanna Chong, Jeffie Lam and Gary Cheung

    ... offset severance and long-service payments to employees against their contributions to an employee's MPF. Labour minister Matthew Cheung Kin-chung said last week that the offsetting mechanism was included in a deal with employers, agreed to by employee representatives, to secure business leaders' agreement to establishing the MPF in 2003. Treasury minister Professor Chan ...

    http://www.scmp.com/news/hong-kong/article/1411402/lam-convinced-leung-shelve-plan-scrap-mpf-offsetting-mechanism-source

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