CEF Lend Lease has become the latest group to offer incentives for companies to join a Mandatory Provident Fund scheme in a plan that will cost about HK$50 million.
The Australia-based insurer yesterday announced a cash reward programme for its MPF plan that will give employers cash awards if they enrol staff in CEF's MPF plan by the end of next month.
The employers will be given a bonus of HK$538 for each employee, providing they can maintain the same number of employees until next June. For example, in a company with 100 staff, the employers will be given a cash reward of HK$53,800.
CEF's counterparts - Manulife, and the alliance of American International Assurance and Jardine Fleming - offer similar programmes but their cash awards are each HK$500 per employee.
Due to launch in December, the MPF will require the 300,000 local companies which do not have pension schemes to set up MPF plans for their 2.2 million employees.
Jerome Bleijie, general manager of MPF and employee benefits of CEF Lend Lease, said the cash offer to the employers would be the most effective way of encouraging MPF sales.