The General Assembly of the Legislative Council will be resumed today (22nd), one week before the end of the current session.
The General Assembly took the lead in deliberating the "Mandatory Provident Fund Scheme (Amendment) Bill 2021" for the establishment of the "MPF Easy" electronic platform. After discussing it for about two hours, it raised its hands and passed the third reading.
The meeting also passed a motion to amend the "Rules of Procedure" proposed by Chairman Xie Weijun of the Rules of Procedure Committee, which will set up a fine mechanism for members who are absent during the meeting, and allow members to choose whether to join the internal meeting and the financial account. At the same time, the number of members shall not be less than 50. people.
[12:11] The "Financial Reporting Council (Amendment) Bill 2021" was supported by more than half of the Members present and passed the third reading.
[11:00] The meeting resumed the second reading of the "Financial Reporting Council (Amendment) Bill 2021". The Chairman of the Bills Committee Zhang Guojun reported that the amendment was intended to transfer the existing regulatory powers of the Hong Kong Institute of Certified Public Accountants to the FRC. It will be renamed "Accounting and Financial Reporting Bureau", that is, the Bureau of Accounting and Finance.
The new empowerment includes the issuance of practising certificates for accountants; and the registration of auditors of accounting firms, practicing corporations and local public interest entities; and the expansion of the bureau’s search, investigation and discipline of local public interest entity auditors Punishment powers to cover accountants and practice units.
[11:00] The "Mandatory Provident Fund Scheme (Amendment) Bill 2021" entered the third reading process and passed by a show of hands.
[10:30] The Secretary for Financial Services and the Treasury, Xu Zhengyu, said that of the current total assets of more than 1 trillion yuan in MPF, 35%, or about 440 billion yuan, is a net return after deducting fees, an annualized return of 4.8% .
He called for the citizens to have more choices, and the authorities hope to introduce national debt and policy bank bonds.
Regarding Lu Songxiong’s proposal to establish a capital-guaranteed and inflation-linked fund, Xu Zhengyu said that he is open to the relevant direction. The first task at present is to build the "MPF Easy" platform and unify the MPF system that was originally scattered among more than a dozen trustees. .
[09:40] Chen Jianbo in the insurance industry believes that society lacks understanding of MPF, which has caused a lot of grievances.
He explained that as of the end of June, the annualized net return of the MPF was 5.1%, far exceeding the inflation during the same period. He criticized the MPFA for failing to promote and educate the public to choose suitable funds.
Xie Weiquan from the construction, testing and planning industry said that the government previously disclosed that the study encourages the public to buy annuities from MPFs. The intention is good, but the argument is vague, and it has been distorted to force the public to buy them. The explanation is still unsatisfactory.
He hopes that as "eMPF" is put into operation, the government and the MPFA will strengthen publicity.
[09:00] The "Mandatory Provident Fund Scheme (Amendment) Bill 2021" resumed its second reading. The Chairman of the Bills Committee Huang Dingguang made a report, introducing the amendment aimed at establishing the "EMPF" platform. The government, the MPFA, and the platform The operator has set a timetable for the transfer of the MPF accounts managed by the trustee in batches starting in 2023, and it will be completed in 2025 at the earliest.
Huang Dingguang pointed out that members are concerned about whether the digital utilization rate can reach 90% within five years, and whether the administrative fee can be reduced by 30% is achievable, and whether other costs will be reduced.
The government responded that the operator must meet the relevant requirements, otherwise it will have to bear contract compensation.
Huang Qi later spoke on behalf of an individual, saying that even if the average MPF fee is reduced to 1.44%, the total annual fee is still 17.5 billion yuan, which is a huge burden on employees and employers. He hopes that the establishment of the "MPF Easy" platform will help reduce administration We hope that the MPFA will further study to increase returns.
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