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Mandatory Provident Fund
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. It is regulated by the Mandatory Provident Fund Schemes Authority. History 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 future. There were some calls to establish a central provident fund and heated debates among government, politicians and trade unions in the early 1990s. After some 30 years of debate on how to provide financial security for the ageing Hong Kong population, the British Hong Kong Government legislated on a mandatory, privat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Fund
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. 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 (short scale), 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. Classifications Open vs. closed pension fund ... [...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, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income.''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 purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer bene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare In Hong Kong
Welfare may refer to: Philosophy *Well-being (happiness, prosperity, or flourishing) of a person or group * Utility in utilitarianism * Value in value theory Economics * Utility, a general term for individual well-being in economics and decision theory ** Decision utilities, utilities as revealed by human behavior under the assumption of rationality ** Economic surplus, the total economic benefit or gains from trade provided for society * Social welfare function, a function that aggregates individual welfares to create an overall social welfare ** Social choice theory, the study of welfare aggregation * Welfare economics, the study of social well-being Government-run public aid * Welfare spending, government intervention meant to provide a minimal level of well-being and social support for all citizens * Welfare state, the concept of a government playing a key role in individual economic and social well-being Other uses * ''Welfare'' (film), a 1975 film by Frederick Wiseman ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Hong Kong
The economy of Hong Kong is a Developed country, highly developed free-market economy. It is characterised by Taxation in Hong Kong, 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 United States dollar, 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 ... [...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 rely 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 services (contract for the supply of services). The differing terminology implies a 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 wag ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In the 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its ... [...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 the 1996 election. The incumbent Chief Executive, Donald Tsang, had been elected to serve the remainder of the five-year term which was left unserved, due to the midterm resignation of his predecessor, Tung Chee-hwa. He had served his own full five year term and was ineligible to run for a re-election to a full third term as stated in the Basic Law. Leung Chun-ying ran a successful campaign against Chief Secretary for Administration, Henry Tang, who was seen as the favorite candidate by Beijing of ... [...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 unwilfully. 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. * COBRA insurance, or healthcare benefits through a certain period of time. * A payment in lieu of a required notice period. * Retirement accounts * Stock options * Commission payments * 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 circumsta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it 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 is known as the "corpus" or "trust property". A ''testamentary trust'' is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Kong
Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as a colony of the British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a consequence of losing the First Opium War. The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II. The territory was handed over from the United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of one country, two systems. Originally a sparsely populated area of farming and fishing villages,. the territory is now one of the world's most signific ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscription model, requiring readers to pay for access to most of its articles and content. The ''Journal'' is published six days a week by Dow Jones & Company, a division of News Corp. As of 2023, ''The'' ''Wall Street Journal'' is the List of newspapers in the United States, largest newspaper in the United States by print circulation, with 609,650 print subscribers. It has 3.17 million digital subscribers, the second-most in the nation after ''The New York Times''. The newspaper is one of the United States' Newspaper of record, newspapers of record. The first issue of the newspaper was published on July 8, 1889. The Editorial board at The Wall Street Journal, editorial page of the ''Journal'' is typically center-right in its positio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
