How Did the Professional Commons Respond to the Contribution Review?

What did the think tank say in May 2011?

The Professional Commons responded to the MPF contribution review, warning its scope was too narrow — just the minimum/maximum income levels; finance chief KC Chan promised disclosure and age-65 withdrawal rules would be covered, but it wasn’t enough. Over 80% of yearly complaints were employer defaults; by February 2011, 245 employers had been convicted for defaults — five times 2006/07–2007/08 levels — yet average fines stayed at HK$3,000 with no jail terms: tougher maximums alone couldn’t deter. It urged heavier per-count fines, even fraud-level penalties for docking pay without contributing.

What about offsetting?

Using MPF to offset severance and long-service payments gutted retirement protection and betrayed the system’s purpose — it should be abolished.

What’s the lesson for workers?

Reviews continue — manage your own account at MPF fund comparison.