Category: Uncategorized

May 16 2023

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Big banks still operating in Hong Kong are playing a dangerous game

by News Desk

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The Chinese government has forced banks to deny Chinese emigrants access to their retirement savings. What Beijing will demand next is anybody’s guess.

May 15 2023

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Hong Kong rethinks proposed severance fund savings account for employers

by News Desk

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Labour minister Chris Sun says government has commissioned study into dropping proposal as current insolvency fund sufficient safety net for workers Administration fee for running designated accounts …

May 10 2023

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Hong Kongers fleeing China’s crackdown denied pension savings

by News Desk

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Under the rules of Hong Kong’s compulsory pension scheme, Chan, 40, would normally be entitled to withdraw his savings early as someone who has permanently departed the city.

May 05 2023

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Hong Kong to abolish ‘offset scheme’ for MPF

by News Desk

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Starting May 2025, employers in Hong Kong will no longer be allowed to use their employees’ pension funds to cover severance (SP) and long-service payments (LSP), according to Chief Executive...

May 03 2023

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Hong Kong to officially end MPF offsetting mechanism in May 2025

by News Desk

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The move comes almost a year after the city’s Legislative Council passed a law last year to scrap the so-called offsetting mechanism. Hong Kong Chief Executive John Lee announced late...

May 02 2023

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Hong Kong unions blast ‘late’ scrapping of MPF mechanism as employers call for more subsidies to help cover extra costs

by News Desk

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Large gap’ between introduction of bill and May 2025 implementation date, says Jenny Tam of Federation of Hong Kong and Kowloon Labour Unions Legislator Peter Shiu, of the pro-business Liberal...

May 02 2023

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Hong Kong workers still left to hope for fair deal as Labour Day passes

by News Desk

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Despite some good news, too many people continue to struggle to survive or achieve a better standard of living in increasingly expensive Hong Kong Hongkongers marked the first post-Covid Labour...

May 02 2023

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May Day: World’s workers rally, France sees pension anger

by News Desk

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People squeezed by inflation and demanding economic justice took to streets across Asia, Europe and the Americas on Monday to mark May Day, in an outpouring of worker discontent not...

Apr 29 2023

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MPF offsetting mechanism to be abolished in two years

by News Desk

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Chief Executive John Lee on Friday announced that the Mandatory Provident Fund (MPF) offsetting mechanism will be abolished on May 1, 2025, stopping …

Apr 29 2023

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Labour bill stopping Hong Kong bosses from raiding MPF funds to come into force in May, 2025, city leader reveals

by News Desk

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Chief Executive John Lee Ka-chiu on Friday revealed that the bill, which abolishes the so-called offsetting mechanism under the Mandatory Provident Fund (MPF), would come into force on Labour Day...