Budget Speech

Abolishing the Arrangement for "Offsetting" Severance Payment or Long Service Payment against MPF Contributions

183.    To effect the abolition of the MPF "offsetting" arrangement, the Government is striving to put forth as soon as possible a proposal which is more acceptable to both employers and employees and will consult major stakeholders.  The Government has clearly indicated its willingness to increase its financial commitment, and I will set aside $15 billion for these measures.



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