Hong Kong has passed a Bill to stop employers from raiding the retirement savings of their employees. Authorities have pledged billions of dollars in subsidies and promised a three-year transition period to soften the blow for companies recovering from covid lockdowns.

Carrie Lam, Hong Kong’s chief executive, described the passing of the Employment & Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 as a “significant milestone” in enhancing employees’ retirement protections.