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The Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) endorsed at its meeting today (Thursday) the MPFA Corporate Plan 2000-2001 and proposed amendments to the Mandatory Provident Fund Schemes (General) Regulation.

Programmes and activities outlined in the MPFA Corporate Plan 2000 - 2001 were constructed with the mission and target of the MPFA in mind.

"Our mission is to ensure the provision of retirement protection for Hong Kong's workforce and our target is to implement the MPF System in December. Everybody in the MPFA is devoted to work towards this mission and target," said The Hon. Charles Lee Yeh-kwong.

During the year 2000-2001, the MPFA will continue to perform its function as the registration authority and the regulator of ORSO schemes and MPF schemes.

It will set up the Industry Schemes Committee in April after the tendering results of the Industry Schemes are announced in March. The MPFA will complete the approval of the first batch of pooled investment funds, the processing of MPF exemption of ORSO schemes and registration of first batch of employer sponsored schemes by 31 July 2000.

To ensure a smooth implementation of the MPF System, the MPFA will carry out its Public Education & Publicity Campaign in full swing in order to raise public awareness and acceptance of the MPF System.

Apart from launching media advertisement, exhibitions, seminars and promotional activities, the MPFA will conduct various exercises to reach out to tens of thousands of shops and business establishments. Temporary local enquiry points will be set up at regional offices of the Labour Department and District Offices later in the year to handle public enquiries.

The Management Board also endorsed the proposed amendments to the MPF Schemes (General) Regulation at the meeting. The amendments include redefining terms used in the Regulation and providing further clarifications to certain technical aspects. The purpose of these amendments is to clarify a number of issues concerning the operation of the MPF system and the interpretation of the Regulation in order to ensure smooth operation of the MPF system and proper protection of scheme members' interests.

– Ends –

3 February 2000