MPF Offsetting Abolished from 2025

[shri]

The amendment was passed.

The Legislative Council on Thursday voted 72-5 to approve the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill that will abolish the so-called offsetting mechanism under the Mandatory Provident Fund (MPF), ending a decade-long debate between employers and workers’ unions over the issue.

Excluding the Legco president who does not vote on motions unless in exceptional cases, twelve out of the 90 lawmakers had abstained from casting their ballots.

The cost to the govt in the form of subsidies offered to employers to cover their "costs" - about HK$ 33B at current prices over a period of 25 years.

SCMP: https://www.scmp.com/news/hong-kong/...our-bill-scrap

Govt Press Release: https://www.info.gov.hk/gia/general/...2060900383.htm

[East_coast]

Well Done HK Gov

And thank you HK tax payers for paying for this scheme.

[GentleGeorge]

Well Done HK Gov

And thank you HK tax payers for paying for this scheme.

It's not like we are paying for much else

Not funding foreign illegal wars at least, that was what drove me out of London in the end, blood for oil.

[ndt]

This basically changes nothing...
Current arrangement:- Employers pay LSP/SP to employee and take it out from another pocket (aka MPF)
New arrangement:- Employers will pay LSP/SP to employee and take it out from another pocket (Tax Payer's money)

HK Administration at its best, I am pretty confident in their ability of numbers projections and budgeting, numbers usually come out of rear-side, wouldn't be surprised if it turns out $33B was not enough for 25 years, need more after 10 years and wouldn't be surprised either if Govt blatantly decides to introduce new tax/increase current tax to cover the shortfall and laugh in mere mortals face, 'You suckers!! nothing is changed, you are still paying yourself LSP/SP'..

[East_coast]

This basically changes nothing...
Current arrangement:- Employers pay LSP/SP to employee and take it out from another pocket (aka MPF)
New arrangement:- Employers will pay LSP/SP to employee and take it out from another pocket (Tax Payer's money)

HK Administration at its best, I am pretty confident in their ability of numbers projections and budgeting, numbers usually come out of rear-side, wouldn't be surprised if it turns out $33B was not enough for 25 years, need more after 10 years and wouldn't be surprised either if Govt blatantly decides to introduce new tax/increase current tax to cover the shortfall and laugh in mere mortals face, 'You suckers!! nothing is changed, you are still paying yourself LSP/SP'..

Ms Lam has significantly increased government recurrent spending to make HK better for...

[East_coast]

It's not like we are paying for much else

Not funding foreign illegal wars at least, that was what drove me out of London in the end, blood for oil.

Where are you now?

https://www.longdom.org/open-access/...61-1000189.pdf

https://www.scmp.com/news/china/dipl...nd-gas-vessels