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Gov't firm on cutting offset system

June 16, 2017

The Government is determined to abolish the “offsetting” of severance payments or long service payments with Mandatory Provident Fund contributions.


Chief Secretary Matthew Cheung made the statement to the media today, saying the Government has political courage and resolve to tackle the MPF issue.


He said the Government has earmarked $7.9 million to help employers in the 10 years after the abolition is implemented.


"We are not shying away from the problem at all. We are still working on a solution to the problem and hope in the next fortnight to come up with a viable option which we can implement permanently."