Bosses 'using workers' MPF accounts like piggy banks', say unionists

Labour group urges C.Y. Leung to take action against 'offsetting' of retirement contributions to fund workers' severance payments

Illustration: Emilio Rivera

Unionists say bosses are treating workers' compulsory retirement savings accounts like a "piggy bank" by dipping into them to fund severance payments.

The labour groups are calling on the government to quickly phase out rules under which companies can save money by offsetting payments to departing workers against the employer's contribution to Mandatory Provident Fund accounts.

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