17.
In the light of this amendment, which I shall be moving later on, I must stress once again that I cannot see any reason whatsoever for the additional requirements for approval proposed by some Members, about which I spoke earlier.
Schedules
Some Members have expressed concern that the exemptions in Schedule 1 Part I as drafted exempt those persons listed from all provisions of the MPF under all circumstances. This is not our intention, and we shall be amending as necessary to reflect the fact that the persons described are only exempt in respect of relevant income derived from employment which is the subject of these provisions.
Conclusion
Mr President, some Members have called this Bill hollow, and have claimed that it is without substance. I must disagree. Even though the Bill is enabling, and although it is our intention to provide the details in the subsidiary legislation that will be the focus of wide public consultation in the months to come, the Bill itself is far from empty. On the contrary, it provides a sound framework on which we can continue to build. It provides for the establishment of the Mandatory Provident Fund Schemes Authority. It provides for a Compensation Fund, and the basis for a Residual Provident Fund Scheme. Employers, employees and the self-employed will know what their obligations are. It is already clear who will be covered by the MPF, and who will be exempt. Mr President, the workforce of Hong Kong deserves the certainty of financial security upon retirement. Enactment of this Bill will give to the workforce what they have been seeking for so long, and so richly deserve.
With these remarks, Mr President, I commend the Bill to Members.
End/Thursday, July 27, 1995