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Self employed people were today (September 28) reminded to enrol in the Mandatory Provident Fund (MPF) Scheme without delay as the system will take effect in two months' time.

MPF Authority Senior Manager (Members Protection), Mr William Kwan, issued the reminder after noting that some of the people under this category were still waiting for action.

People such as doctors, lawyers, accountants, taxi and minibus drivers, and family teachers fall into this group.

"An early enrolment will help minimise inconveniences for them and the trustees in the processing procedures to ensure they can prepare for the deadline - December 1, comfortably," he advised.

He told self employed people that the MPF system, which is first introduced in Hong Kong, was designed to provide the workforce with better retirement protection.

"Its implementation is governed by law and penalties will be imposed for non-compliance," he warned.

A self-employed person who fails to enrol himself in an MPF scheme or fails to make mandatory contributions, is liable to a fine of $50,000 and imprisonment of six months on first conviction.

"The scheme has already received strong support and assistance from trade associations, labour unions, the District Councils, community leaders, the MPF industry, and many others," Mr Kwan said.

He told self-employed people to consider carefully various factors when selecting the most suitable investment product, such as their age, personal financial condition and level of risk tolerance.

Meanwhile, MPFA staff, with the help of the Motor Transport Workers General Union, today visited mini bus and taxi drivers near the Shau Kei Wan tram terminus to explain details of the MPF scheme and call for their early registration.

Staff of the Union also help distribute explanatory booklets to these drivers at a number of locations in Kowloon and the New Territories.

Coupled with this, the MPFA is stepping up its public education and publicity campaign through various channels to "push" eligible employers, employees and self-employed people to enrol in the scheme as soon as possible.

– Ends –

28 September 2000