Universal pension system in Hong Kong faces hurdles

Article Abstract:

The Hong Kong government announced its plan for a universal pension system under the Mandatory Provident Fund in Mar, 1999. It was predicted that this pension system, which will be funded by a 5% cut in each employee's salary, will cover three million workers who have no compulsory retirement system by the end of the year 2000. Pension experts, however, believe that the actual market for this will contract primarily because of non-compliance and unemployment.

Government domestic functions, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, Pension Fund Coverage & Benefits, Pensions, Employee benefits

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Preparing a retirement plan: but timetable on HOng Kong's MPF is unclear

Article Abstract:

Hong Kong is about to implement the Mandatory Provident Fund Authority program which provides a retirement plan for the city's employees. The plan involves tax-deductible contributions to a pension plan which will be invested in MPF-approved mutual plans. Upon reaching 65 years old, workers can withdraw a tax-free lump sum if they retire. The Mandatory Provident Fund Authority plans a start date for contributions in 1999.

Government regulation (cont), Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Retirement Benefits, Planning, Insurance industry, Compensation and benefits

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