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Abolition of MPF Offsetting Arrangement

Abolition of MPF Offsetting Arrangement

The Government has announced that the abolition of offsetting arrangement will be implemented on 1 May 2025. The Secretary for Labour and Welfare will publish the commencement date of the abolition (i.e. the transition date) in the Gazette.

The abolition of
MPF offsetting arrangement
The abolition of MPF offsetting arrangement
The abolition has no retrospective effect
The abolition has no retrospective effect
Calculation of severance payment (SP)/ long service payment (LSP)
Calculation of severance payment (SP)/ long service payment (LSP)
Employers should not dismiss employees before the transition date
Employers should not dismiss employees before the transition date
The abolition arrangement for occupational retirement schemes
The abolition arrangement for occupational retirement schemes
Application of the abolition
Application of the abolition
Keeping wage records of employees
Keeping wage records of employees
The abolition of MPF offsetting arrangement
The abolition of MPF offsetting arrangement
The abolition has no retrospective effect
The abolition has no retrospective effect
Calculation of severance payment (SP)/ long service payment (LSP)
Calculation of severance payment (SP)/ long service payment (LSP)
Shortfall in aggregate benefits will be made up by the Government
Shortfall in aggregate benefits will be made up by the Government
The abolition arrangement for occupational retirement schemes
The abolition arrangement for occupational retirement schemes
Application of the abolition
Application of the abolition