THE influential Business Professionals Federation (BPF) yesterday issued a statement saying it was firmly opposed to the establishment of a central provident fund (CPF).
Vice-chairman of the federation, Edward Ho Sing-tin, said a CPF would generate serious problems relating to the administrative efficiency and objective control of a retirement fund.
He also said he had concerns about the competitiveness and political independence of a CPF scheme and the freedom of citizens to select a favourable scheme.
The BPF said it supported a phased approach to the introduction of mandatory, non-centralised retirement schemes for the private sector of Hong Kong.
Mr Ho last night said a mandatory retirement scheme as proposed by the BPF was its bottomline position, and that he would prefer not to have a CPF.
However, the United Democrats, the Meeting Point and the Liberal Party - to which the BPF's other vice-chairman, Henry Tang Ying-yen, and Mr Ho belong - have voted in support of a CPF.