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The Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) was glad to learn that the Legislative Council had approved the appointment of December 1, 2000 as the commencement date of the full operation of the MPF System.

At today's (June 1) Board meeting, the MPFA Chairman, the Hon Charles Lee Yeh-kwong, said, "We are ready for the full implementation of the MPF System in December this year for the benefits of the entire working population.

"The success of the System requires the joint efforts of all the parties concerned, including employers, employees, the industry, the Government and the MPFA. We all have a role to play in this important process."

On the interface between the existing retirement schemes and MPF, the Management Board learnt that about half of the 7,109 MPF exemption applications received had been processed.

"We are confident that we will be able to process all the exemption applications by the end of July. This should give employers sufficient time to allow their employees to choose between the exempted retirement schemes and the new MPF schemes," said Mr Lee.

The Board also noted that good progress had been made in respect of the technical amendments to the MPF subsidiary legislation.

"All the proposed amendments, which have the support of the industry, are expected to be approved by the Legislative Council within this month to pave way for the smooth operation of the MPF System in December," the Chairman added.

– Ends –

1 June 2000