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Many employers are gearing up to enrol in the Mandatory Provident Fund (MPF) schemes as the system will take effect on December 1 this year.

Speaking at today’s (October 12) Management Board meeting, Chairman of the MPF Authority, the Hon Charles Lee Yeh-kwong, said many applications for registration from employers were being processed by the service providers.

“At the same time, the MPFA’s call centre hotline has received an increasing number of calls, over 50 per cent of which were from employers,” he said.

“It is very encouraging to learn that more and more employers are taking a positive step towards the implementation of the MPF system,” he added.

Mr Lee again reminded employers to sign up for the schemes on time.

“Late enrolment would not do them any good because they will not only be liable to penalties, but also have to pay the mandatory contributions in arrears dated back to December 1,” he said.

He pointed out that an employer failing to sign up would be liable to a fine of $100,000 and a six-month imprisonment.

A surcharge of 15 per cent or 20 per cent per annum, depending on the length of the default period, would be imposed on any default contribution.

In addition, the MPFA will impose a financial penalty of the higher of $5,000 or 10 per cent of the default amount.

 “It is a statutory responsibility for employers to enrol their employees in a registered MPF scheme,” Mr Lee stressed.

Employees were also advised to find out if their employers had signed up for the scheme.

Meanwhile, the MPFA has been stepping up its public education and publicity programmes to inform the public of the merits of the MPF system and its implementation date.

These include newspaper advertisements, appeals by celebrities through posters and television spots, telematch, TV episodes, radio programmes, mega-size billboard, wall banners and billboards at Government and commercial buildings.

Four investment seminars will be organised for the public on October 16, 21, 23 and 25 at Sha Tin Town Hall, Cultural Centre, Hong Kong Convention & Exhibition Centre, and Tsuen Wan Town Hall respectively.

The Secretary for Education and Manpower, Mrs Fanny Law, attended the meeting for the first time in her capacity as a member of the Management Board.

– Ends –

12 October 2000