MPF Conversion Annuity︱Luo Zhiguang: It is impossible to force the change depending on social views in the future

Today (27th) is the last meeting of the current Legislative Council. After the Pakatan Harapan Legislative Council Member Wu Yongjia asked about the retirement protection system in the last verbal question today (27th).

Later, many Members once again expressed concern about the government's "encouragement" of employees to convert their MPF into a public annuity after retirement, especially whether it is a compulsory measure.

The Secretary for Labour and Welfare Law Chi-kwong has repeatedly reiterated that due to the low level of social acceptance, compulsory conversion of MPF to annuity is not currently considered by the government.

However, he also left a tail: "If society changes its views in the future, the government can consider re-examining its position."

In an interview with Luo Zhiguang a few days ago, he mentioned that the government is studying how to cooperate with public annuities after the cancellation of MPF hedging, including automatic or even mandatory conversion of MPF to annuity, which caused a strong backlash in the labor sector.

Chief Executive Carrie Lam Cheng Yuet-ngor later sent reassurances and said that it would not be enforced.

Lin Jianfeng: The transfer of annuity was used to incite panic

Wu Yongjia asked in the Legislative Council today whether the government will step up publicity to make the public better understand the concept and advantages of this measure, and prepare for the implementation of the conversion of MPF assets into annuities.

At the meeting, many parliamentarians also expressed concern about related issues.

As mentioned by Pakatan Harapan Lin Jianfeng, there have been "a lot of people discussing the issue of how to convert MPF into an annuity" recently. "Some people with ulterior motives have incited some panic situations." I asked the government if it could "put the truth" here. Tell everyone how to implement it.

Luo Zhiguang reiterated that the policy address has mentioned that it will "as far as possible to encourage" employees to convert their MPF into a stable income annuity.

The issue of "enforcement" is just that someone has said so during the process of discussing policies, but he stated that this suggestion "is unlikely to happen, and Hong Kong people cannot accept it. Enforcement is not an option."

Luo Zhiguang: "Mandatory" non-option is only raised during the discussion process

The New Democrat Party Chairman Ye Liu Shuyi asked that the MPF itself is a compulsory element, and it was controversial at the beginning of its implementation. "Why is it mandatory before the reunification, but now it can’t be done?" Luo Zhiguang clarified that all that can’t be done is " The option of “mandatory conversion of MPF into an annuity” is “for the time being, we cannot see that the society will accept this plan, so this possibility will not be considered”.

The independent establishment, Xie Weijun, finally spoke, pointing out that the public may not trust the government at the moment, and how it is reassuring.

Luo Zhiguang once again reiterated that "There are many things in Hong Kong that are compulsory, but this matter (mandatory annuity conversion) is currently very low in the society. Any government policy must consider social acceptability", so it is not under consideration by the government. .

However, he finally left his tail, stating that "Of course, if society changes its views in the future, the government can consider re-examining its position."

Luo Zhiguang: Guangdong and Fujian plan no further expansion

Luo Zhiguang also pointed out that the government has plans to cancel MPF hedging when the "eMPF" electronic platform is fully operational in 2025, and set a 25-year subsidy period. Without increasing the burden on the government, it will focus more on supporting small and medium-sized enterprises. Micro-enterprise.

Regarding the issue of public annuities, he pointed out that the government has been actively promoting the benefits of lifetime annuities to target groups and has launched premium discounts in the middle of this year.

As for Wu Yongjia, when asked if there are any plans to extend the Guangdong plan for Hong Kong people to retire in the Mainland and the Fujian plan to other provinces and cities, Luo Zhiguang stated that there is no plan.

The Legislative Council approved the establishment of the "MPF Easy" platform. Members hope that MPF fees will continue to be reduced. Mandatory Provident Fund Conversion Annuity Scheme Luo Zhiguang teaches the elderly how to use their annuities to increase longevity Policy Address for Special Account Savings with Time︱ MPF Transfer Annuity Listeners Feel "Cheated"

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