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Mandatory Provident Fund Schemes Authority
The Mandatory Provident Fund (), often abbreviated as MPF (), is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved private organisations, according to their salaries and the period of employment. History In traditional Chinese society, a retired person was supposed to be supported by his family and his savings, thus an extended family formed a safety net. Life expectancy was comparatively low compared to today. As Hong Kong became a developed entity, life expectancy in the territory improved greatly and the birth rate dropped significantly. Extended family was broken into nuclear family. By the late 1990s, only 29% of Hong Kong's three-million workforce was covered by formal retirement provisions, Hong Kong's social security system is faced with the demographic challenge of a growing number of elderly people in the fut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Fund
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 trillion in assets. In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity. The Federal Old-age and Survivors Insurance Trust Fund, which oversees $2.66 trillion in assets, is the world's largest public pension fund. Classifications Open vs. closed pension fund Open pension funds suppor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Standard (Hong Kong)
''The Standard'' is an English-language free newspaper in Hong Kong with a daily circulation of 200,450 in 2012. It was formerly called the ''Hongkong Standard'' and changed to ''HKiMail'' during the Internet boom but partially reverted to ''The Standard'' in 2001. The ''South China Morning Post'' (SCMP) is its main local competitor. Format ''The Standard'' is printed in tabloid format rather than in broadsheet. It is published daily from Monday to Friday. Ownership ''The Standard'' was published by Hong Kong iMail Newspapers Limited as of 2001 (previously known as Hong Kong Standard Newspapers Limited) but currently The Standard Newspapers Publishing Limited. These enterprises are owned by Sing Tao News Corporation Limited, also the publisher of '' Sing Tao Daily'' and ''Headline Daily''; the firm also has other businesses including media publications, ''The Standard'' was previously owned by Sally Aw's Sing Tao Holdings Limited. Aw is the daughter of the founder Aw Boo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare In Hong Kong
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance programs which provide support only to those who have previously contributed (e.g. most pension systems), as opposed to ''social assistance'' programs which provide support on the basis of need alone (e.g. most disability benefits). The International Labour Organization defines social security as covering support for those in old age, support for the maintenance of children, medical treatment, parental and sick leave, unemployment and disability benefits, and support for sufferers of occupational injury. More broadly, welfare may also encompass efforts to provide a basic level of well-being through free or subsidized ''social services'' such as healthcare, education, infrastructure, vocational training, and public ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Hong Kong
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and is pegged to the US dollar. Interest rates are determined by the individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority. Its economy is governed under positive non-interventionism, and is highly dependent on international trade and finance. For this reason it is regarded as among the most favorable places to start a company. In fact, a recent study shows that Hong Kong has come from 998 registered start-ups in 2014 to over 2800 in 2018, with eCommerce (22%), Fintech (12%), Software (12%) and Advertising (11%) companies comprising ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employment Contract
An employment contract or contract of employment is a kind of contract used in labour law to attribute rights and responsibilities between parties to a bargain. The contract is between an "employee" and an "employer". It has arisen out of the old master-servant law, used before the 20th century. Employment contracts relies on the concept of authority, in which the employee agrees to accept the authority of the employer and in exchange, the employer agrees to pay the employee a stated wage (Simon, 1951). Terminology A contract of employment is usually defined to mean the same as a "contract of service". A contract of service has historically been distinguished from a contract for the supply of services, the expression altered to imply the dividing line between a person who is "employed" and someone who is "self-employed". The purpose of the dividing line is to attribute rights to some kinds of people who work for others. This could be the right to a minimum wage, holiday pay, sick ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue Department (Hong Kong)
The Inland Revenue Department (IRD) is the Hong Kong government department responsible for collecting taxes and duties. History The Inland Revenue Department was established on 1 April 1947. Initially it administered only one piece of legislation, the Inland Revenue Ordinance, which was enacted on 3 May 1947. The department subsequently absorbed various elements of the Treasury, including the Estate Duty Office (in 1949), the Stamp Duty Office (1956), and responsibility for collection of entertainments, bets and sweeps, and public dance-halls taxes (1956). In December 1979, the department's headquarters moved to Windsor House in Causeway Bay, a building that was specially designed with a second lift core for the department. In order to save on rental costs, the department moved again, in December 1991, to the eponymous government-owned Revenue Tower in Wanchai, where it remains headquartered as of 2020. Ordinances administered The IRD is responsible for the administration o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2012 Hong Kong Chief Executive Election
The 2012 Hong Kong Chief Executive election was held on 25 March 2012 to select the Chief Executive of Hong Kong (CE), the highest office in the Hong Kong Special Administrative Region (HKSAR), by a 1,193-member Election Committee (EC) to replace the incumbent Chief Executive. Won by the former non-official convener of the Executive Council of Hong Kong Leung Chun-ying, the election was the most competitive as it was the first election with more than one pro-Beijing candidate since 1996 election. The incumbent Chief Executive Donald Tsang, who had been elected to serve the remainder of the five-year term left unserved due to the midterm resignation of his predecessor Tung Chee-hwa, and had served his own full five year term, was ineligible to run for a re-election to a full third term as stated in the Basic Law. Leung Chun-ying, who was seen as the underdog, ran a successful campaign against Chief Secretary for Administration Henry Tang who was seen as the favourite candidate b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Severance Package
A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwillfully. In addition to their remaining regular pay, it may include some of the following: * Any additional payment based on months of service * Payment for unused accrued PTO vacation time, holiday pay or sick leave unless the employee is picked up by the new buyer wherein all benefits become the responsibility of the new employer. * A payment in lieu of a required notice period. * Retirement accounts * Stock options * Assistance in searching for new work, such as access to employment services or help in producing a résumé. Packages are most typically offered for employees who are laid off or retire. Severance pay was instituted to help protect the newly unemployed. Sometimes, they may be offered for those who either resign, regardless of the circumstances, or are fired. Policies for severance packages are often found in a company's employee handbook ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. A trustee can also be a person who is allowed to do certain tasks but not able to gain income, although that is untrue.''Black's Law Dictionary, Fifth Edition'' (1979), p. 1357, . Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government. A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the "settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the " beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BN(O)
British National (Overseas), abbreviated BN(O), is a class of British nationality associated with the former colony of Hong Kong. The status was acquired through voluntary registration by individuals with a connection to the territory who had been British Dependent Territories citizens (BDTCs) before the handover to China in 1997. Registration for BN(O) status was limited to the 10-year period preceding the transfer as a transitional arrangement for colonial subjects; current residents cannot newly acquire this nationality. BN(O)s are British nationals and Commonwealth citizens, but not British citizens. They are subject to immigration controls when entering the United Kingdom and do not have automatic right of abode there or in Hong Kong, but all BN(O)s would have had permanent resident status in Hong Kong when they acquired this nationality. Following the Chinese government's imposition of controversial national security legislation on Hong Kong, the UK has allowed BN(O) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta in South China. With 7.5 million residents of various nationalities in a territory, Hong Kong is one of the most densely populated places in the world. Hong Kong is also a major global financial centre and one of the most developed cities in the world. Hong Kong was established as a colony of the British Empire after the Qing Empire ceded Hong Kong Island from Xin'an County at the end of the First Opium War in 1841 then again in 1842.. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898... British Hong Kong was occupied by Imperial Japan from 1941 to 1945 during World War II; British administration resume ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
