HK to Launch MPF as ScheduledChief Executive of the Hong Kong Special Administrative Region Tung Chee Hwa have appointed December 1, 2000 as the commencement date of the full operation of the Mandatory Provident Fund (MPF) System in the Executive Council.A Mandatory Provident Fund Schemes Ordinance (Commencement) Notice 2000 (the Commencement Notice) has been made to effect the commencement. The Commencement Notice. The notice is subject to the approval of the Legislative Council. A government spokesman said Thursday that the Commencement Notice will bring into operation all remaining provisions in the Mandatory Provident Fund Schemes Ordinance (MPFSO) which have not yet come into operation. This will enable the full implementation of the MPF System, and in particular, mandatory contributions will become payable, the spokesman added. In March last year, the public was informed the key stages of implementing the MPF System and that collection of MPF contributions would commence on December 1, 2000 subject to a review on the readiness of all parties concerned for the full implementation of the MPF System. The government and the Mandatory Provident Fund Schemes Authority (MPFA) have reviewed the readiness of the community, the industry and the MPFA. The conclusion is that all the parties concerned would be ready for the full implementation of the MPF System in December 2000, according to the spokesman. |
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