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The Mandatory Provident Fund Schemes Authority (MPFA) today (Saturday) launches its education and publicity campaign, driving home the message of the merits of having an MPF System for Hong Kong.

The Hon. Charles Lee Yeh-kwong, Chairman of the MPFA, said in the launch ceremony, "The Mandatory Provident Fund is a win-win-win scheme - a win for employees, for employers as well as for the community at large."

Mr. Lee said that the MPF would provide for retirement protection for the three-million strong workforce in Hong Kong. The community will be more united through mutual support between employers and employees; and the society will not be overburdened by an aging population.

A mandatory provident fund scheme is good for Hong Kong, he said. The MPF, together with voluntary personal savings and tax-financed social safety net, form the three pillars for old-age protection.

Under the MPF Schemes Ordinance, all eligible employees are required to join the scheme. Employees will have to contribute five percent of their monthly salaries, with their employers contributing the same amount. All contributions will be entrusted to privately managed trustees approved by the MPFA for administration and investment.

Employees earning less than $4,000 per month need not contribute. However, their employers will still have to contribute five percent. For those earning more than $20,000 a month, the upper limit of contribution is $1,000 for both employers and employees.

As regulator for this retirement scheme, the MPFA has set down stringent criteria to ensure that contributions from employees and employers are in good hands.

In today's launch ceremony, the MPFA show-reeled the Authority's publicity footage, featuring a bicycle.

MPFA Acting Managing Director Alan Wong said, "The two wheels of the bicycle signify the employees and employers. To move forward, both sides have to go in tandem. The bicycle will lead us to the bright future of tomorrow."

In the coming months, a series of education and publicity programmes will be unfolded on television, radio stations, in the print media, as well as over the Internet. Posters and booklets will also be published and distributed. Members of the public may also call the MPFA hotline if they have any enquiry.

Hotline: 2918 0102

Website: www.mpfahk.org

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15 January 2000