Employers’ Federation of Hong Kong welcomes the new proposal in addressing the MPF offsetting arrangement announced in today’s (10 Oct) Policy Address, which lays a good foundation for practical discussion among key stakeholders. “It is the community’s consensus to settle the issue of the MPF offsetting arrangement. The proposal in the policy address goes a long way in helping employers to mitigate the inevitable financial implication on employers, particularly SMEs. We are sure that the government’s enhanced commitment will pave the way to a good outcome and resolution of the subject.” Dr Y K Pang, the Federation’s Chairman said. “This improved commitment is particularly crucial to SMEs, as huge financial burden would otherwise be incurred, especially in the first few years when there is only limited funds in the designated saving account.” Mr Louis Pong, the Federation’s CEO added. “The 25-year support mechanism will help many businesses better prepare for this change.” “There are still many operational details to be deliberated, and we look forward to working closely with all other stakeholders to bring the issue to a conclusion in the coming months.” Dr Pang concluded.

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