HK confirms scrapping of MPF offset mechanism

Hong Kong will finally put an end to a mechanism that allows companies to use their employees’ retirement savings for long-service and severance payments – a move expected to both expand the pool of pension money available to fund managers and encourage them to improve their offerings. Carrie Lam The territory's chief executive, Carrie Lam, made the hoped-for announcement about the contentious scheme under the Mandatory Provident Fund (MPF) system in her 2018 policy addres…