The Mandatory Provident Fund Schemes Authority, MPFA, has published a press statement to commend on the announcement of an effective date of the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022. The Ordinance will no longer permit employers to use accrued benefits under the Mandatory Provident Fund scheme resulting from mandatory contributions to offset severance payments (SP) / long service payments (LSP) under the Employment Ordinance, a practice called „offsetting arrangement“. Voluntary contributions to the MPF remain unaffected from this legislation.
The effective date is set to be May 1, 2025.
Other Features
MPF
pension funds
restrictions
Date Published: 2023-04-28
Date Taking Effect: 2025-05-01
Regulatory Framework: Employment Ordinance, Occupational Retirement Schemes Ordinance, Mandatory Provident Fund Schemes Ordinance
Regulatory Type: information
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