Category: Uncategorized

Jun 16 2022

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Govt To Verify CVS Eligibility List with MPFA, Inform Ineligible Pax

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Those leaving or intending to leave Hong Kong permanently are ineligible for the second phase of the Consumption Voucher Scheme (CVS) upon amendments. The Government shall verify with Mandatory …

Jun 15 2022

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Hong Kong Pension Pot Shrinks 11% on China Market Turmoil

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Live market coverage co-anchored from Hong Kong and New York. Overnight on Wall Street is daytime in Asia. Markets never sleep, and neither does Bloomberg. Track your investments 24 hours...

Jun 14 2022

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Hong Kong Update: Removal Of MPF Offsetting Arrangements On The Way.

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Removal Of MPF Offsetting Arrangements On The Way. Legal News and Analysis – Hong Kong – Labour & Employment – …

Jun 10 2022

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Hong Kong passes long-awaited labour bill to scrap MPF offsetting mechanism, protecting workers’ pensions

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Move ends decade-long debate between bosses and unions, preventing employers from dipping into staff pensions to cover severance and long-service payments.

Jun 10 2022

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Hong Kong stops firms dipping into pension funds for severance payments, after 20 year battle

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Hong Kong’s bosses will no longer be allowed to dip into a worker’s pension fund to make severance and long service payments after legislators voted to ban the practice, following...

Jun 10 2022

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Hong Kong Legco approves to abolish MPF offsetting arrangement

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The offsetting arrangement could be expected to be formally abolished in 2025. The government will provide a subsidy of HK$33.2bn for employers.

Jun 10 2022

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Hong Kong passes bill abolishing ‘offset’ scheme on MPF

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This resulted to weakened retirement protection offered to employees, according to the government, with the contributions to the MPF depleting because of the offsetting arrangemen …

Jun 09 2022

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What is the MPF offsetting mechanism and why are workers happy the Hong Kong government is set to finally scrap it?

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After decades of criticism, the government is finally axing the mechanism, which means more money going to employees, while bosses will initially be supported by subsidies.

Jun 09 2022

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British wealth manager SJP eyes China’s growing pension market, details retirement risk for Hong Kong’s ‘sandwiched generation’

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UK-based wealth-management company St James’s Place (SJP) is eyeing China’s pension market amid the nation’s development of a private-pension segment that is expected to draw US$17.8 billion a year …

Jun 09 2022

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Hong Kong lawmaker sings praises of scrapping MPF offsetting, as legislature prepares to vote

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Hong Kong’s legislature is set to vote on scrapping the controversial Mandatory Provident Fund (MPF) offsetting mechanism, which allows firms to pay severance from an employee’s pension fund, with a...