Following is the transcript of remarks by the Secretary for Labour and Welfare, Mr Stephen Sui, on the progressive abolition of "offsetting" arrangement under the Mandatory Provident Fund (MPF) System after attending a radio programme this morning (June 26):

Reporter: Just now you are saying that this proposal, you have been consulting people, there has been lots of preparation and assessment, then why exactly is there still so much opposition from both the business sector and unionists?

Secretary for Labour and Welfare: I think, as you know, both the employers' and employees' sides of course have their stances or their positions. For the government, we consider that it’s a finely balanced tripartite solution in which employers, employees and the government have to contribute more or make some concessions. The proposal we put forward actually is a finely balanced one. I think after over a few months of consultation and discussion, we still find that our proposal is the most optimal one. I think in the process, we find that both the employers' and employees' sides have been drawing closer despite that they have different positions. They have agreed to come together to discuss the specific proposals and I also note that even the employers' side has agreed to pay more. I think all these developments, or I would say that it is an interim achievement, would help the next term government to take forward the issue more quickly and easily.

(Please also refer to the Chinese portion of the transcript.)

Ends/Monday, June 26, 2017
Issued at HKT 13:26

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