PJMACT
RESTRICTED
R.
-
CENTRAL PROVIDENT FUND
Matter for Hong Kong Government. Subject debated fully in the Legislative Council.
Hong Kong Government concluded after careful study that it should not set up Central Provident Fund or make private provident
funds compulsory.
Main reasons were :
Compulsory funds, particularly Central Provident Fund, would offer insufficient benefit to low paid workers and those not
in steady employment;
A compulsory accumulation of funds could have serious adverse
effect on economy;
Government would prefer to look at ways of improving social
security and improving long service payment scheme.
Hong Kong Government have decided to review the working
framework of provident funds and retirement schemes.
Review will examine practice elsewhere and propose regulatory
framework, subject to public discussion, in the near future.
CENTRAL PROVIDENT FUND
RESTRICTED