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Strategies & Market Trends : HONG KONG
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To: Julius Wong who wrote (1347)2/25/1998 7:52:00 AM
From: Julius Wong  Read Replies (1) of 2951
 
Dow Jones Newswires -- February 25, 1998

HK Legislature Moves Closer To Passage Of Pension Plan

AP-Dow Jones News Service

HONG KONG -- Hong Kong moved closer to implementation of a
mandatory pension scheme Wednesday, as provisional legislators
gave their approval to an amended bill.

The long-delayed Mandatory Provident Fund legislation passed in
its second reading in the Legislative Council and must undergo
one more reading before it can be signed into law.

Hong Kong legislators have been discussing and re-working pension
scheme proposals for a decade.

The MPF is eagerly awaited by fund managers in Hong Kong, who
expect to see billions of dollars in new business from the
scheme.

Under the MPF, employees of between 18 and 65 years old would
contribute 5.0% of their monthly salaries and employers would
match the contribution for investment in a pension fund.

Still to be determined is a timetable for the pension fund's
launch. HSBC Holdings PLC's pension fund unit said Wednesday it
hopes for a Jan. 1, 1999, launch.

The government hasn't said how it intends to regulate MPF
investment or what risk-management standards it wants to put in
place.

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