Chief Executive Donald Tsang said on 13 January 2011 that MPF has run only 10 years; it needs 20 more years of full operation before it can truly deliver retirement protection, urging society to be patient with the system.
What about today’s retirees?
They can apply for CSSA. Tsang said some current retirees can’t rely on MPF for long-term support yet; those unable to live with dignity can seek Comprehensive Social Security Assistance.
Will the offsetting arrangement be scrapped?
For the Labour Advisory Board to discuss. On whether to abolish using employer MPF contributions to offset severance/long-service payments, Tsang said it could be discussed at the Labour Advisory Board, stressing social harmony needs both labour and employers to cooperate.
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