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MPFA issues clarification on MPF offsetting

In response to a claim made by a group that the Mandatory Provident Fund Schemes Authority (MPFA) was preparing a consultation report on whether to abolish the Mandatory Provident Fund (MPF) offsetting, the MPFA would like to make the following clarification:

  1. The MPFA consults various sectors on MPF-related issues from time to time. However, offsetting is a government policy, so the MPFA will not conduct a public consultation on whether to retain or abolish it, nor will the MPFA prepare a consultation paper or report on the subject.
     
  2. As the regulator of the MPF System, the MPFA carries out its duties according to the law.
     
  3. MPFA Chairman Dr David Wong has said on a number of occasions that offsetting is a complicated issue, involving not just employers’ affordability and the business environment, but also employees’ interests. Employers and employees should have a rational discussion of the issue to find a solution and seek a consensus. 

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16 October 2015
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