1 July 1997: a new beginning for Hong Kong retirement benefits?
Article Abstract:
Hong Kong plans to implement a new retirement system after the scheduled handover of the British colony to China on July 1, 1997. Hong Kong plans to develop the Mandatory Provident Fund system (MPF), which will allow private sector investments under the government supervision. The MPF system will require every employer in Hong Kong to establish a retirement fund complying with with MPF provisions. The system will require a 5% defined contribution from both employees and employers' salaries and will allow employees to enjoy the benefits until retirement after 60.
Publication Name: Benefits & Compensation International
Subject: Human resources and labor relations
ISSN: 0268-764X
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
FAS 87 and FAS 88 for foreign plans - a retrospective on corporate compliance
Article Abstract:
The impact of the US Financial Accounting Standards Board's policy statement numbers 87 and 88 on companies' financial reporting procedures is discussed. Of specific concern is the effect on pension accounting of firms with foreign benefit plans. FAS 87 establishes guidelines for calculating annual pension expense and financial statement disclosures while FAS 88 sets special accounting treatment for extraordinary events such as plant closures and annuity purchases.
Publication Name: Benefits & Compensation International
Subject: Human resources and labor relations
ISSN: 0268-764X
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Retirement: financing retirement plans. Retirement profile
- Abstracts: When training is a charitable act. Training for a different management style
- Abstracts: Stress reduction tips to use in and out of the workplace. 14 telephone tips for Ernestine
- Abstracts: The human resource potential of Americans over 50. Human resource management innovations: determinants of their adoption and implementation
- Abstracts: New employment standards needed as meaning of diploma changes