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Hong Kong to abolish mechanism allowing employers to raid employee pension pots
16/06/2022
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Shani Alexander
Shani Alexander, Senior reporter

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.

 


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