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  • September 3, 2014
  • Last updated: 9:14am
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  1. 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 ...

  2. Comment - Letters

    Letters to the Editor, January 29, 2014

    Posted Jan 29th 2014, 04:09am by LETTERS

    ...   Serious MPF reform is needed now Allowing employers to withdraw from Mandatory Providence Fund (MPF) accounts to fund severance and long-service payments is absurd ("Sticky fingers eat into MPF pie", January 25). For a word-class city, our retirement scheme is woefully archaic and inadequate. Let's not compare ourselves with Singapore's Central Provident Fund, ...

  3. Comment - Insight & Opinion

    Bosses must stop dipping into workers' retirement funds

    Posted Jan 25th 2014, 04:10am by SCMP Editorial

    ... SCMP Editorial Sticky fingers eat into MPF pie Everyone knows about the Mandatory Provident Fund's shortcomings, yet no one seems to have a clear idea how to reform it. Among its most ... bosses could deduct from MPF accounts to make such payments. Executive Council member Fanny Law Fan Chiu-fun has defended Leung, saying the government is now looking into the issue. It is deeply ...

  4. News - Hong Kong - GOVERNMENT DEBT

    Business leaders quiz Leung on sustainability of his welfare package

    Posted Jan 23rd 2014, 04:09pm by Tanna Chong and Amy Nip

    ... employers and employees on the same side". "My election pledge is to gradually cancel the mechanism. But how gradual is something for discussion," he said. Separately, MPF Schemes ...

  5. 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 ...

  6. Business - Comment - JAKE'S VIEW

    MPF's real swindle is way it is stacked against workers

    Posted Jan 21st 2014, 12:33am by Jake Van Der Kamp

    ... Jake van der Kamp Employer-based system, even with fund switch concession, ensures low returns and high fees MPF's real swindle is way it is stacked against workers Speculation ... their retirement savings. Let us lay out the groundwork here as the real scandal is not what it at first seems. The offsetting mechanism in the MPF allows employers to deduct severance payments they may ...

  7. Comment - Insight & Opinion - MY TAKE

    MPF doesn't work for the little guy

    Posted Jan 17th 2014, 11:56pm by Alex Lo

    ... Alex Lo alex.lo@scmp.com MPF doesn't work for the little guy A fund manager friend calls it the Mandatory Poverty Fund. Most of us call the MPF by its more polite name. But my friend ... benefited were managers in the banking and fund management industry, for which MPF fees and charges have been a bonanza. And while I admit bosses don't like having to contribute their shares ...

  8. News - Hong Kong - POLICY ADDRESS

    No plans to scrap MPF 'offsetting' mechanism, says Leung Chun-ying

    Posted Jan 17th 2014, 12:52pm by Tony Cheung and Jennifer Ngo

    ... Tony Cheung and Jennifer Ngo Chief Executive still weighing up action on employers' use of retirement fund for severance No plans to scrap controversial MPF 'offsetting' ... MPF, the city's compulsory retirement account. Speaking separately, labour minister Matthew Cheung Kin-chung said that when the MPF was established in 2003, a deal was made with employers ...

  9. News - Hong Kong - POLICY ADDRESS

    Live: CY Leung undergoes grilling by lawmakers on policy address

    Posted Jan 16th 2014, 11:09am

    ... to abolish the MPF offsetting mechanism, as you promised during [the] election?” Leung said the absence of labour initiatives did not mean he was not concerned.  “I will handle the issue within this term,” the chief executive said in reference to the system where employers can offset part of a dismissal compensation settlement with MPF contributions. “We have to forge a consensus ...

  10. News - Hong Kong - PUBLIC EYE

    Tax the fat cats and give the city's poor a break

    Posted Jan 15th 2014, 03:36am by Michael Chugani

    ... the slave-wage bills of bosses, while the rich pay the same tax percentage as their underpaid staff.   Leung bows to employers' wishes on MPF rules … Fat-cat employers will continue getting another ... retirement money from the wallets of the workers themselves. Under this rule, bosses can use their contributions to your MPF to give you severance pay if you are fired or laid off. This, in fact, ...




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