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The following is issued on behalf of the Mandatory Provident Fund Schemes Authority:
The Mandatory Provident Fund Schemes Authority (MPFA) announced today (November 26) that, after a tendering exercise, it has registered the Bank Consortium Industry Plan and the BEA (MPF) Industry Scheme as the MPF's industry schemes for another ten years. The new registration period will start on December 1, 2010.
The industry schemes are set up for the construction and catering industries as the two industries have a high labour mobility with many casual employees - workers who are employed on a day-to-day basis or for a fixed period of less than 60 days. As at September 30, 2010, the two schemes had 515,000 registered accounts.
Under the schemes, casual employees can open accounts with both industry schemes in advance. If their employers have registered with one of the industry schemes, the employees can simply provide their employers with details of their industry scheme accounts once after joining the company, saving the effort of enrolling in a scheme. On the employers' side, if they choose to make contributions for their employees on the next working day following the pay-day, they have to provide trustees only with information about the contributions they have made and not remittance statements. The employers also do not have to provide the employees with records of contributions.
Over the years, MPFA has worked closely with labour groups to promote the industry schemes and to encourage the employers and employees in the two industries to enrol in the schemes, jointly paying visits to construction sites and restaurants
Today, MPFA Executive Director (Corporate Services), Mr Thomas Yiu, and Chairman of the Hong Kong Construction Industry Employees' General Unions, Mr Chow Luen-kiu, visited a construction site in Kowloon to promote the industry schemes and to remind workers of their MPF rights. During the visit, leaflets on the schemes and souvenirs were distributed. Earlier this week, MPF Industry Schemes Committee member, Mr Chan Sam-choi, and representatives of the Construction Site Staff Association joined the MPFA on a visit to two construction sites to raise workers' awareness of the schemes and call on them to pay more attention to their MPF investments.
Meanwhile, the MPFA and representatives of the Eating Establishment Employees General Union and The Federation of Hong Kong Food & Beverage Industries Trade Unions will visit restaurants in Yuen Long next month to promote the industry schemes and remind employers to enrol casual employees in the industry schemes and employees to closely look after their MPF investment portfolios.
Ends/Friday, November 26, 2010
Issued at HKT 18:44
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