MPF under threat

Once again, anti-MPF interests are agitating to suspend contributions, threatening consolidation among providers.

The economic mayhem caused by the outbreak of the severe acute respiratory syndrome Sars virus is prompting opponents of Hong Kong's Mandatory Provident Fund MPF scheme to pressure the government to trim or suspend contributions.

The Hong Kong Retirement Schemes Association HKRSA yesterday penned a letter to Hong Kong's chief executive, Tung Chee-wha, urging the government not to tamper with MPF.

This is the second time since MPF's launch in January 2001 that it has come under threat of being shut down. The terrorist attacks of September 11, 2001 worsened a global economy, hurting local small businesses. Tung did not endorse efforts to curb contributions, but significantly, he left...

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