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First Meeting of MPFA's Management Board
The Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) held its first meeting today (Thursday) to discuss essential issues for the establishment of the MPFA.
Major issues discussed include the engagement of a consultant to recommend the organization structure of the MPFA and remuneration package for its staff, reviewing the latest progress in respect of the development and installation of an Information Management System, and preliminary discussions on the MPF implementation timetable.
Speaking after the meeting, Chairman of the Board, Mr. Charles Lee Yeh-kwong, said: "The meeting has gone very well and the Board is generally satisfied with the progress and planning of various aspects of the preparatory work."
Mr. Lee said that the Board was committed to MPF and was committed to its early implementation, adding that it was going to move ahead in full steam for the preparatory work on all fronts.
The major preparatory work includes recruitment and training of staff for the MPFA; development and installation of an Information Management System for the Authority; approval of trustees and registration of MPF schemes; establishment of Industry Schemes for the highly mobile employment sectors; launching large-scale publicity programmes at the grassroots level; processing applications for exemption of ORSO Schemes; and enrolment of employers, employees and self-employed persons onto MPF schemes.
As regards the implementation timetable, he said : "Since the MPF System is a new, large-scale system involving the whole workforce, the preparatory work involved to launch it is very complicated and multi-faceted. The MPFA would need to review progress of the preparatory work early next year before it could announce the timetable of MPF implementation."
Mr. Lee cited development of the Information Management System as an example. The MPFA will only be able to assess accurately the completion time for the large-scale project and secure a commitment to the timetable after the Board has tendered out the project, appointed the consultants and have them signed the contract committing themselves to the MPFA timetable.
"As the implementation of the MPF System will have an impact on so many people, the Board firmly believes that when a timetable is announced, it should be one that is both realistic and achievable by all parties concerned. We would not wish to rush the preparatory work by cutting corners and risk a chaotic start," he added.
Mr. Lee said that the Board fully understood that service providers, employers and employees all wished the MPFA to announce the timetable early to facilitate their preparatory work. He undertook to adopt a transparent approach by keeping the retirement schemes industry and employer groups informed of developments from time to time.
"It remains the target of the MPFA to enable everybody to start making MPF contributions before the end of the year 2000," Mr. Lee emphasized.
Appointments to the 14-member Board by the Chief Executive were first announced in July this year and took effect on September 17.
Non-executive Directors of the Management Board include Mr. Charles Lee Yeh-kwong, the Chairman; Mr. Eddy Fong Ching; Mr. Lee Kai-ming; Dr. David Li Kwok-po; Dr. Lui Ming-wah; Mr. Robert Tang Ching; Ms. Anna Wu Hung-yuk; Mr. Rafael Hui, Secretary for Financial Services; and Mr. Joseph Yam, Chief Executive of the Hong Kong Monetary Authority.
End/Thursday, September 24, 1998
Major issues discussed include the engagement of a consultant to recommend the organization structure of the MPFA and remuneration package for its staff, reviewing the latest progress in respect of the development and installation of an Information Management System, and preliminary discussions on the MPF implementation timetable.
Speaking after the meeting, Chairman of the Board, Mr. Charles Lee Yeh-kwong, said: "The meeting has gone very well and the Board is generally satisfied with the progress and planning of various aspects of the preparatory work."
Mr. Lee said that the Board was committed to MPF and was committed to its early implementation, adding that it was going to move ahead in full steam for the preparatory work on all fronts.
The major preparatory work includes recruitment and training of staff for the MPFA; development and installation of an Information Management System for the Authority; approval of trustees and registration of MPF schemes; establishment of Industry Schemes for the highly mobile employment sectors; launching large-scale publicity programmes at the grassroots level; processing applications for exemption of ORSO Schemes; and enrolment of employers, employees and self-employed persons onto MPF schemes.
As regards the implementation timetable, he said : "Since the MPF System is a new, large-scale system involving the whole workforce, the preparatory work involved to launch it is very complicated and multi-faceted. The MPFA would need to review progress of the preparatory work early next year before it could announce the timetable of MPF implementation."
Mr. Lee cited development of the Information Management System as an example. The MPFA will only be able to assess accurately the completion time for the large-scale project and secure a commitment to the timetable after the Board has tendered out the project, appointed the consultants and have them signed the contract committing themselves to the MPFA timetable.
"As the implementation of the MPF System will have an impact on so many people, the Board firmly believes that when a timetable is announced, it should be one that is both realistic and achievable by all parties concerned. We would not wish to rush the preparatory work by cutting corners and risk a chaotic start," he added.
Mr. Lee said that the Board fully understood that service providers, employers and employees all wished the MPFA to announce the timetable early to facilitate their preparatory work. He undertook to adopt a transparent approach by keeping the retirement schemes industry and employer groups informed of developments from time to time.
"It remains the target of the MPFA to enable everybody to start making MPF contributions before the end of the year 2000," Mr. Lee emphasized.
Appointments to the 14-member Board by the Chief Executive were first announced in July this year and took effect on September 17.
Non-executive Directors of the Management Board include Mr. Charles Lee Yeh-kwong, the Chairman; Mr. Eddy Fong Ching; Mr. Lee Kai-ming; Dr. David Li Kwok-po; Dr. Lui Ming-wah; Mr. Robert Tang Ching; Ms. Anna Wu Hung-yuk; Mr. Rafael Hui, Secretary for Financial Services; and Mr. Joseph Yam, Chief Executive of the Hong Kong Monetary Authority.
End/Thursday, September 24, 1998
