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At its meeting today (Thursday), the Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) endorsed the salary policy and staff performance appraisal system for MPFA staff recommended by a management consultant.

Chairman of the MPFA, Mr Charles Lee Yeh-kwong, said, "One of the most important features of the salary policy for MPFA staff is that the rate of the annual increment will be determined year by year and the increment is not awarded automatically."

"The increment is intended to recognize an individual's increased proficiency and competency development within the year under appraisal. Hence the rate of increase will be determined by reference to the individual's overall performance. Only those officers whose performance has reached a certain prescribed standard will receive a salary increase," added Mr Lee.

He also pointed out that the MPFA would review the level of its salary in the light of the economic and market situation and the MPFA's financial condition when determining the salary increment.

The Board also endorsed today six sets of guidelines on MPF scheme operation and interface arrangements for existing voluntary schemes. They are:

1. Guidelines on Central Securities Depositories;
2. Guidelines on MPF Exempted ORSO Schemes - Illustrative Examples;
3. Guidelines on Annual Statements of Registered Schemes;
4. Guidelines on Annual Statements of Approved Pooled Investment Funds;
5. Guidelines on Internal Control Report for Each Registered Scheme; and
6. Guidelines on Fees for Portability.

Mr Lee said that the guidelines would be printed and made available shortly.

Separately, the Chief Executive has appointed Mr Desmond Chan, Chairman of the Hong Kong Investment Funds Association, as a Member of the Mandatory Provident Fund Schemes Advisory Committee.


End/Thursday, May 13, 1999