Further discussions and indecision over the Government’s proposal to scrap the offsetting of severance payments or long-service payments with Mandatory Provident Fund contributions will harm the welfare of over three-million employees in Hong Kong.
Chief Secretary Matthew Cheung made the warning to the media today, saying it will take three years for the plan to take effect as it must go through Legislative Council vetting and other processes before implementation.
Mr Cheung said the plan is practical as it balances employee interests and employer affordability.
The plan has been endorsed by the Executive Council and provides a good foundation for the next-term Government to take the matter forward, he added.