Jake's View | MPF's real swindle is way it is stacked against workers
Employer-based system, even with fund switch concession, ensures low returns and high fees

Speculation that Chief Executive Leung Chun-ying was planning to abolish the much criticised offsetting mechanism in the Mandatory Provident Fund was a "misunderstanding," the city's leader said ...
It's true. He didn't say "abolish" in his election manifesto. He only said "adopt measures to progressively reduce" and we shall excuse him the split infinitive.
We shall not, however, excuse him of the offence of standing idly by while what is perhaps the most widespread swindle of Hong Kong's working people continues to sap 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 owe their employees from the half of the final MPF retirement payout that is notionally attributable to employer contributions