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The Mandatory Provident Fund Schemes Authority (MPFA) today (6 September) publishes the annual report for the year 2001/02. The front cover features a drawing, Extra Big Apple, by six-year-old Martin Chung, depicting himself happily with a ripe red apple in hand and resting in a chair with extra sturdy support.

Every picture tells a MPF story. The creative concept of the annual report is to portray the benefits and rewards of MPF through the eyes of children. Eight children aged 5 to 11, through bright and imaginative drawings, painted the delight and comfort of multiple protection and extra assurance that MPF will bring when we age.

The MPFA’s Head of External Affairs, Mrs Heidi Kwan, says: “The MPF System is a brand new retirement protection system which would have an immense impact on Hong Kong’s future development. Our younger generation, full of vigour and vitality, is where our future lies. Children who grow up knowing about MPF can plan well ahead for their own retirement.”

This is the third annual report of the MPFA, covering the period from 1 April 2001 to 31 March 2002. The period marked the first full year of operation of the MPF System. During the year, the MPFA embarked on major public education programmes to assist participants in complying with requirements of the System. Solid groundwork was laid for enforcement and supervision initiatives. Organizational structure reviews were carried out, with measures implemented for improving productivity and operational efficiency, as well as cost controls.

With actual operational experience gained in the first year, the MPFA will, in the current year, continue to review and refine the MPF System, strengthen enforcement of the MPF legislation as well as investment regulation to protect members’ interest.

The 2001/02 annual report will be posted on the MPFA’s website at www.mpfa.org.hk shortly. Members of the public who wish to order hard copies of the report can contact the MPFA on 2918 0102.

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6 September 2002