Employers are lobbying forcefully against the call by some lawmakers to abolish the offset provision in the Mandatory Provident Fund pension scheme which has saved companies more than HK$20 billion in the past 13 years, with critics of the offset saying it does not benefit ordinary employees.
The Mandatory Provident Fund (MPF) is a compulsory pension fund designed by the Hong Kong government as a major protection scheme for the aged and retired residents. Most employees and their employers are required to contribute monthly.
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