What Are the Loopholes in MPF Offsetting?

What was reported in 2011?

MPF’s offsetting mechanism lets employers use contributions to offset severance and long-service payments — HK$13.7 billion offset since July 2001, gutting workers’ retirement protection. Labour and think tanks demanded abolition, saying it betrayed MPF’s purpose; employer groups warned scrapping it would raise business costs.

What’s the lesson for workers?

Until offsetting ends, count your rights carefully when changing jobs or being laid off; manage your own account at MPF fund comparison.