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The Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) today (September 7) selected three MPF schemes for the MPFA staff.

The Authority has invited all the 20 approved trustees to submit tenders and 15 of them have responded.

"We have set up a selection committee comprising staff representatives and non-executive directors. It has chosen three out of the 15 tenders received for the Board's consideration.

"We feel that selecting three schemes will provide more choices for our staff," said the MPFA Chairman, the Hon Charles Lee Yeh-kwong.

Mr Lee urged all employers and the self-employed to join MPF schemes as early as possible so that they would have sufficient time to get prepared for the implementation of the MPF System in December.

The Board has also approved three sets of guidelines designed to help service providers and employers in complying with the MPF requirements.

The latest guidelines seek to clarify the format of remittance statements, exemption criteria under the MPF legislation and MPF coverage on employees working outside Hong Kong.

The guidelines will be distributed to the MPF Schemes Advisory Committee members, the relevant regulatory bodies, government bureaux, trade associations and professional bodies, approved trustees and scheme sponsors. They will be also be uploaded on the website of the MPFA for easy access by the public.

At today's meeting, the Board also learnt that the MPF Industry Schemes Committee would hold its first meeting within this month to discuss the way forward.

– Ends –

7 September 2000