MPF

In view of preparing for a secure future after retirement for Hong Kongers, the authority has implemented a compulsory retirement scheme known as the Mandatory Provident Fund (MPF) starting from December 1. It requires both employers and employees to contribute 5 per cent of a worker¡¦s monthly salary to the MPF, while failure to do so will be liable for prosecution. Despite the good nature of the scheme, the sign-up rate remains low even though the deadline draws close. This is because many accuse...