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- MPFA welcomes the Government’s proposal to progressively abolish “offsetting”
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MPFA welcomes the Government’s proposal to progressively abolish “offsetting”
In his 2017 Policy Address announced today (18 January), the Chief Executive has affirmed the function of the Mandatory Provident Fund (MPF) System as part of the multi-pillar retirement protection system. He has also put forward suggestions to refine the MPF System, including to discuss in detail on how to progressively abolish the “offsetting” of severance payments or long service payments. The Mandatory Provident Fund Schemes Authority (MPFA) welcomes the Government’s proposal and will actively cooperate with it on this front. The MPFA also hopes that various stakeholders will actively participate in the discussion for finding a solution together.
Meanwhile, the Policy Address has also mentioned that following the launch of the Default Investment Strategy in April this year to address concerns of “high fees” and “difficulty in making investment choices”, the next work target of the MPFA is to put in place an eMPF, a centralized electronic platform, to facilitate the standardization, streamlining and automation of the MPF scheme administration, thereby further reducing costs and paving the way for “full portability”. The MPFA welcomes that the Government will render full support to those efforts, and is committed to doing its best to continue strengthening the MPF System to better perform its retirement protection function.
－Ends－
18 January 2017
Meanwhile, the Policy Address has also mentioned that following the launch of the Default Investment Strategy in April this year to address concerns of “high fees” and “difficulty in making investment choices”, the next work target of the MPFA is to put in place an eMPF, a centralized electronic platform, to facilitate the standardization, streamlining and automation of the MPF scheme administration, thereby further reducing costs and paving the way for “full portability”. The MPFA welcomes that the Government will render full support to those efforts, and is committed to doing its best to continue strengthening the MPF System to better perform its retirement protection function.
－Ends－
18 January 2017
