The Limited Times

Now you can see non-English news...

Labor Day | MPF breaks record and swept away 6.7 billion labor sector in a single year: cancel the hedge and see the government's determination

2022-05-01T00:48:06.822Z


In addition to wanting reasonable wages and working hours on the May 1st Labor Day, grassroots wage earners are also concerned about retirement security after a lifetime of hard work. MPF is an important pillar of the retirement life of Hong Kong employees. "Hong Kong 01" has reviewed the


In addition to wanting reasonable wages and working hours on the May 1st Labor Day, grassroots wage earners are also concerned about retirement security after a lifetime of hard work.

MPF is an important pillar of the retirement life of employees in Hong Kong. "Hong Kong 01" reviewed the MPFA reports since records began, but found that the amount of wage earners "washed away" every year is increasing, and in 2021, it will break a record and be washed away. 6.66 billion yuan, an increase of 42.6% compared with 2019 before the epidemic.


Although the government expects to officially abolish MPF hedging at the earliest in 2025, some business representatives and legislators have recently proposed to suspend the amendment to the abolition of hedging, which may lead to a resurgence of undercurrents.

A representative of the labor sector said that the government has the determination and will to implement the most important abolition of MPF hedging, and admitted that the system has already washed away more than 50 billion yuan. Change is not easy, and the timing is not good, causing the government to contend for responsibility, calling on the only candidate for the chief executive election, Li Jiachao, to express his position on the cancellation of the hedging issue, so as to reassure people from all walks of life.


▼On April 30, many trade unions went to the government headquarters to petition on the eve of Labor Day▼


+15

Labor Day | Regulation of working hours, no shadow, chefs work 11 hours day after day: all the fun in life is not on Labor Day | Painters become unemployed and have no security cards. |Average fine of $20,974 for fatal work-related injury tickets Trade Union: How much is a human life worth?

The epidemic washed away 12.39 billion in two years, an increase of 36.6% compared with the two years before the epidemic

The mechanism by which MPF is used to offset severance payment and long service payment (commonly known as hedging mechanism) has always been criticized, and various industries have also been hit by the new crown epidemic. Many companies have closed down or laid off employees. The amount of gold hedging was as high as 6.66 billion yuan, a record high.

Since the outbreak of the epidemic for two years, the hedged MPF contributions have reached about 12.39 billion yuan, an increase of 36.6% from the total of 9.07 billion yuan in 2018 and 2019.

Last year, the amount of MPF hedging for wage earners reached a record high of $6.66 billion.

(file picture)

In 2021, a record-breaking single year will wash away 6.7 billion wholesale, retail, and catering industries.

The MPFA responded to the enquiry of "Hong Kong 01" and indicated that the industries with the largest number of hedges last year were "wholesale/retail/import and export trade", with 9,400 cases, accounting for 18.1% of the total; followed by "catering industry" with 5,800 cases, accounting for the overall The construction industry and the transportation industry ranked third and fourth with 4,900 and 4,400 cases respectively.

▼On April 25, the government announced the details of the "2022 Employment Support" plan▼


+13

Since the establishment of the MPF, more than 50 billion yuan has been washed away. The labor sector describes it as not just a labor rights issue

Tang Jiabiao, a member of the Legislative Council of the Federation of Trade Unions, said that since the implementation of the MPF, the retirement protection of wage earners has been washed away by more than 50 billion yuan. For such a difficult issue, when there is a plan and consensus, it is not just a matter of labor rights. If there is any further delay, the public will doubt the determination of the Government to reform social problems.

Tang Jiabiao pointed out that if there is another delay this time, the public will doubt the determination of the government to reform social problems.

(file picture)

Teng Jiabiao of the Federation of Trade Unions: Citizens will doubt the government's determination to reform if the hedging is cancelled and the delay is delayed

He also pointed out that the MPF is a retirement protection, and failure to remove the hedging will also shake the public's confidence in improving elderly care and old age. , will be implemented in 2025. If the business community has any questions about the details, it can be discussed later.

Cancellation of hedging political debate scholar Ji Li Jiachao can be finalized

Auyang Tachu, assistant professor of the Department of Sociology and Social Policy of Lingnan University, pointed out that the cancellation of MPF hedging is very complicated. It is estimated that this incident is a traditional "export" practice by the business community. It is important to stress that it is not easy to change the system, and it is a political struggle, so the government has to bear it, but "the timing is not right". The current market situation is still poor, which makes it easy for the business community to worry, and there is a greater reason to throw more responsibilities on the government.

Ouyang Dachu pointed out that it is not easy to change the system, and the government must undertake it.

(file picture)

He continued to point out that in terms of past practices, "it's hard to overthrow the policy to a certain point, but it may slow down the progress", and with momentum, the new government seems to be "doing more" on people's livelihood issues. However, we haven't heard the chief executive candidate Li Jiachao make a clear statement on the issue. It is expected that if there is a finalized attitude, it will reassure people from all walks of life.

Cancellation of MPF Hedging|Survey Says Half of the Respondents Don’t Know the Government’s Subsidy of 33.2 Billion to Deny Annuities Exhausted Annuity and Longevity Suspension, Outside Worries Caused a Wave of Firing Luo Zhiguang: Cancellation of MPF Hedging New plan helps remove MPF hedging, calls on government to take the lead in increasing labor

Source: hk1

All news articles on 2022-05-01

You may like

News/Politics 2024-01-29T09:49:16.881Z

Trends 24h

News/Politics 2024-03-27T16:45:54.081Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.