What happened in May 2011?
On 26 May 2011, LegCo debated a universal retirement protection motion: several members urged the government to study it, criticising MPF’s inadequate cover. Supporters said low returns, high fees and offsetting ate into workers’ rights; opponents (echoing the Lion Rock Institute) said retirement was personal responsibility and government should help only the needy.
What was the outcome?
The motion was voted down; the universal-protection debate continued.
What’s the lesson for workers?
No government solution is settled — your own saving is the surest bet; see MPF fund comparison.
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