Info Center

The Mandatory Provident Fund Schemes Authority (MPFA) announced that starting today (Monday), Occupational Retirement Schemes (ORSO schemes) can submit applications for MPF exemption.

There are currently about 19,800 ORSO schemes governed by the Occupational Retirement Schemes Ordinance (ORS Ordinance). These schemes cover about 940,000 employees which constitute approximately one-third of the workforce. The MPF legislation has set out the arrangements for the interface of ORSO schemes with the new MPF system and has specified the criteria required for exemption.

For an ORSO scheme which is registered under the ORS Ordinance to be exempted, it must:

• be governed by trust;
• be established on or before October 15, 1995, and
• have lodged its application for exemption or registration under the ORS Ordinance with the Registrar of Occupational Retirement Schemes on or before January 15, 1996.

The Hon Charles Lee Yeh-kwong, Chairman of the MPFA, said, "About 14,000 of the existing ORSO schemes are eligible for MPF exemption. Employers of these schemes should make decision as soon as possible whether to apply for MPF exemption."

"The deadline for lodging application is May 3, 2000. The MPFA will process applications once they are submitted and we will notify the applicants of the results by the end of July 2000" added Mr Lee.

- End -

3 January 2000