AXA China Region is the latest Mandatory Provident Fund provider to offer incentives to bosses who missed last Friday's deadline to set up an MPF scheme. Alex Cheung Kim-fung, general manager of MPF and employee benefits at AXA China Region - the local life insurance arm of French insurance giant AXA Group - said the incentives were aimed at encouraging more employers to comply with the law. Employers who sign up with AXA's MPF plans before April 30 will be given a three-year waiver from a 1 per cent monthly contribution fee. The fee is paid by employers and employees. Including the waiver, the all-in management fee of AXA's MPF plans is 2 per cent. In addition, Mr Cheung said AXA would give a cash bonus to its more than 2,000 life insurance agents who sell a certain amount of MPF plans during the next few months. 'All of our life insurance agents will approach any companies which have failed to meet the MPF deadline,' he said. Launched last Friday, the MPF is the first broad-spectrum retirement scheme in Hong Kong. It is intended to cover 251,000 companies but only 145,000 employers have signed up. These companies have 1.55 million staff, about 75 per cent of the employees expected to be covered by the MPF. The remaining 42 per cent of employers may face prosecution if they do not sign up before February 10. 'More than 105,000 companies have failed to meet the MPF deadline. There is a lot of business potential in these non-compliance employers,' Mr Cheung said. On Tuesday, AIA-JF also launched incentives for non-compliant employers.