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According to the Occupational Retirement Schemes Ordinance which was enacted on October 15, 1993, employers operating voluntary retirement schemes for their employees are required to register their schemes with the ORS Office within a two-year period. The registration deadline will expire on October 15.
Registrar of Occupational Retirement Schemes, Mrs Pamela Tan, called for employers to take immediate action and get prepared for registration.
She said: "Registering retirement scheme is good for employers and employees, and it is required by law. As the deadline is fast approaching and time is running out, registering retirement schemes should be one of the top priorities for employers.
"The application procedure is not complicated but employers may need time to prepare the required documents, such as a solicitor's statement and an auditor's statement in support of the application.
"In this respect, employers will have to co-ordinate closely with their scheme administrators, auditors and solicitors in the preparation of these documents. So act
now."
She continued: "Employers may be prosecuted and face penalty of up to $500,000 fine and two years imprisonment should they operate an unregistered scheme after October 15, 1995. The Office will not be extending the deadline."
In order to remind employers of timely scheme registration, the ORS Office is going to introduce a series of advertising programmes at the final stage promotion. A new television commercial will be screened next week highlighting the importance of immediate scheme registration.
In addition, the Office will also launch other marketing initiatives in the coming months, such as radio announcement of public interest, advertising campaign at Mass Transit railway stations and trains, and newly designed posters at high traffic locations to urge employers to take prompt actions.
The ORS Office also runs a 24-hour hotline 2867 4642 to answer public enquiries.
The Occupational Retirement Schemes Ordinance has been enacted since October 15, 1993. The purpose of the Ordinance is to set up a registration system ensuring that all private occupational retirement schemes are properly regulated and that retirement benefits will be paid when they fall due.