Four-Fifths of HK Workforce Covered by Retirement SchemesFour out of five of people in the Hong Kong workforce are enjoying retirement schemes, said Charles Lee Yeh-kwong, chairman of the Mandatory Provident Fund (MPF) Authority of Hong Kong Thursday, December 7."With the implementation of the MPF, about 2,556,000 employees, representing 80 percent of the entire workforce, are now covered by some form of retirement schemes," Lee said. The MPF, a new retirement scheme of Hong Kong that went into operation on December 1, requires employees to contribute 5 percent of their monthly salaries and their employers the same amount. All contributions will be entrusted to privately managed trustees approved by the MPF Authority for administration and investment. |
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