On May 5, former Hong Kong District Councillors and some Hongkongers in Britain organized a protest outside the HSBC in the UK, to object to the bank’s withholding of their MPF (Mandatory Provident Fund) savings. There are more than 140,000 Hongkongers migrated to the UK via British National (Overseas) (BNO) visa scheme since 2021, however,…
Former Hong Kong District Councillors Join Demonstration Outside HSBC in UK for Pensions Being Withheld
Hongkongers Leaving Under BNO Visa Scheme Have Their MPF Pension Withheld
In January 2021, the British government launched the BNO “Leave to Remain” visa scheme. Since then, more than 100,000 Hong Kong people have emigrated to the UK. Some British Hong Kong residents pointed out that they cannot withdraw their MPF (Mandatory Provident Fund) savings in Hong Kong, which has attracted much attention. Recently, some organizations…
Hongkongers Leaving Permanently Withdraw $269 Million From Mandatory Provident Fund
The Mandatory Provident Fund (MPF), is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. It was implemented in December 2000. Most employees between 18 and 64 and their employers are required to make monthly contributions to the mandatory provident fund scheme. Scheme members may withdraw their MPF before reaching age 65,…
Hong Kong to Facilitate MPF Investments in Chinese Debts as Foreign Investors Leave
Hong Kong recently approved a legislative amendment clearing the way for the city to invest its residents’ pension fund in debt securities issued or guaranteed by Beijing. The move comes when foreign investors are ditching Chinese debt at a record pace. Mandatory Provident Fund (MPF) is a compulsory pension scheme designed to provide retirement savings…
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