Following is the transcript of remarks by the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, on the offsetting arrangement of the Mandatory Provident Fund (MPF) at a media session after the presentation ceremony for the Good MPF Employer Award today (October 4):

Reporter: Does the Government have a concrete timetable?

Secretary for Labour and Welfare: We will certainly do our best before the end of our term, hopefully to come up with policy direction on the way forward on the question of offsetting which of course, in the long term, would undermine the role of MPF as a retirement protection pillar in Hong Kong. We are committed on that score to coming up with variable options which will balance the interest of employees on one hand and, at the same time, the affordability of employers on the other. Particularly given the fact that there are many SMEs (small and medium enterprises) in Hong Kong, we've got to be mindful of this reality in Hong Kong. In other words, we need to strike a balance between the interest of employees on one hand and the affordability of employers on the other. Viability of the options is very important.
 
(Please also refer to the Chinese portion of the transcript.)

Ends/Tuesday, October 4, 2016
Issued at HKT 18:17

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