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877 organizations recognized as Good MPF Employers in 2016-17
The Mandatory Provident Fund Schemes Authority (MPFA) organized the Good MPF Employer Award for the third consecutive year. A total of 877 organizations received the award at the award presentation ceremony held today (26 September).
There were a record number of awardees this year, with more than half receiving the award for three consecutive years. Over 90% of the Good MPF Employers made voluntary Mandatory Provident Fund (MPF) contributions for their employees.
This year, the MPFA introduced the e-Contribution Award and the Support for MPF Management Award. The former commends employers for making MPF contributions or submitting remittance statements electronically. The latter gives recognition to employers for providing assistance to their staff in managing their MPF investment. Of the 877 awarded organizations, 760 met the requirement for an additional award, and 488 received both new awards.
The Good MPF Employers Award presentation ceremony was officiated by Secretary for Labour and Welfare Dr Law Chi-kwong and was attended by over 400 guests, including awardees, representatives of supporting organizations of the Award, and members of the MPF industry.
Speaking at the award presentation ceremony, MPFA Chairman Dr David Wong thanked the Good MPF Employers for the solid foundation they laid for their employees’ retirement protection. He said that employers played a pivotal role in the MPF System. He urged employers not only to meet their statutory obligation in making MPF contributions, but also to consider taking further steps to enhance their employees’ retirement protection.
He also called on employers to make good use of the various online or electronic tools to handle MPF-related administration to increase the efficiency of the whole System. “Going electronic requires the participation of all employers,” he said. “If employers widely use the e-services provided by the trustees, it will not only save their time but also reduce the administrative costs of the System.”
Dr Wong said the next objective of the MPFA was to put in place an eMPF, which is a centralized electronic platform. “Like most of our scheme members, the MPFA would very much like to see a single platform set up to allow scheme members to manage all their MPF assets and accounts in one place,” he said. “The Government, the MPF industry and the MPFA are working closely together to make this possible.”
Secretary for Labour and Welfare Dr Law Chi-kwong, said, “A harmonious employer-employee relation is key to Hong Kong’s economic development. The Good MPF Employers Award not only gives recognition to the good employers but also promotes positive energy in the community. The MPF is an important pillar in Hong Kong’s multi-pillar retirement system. The Government will work closely with the MPFA to improve the MPF schemes under our continuous effort to enhance our retirement system.”
MPFA Managing Director Mrs Diana Chan said that the majority of employers complied with the law, but there was a small proportion who defaulted on contributions, sometimes unintentionally. She said, “If employers find that they are late with their contributions, they should contact their trustee immediately and arrange the payment and surcharge with the trustee. The employers should not wait until the MPFA issues a surcharge notice to rectify the situation.” She stressed that all surcharges received would be fully credited to the accounts of the employees concerned.
The Good MPF Employer Award is an annual programme, which seeks to promote and foster employer compliance with MPF legislation, encourage employers to provide better retirement benefits for their employees, and recognize employers who are exemplary in enhancing the retirement benefits of their employees. According to the MPFA’s latest figures, about 16,000 employers made more than $8 billion in MPF voluntary contributions for nearly 300,000 employees last year.
The awarded organizations come from a wide range of industries, including finance, construction, transport and catering, and are estimated to employ over 160,000 employees overall. The Good MPF Employers 2016-17 are listed on the MPFA website.
To enhance employers’ understanding of their MPF obligations, the MPFA has revised the Employers’ Handbook on MPF Obligations, adding a chapter on some common misconceptions about making contributions and reminding employers of the areas they should pay particular attention to when making contributions and submitting remittance statements. Employers can also find detailed information about other MPF-related matters in the handbook, from establishing a new company and employing staff to termination of employment.
Secretary for Labour and Welfare Dr Law Chi-kwong and Chairman of the Mandatory Provident Fund Schemes Authority Dr David Wong with guests and representatives of organizations awarded the Good MPF Award 2016-17.
－Ends－
There were a record number of awardees this year, with more than half receiving the award for three consecutive years. Over 90% of the Good MPF Employers made voluntary Mandatory Provident Fund (MPF) contributions for their employees.
This year, the MPFA introduced the e-Contribution Award and the Support for MPF Management Award. The former commends employers for making MPF contributions or submitting remittance statements electronically. The latter gives recognition to employers for providing assistance to their staff in managing their MPF investment. Of the 877 awarded organizations, 760 met the requirement for an additional award, and 488 received both new awards.
The Good MPF Employers Award presentation ceremony was officiated by Secretary for Labour and Welfare Dr Law Chi-kwong and was attended by over 400 guests, including awardees, representatives of supporting organizations of the Award, and members of the MPF industry.
Speaking at the award presentation ceremony, MPFA Chairman Dr David Wong thanked the Good MPF Employers for the solid foundation they laid for their employees’ retirement protection. He said that employers played a pivotal role in the MPF System. He urged employers not only to meet their statutory obligation in making MPF contributions, but also to consider taking further steps to enhance their employees’ retirement protection.
He also called on employers to make good use of the various online or electronic tools to handle MPF-related administration to increase the efficiency of the whole System. “Going electronic requires the participation of all employers,” he said. “If employers widely use the e-services provided by the trustees, it will not only save their time but also reduce the administrative costs of the System.”
Dr Wong said the next objective of the MPFA was to put in place an eMPF, which is a centralized electronic platform. “Like most of our scheme members, the MPFA would very much like to see a single platform set up to allow scheme members to manage all their MPF assets and accounts in one place,” he said. “The Government, the MPF industry and the MPFA are working closely together to make this possible.”
Secretary for Labour and Welfare Dr Law Chi-kwong, said, “A harmonious employer-employee relation is key to Hong Kong’s economic development. The Good MPF Employers Award not only gives recognition to the good employers but also promotes positive energy in the community. The MPF is an important pillar in Hong Kong’s multi-pillar retirement system. The Government will work closely with the MPFA to improve the MPF schemes under our continuous effort to enhance our retirement system.”
MPFA Managing Director Mrs Diana Chan said that the majority of employers complied with the law, but there was a small proportion who defaulted on contributions, sometimes unintentionally. She said, “If employers find that they are late with their contributions, they should contact their trustee immediately and arrange the payment and surcharge with the trustee. The employers should not wait until the MPFA issues a surcharge notice to rectify the situation.” She stressed that all surcharges received would be fully credited to the accounts of the employees concerned.
The Good MPF Employer Award is an annual programme, which seeks to promote and foster employer compliance with MPF legislation, encourage employers to provide better retirement benefits for their employees, and recognize employers who are exemplary in enhancing the retirement benefits of their employees. According to the MPFA’s latest figures, about 16,000 employers made more than $8 billion in MPF voluntary contributions for nearly 300,000 employees last year.
The awarded organizations come from a wide range of industries, including finance, construction, transport and catering, and are estimated to employ over 160,000 employees overall. The Good MPF Employers 2016-17 are listed on the MPFA website.
To enhance employers’ understanding of their MPF obligations, the MPFA has revised the Employers’ Handbook on MPF Obligations, adding a chapter on some common misconceptions about making contributions and reminding employers of the areas they should pay particular attention to when making contributions and submitting remittance statements. Employers can also find detailed information about other MPF-related matters in the handbook, from establishing a new company and employing staff to termination of employment.
Secretary for Labour and Welfare Dr Law Chi-kwong and Chairman of the Mandatory Provident Fund Schemes Authority Dr David Wong with guests and representatives of organizations awarded the Good MPF Award 2016-17.
－Ends－
