Dr Law Chi-kwong
Secretary for Labour and Welfare
Same as many other countries around the world, Hong Kong is facing the challenge of aging population. The Government strives to strengthen retirement protection from various aspects, of which the MPF System has been playing an essential role.
Hong Kong adopts the multi-pillar pension system advocated by the World Bank. It underlines the principle of shared responsibility among individuals, families, employers and Government.
The MPF System was established 20 years ago, it is one of the important pillars, its function should be worthy of recognition. To establish a comprehensive and sustainable retirement protection system, the HKSAR Government is striving to enhance each pillar, including the implementation of Old Age Living Allowance and public annuity, and is working on the abolition of “MPF offsetting” at full throttle. So as to strengthen the complementary function between the MPF and other pillars, allowing the MPF System to optimize its function of retirement protection.