The Food and Environmental Hygiene Department (FEHD) today (October 31) invited interested parties to join auctions for stalls at the 2019 Lunar New Year (LNY) fairs on Hong Kong Island, in Islands District and in Kowloon. The … read more
The Land Registry (LR) released the Land Registry Trading Fund (LRTF) Annual Report 2017/18 today (October 31).
“For the financial year ending March 31, 2018, the LRTF posted a profit of $131.8 million and achieved a 38.1 per cent financial return on fixed assets, mainly due to an increase in business volume,” the Land Registrar, Ms Doris Cheung, said.
According to the report, the total number of documents registered and searches of land registers increased by 12.8 per cent and 6.1 per cent respectively when compared to the financial year of 2016/17.
Ms Cheung said that the LR exceeded all targets set in its performance pledges and implemented various enhancements to the Integrated Registration Information System Online Services. The LR also launched the e-Alert Service for authorised institutions (AIs) under the Banking Ordinance (i.e. licensed banks, restricted licence banks and deposit-taking companies) to help them better manage credit risks in mortgage lending with effect from February 2017. With the consent of the relevant property owners, the AIs subscribing to the Service will receive electronic notifications from the LR when further charges or mortgage documents in respect of the properties mortgaged to the AIs concerned are lodged for registration in the LR. In order to provide greater security and convenience to the AIs for submission of applications for the Service as well as to increase the operational efficiency of both the AIs and the LR, the LR plans to introduce an e-channel for the Service in 2019.
The LR has also been making continuous efforts in engaging the key stakeholders for the early implementation of a title registration system in Hong Kong. During the past year, the LR continued to discuss and exchange views with the key stakeholders on the proposal of introducing title registration on new land first (the “new land first” proposal) and the outstanding issues concerning conversion under the proposed Two-Stage Conversion Mechanism. In addition, the LR shared with them its interim findings of the study of the latest developments regarding title registration legislations and good practices adopted in some overseas common law jurisdictions. While continuing the efforts to resolve the outstanding issues on conversion with the key stakeholders and build consensus on the “new land first” proposal, the LR will complete the overseas jurisdiction study with a view to enhancing the proposals on amendments to the Land Titles Ordinance.
Ms Cheung concluded that although the LR’s business performance is susceptible to the volatility of the property market, the LR will keep in view its financial position, take measures to contain expenditures and explore new business opportunities to meet customers’ needs.
The report was tabled in the Legislative Council today. It can also be viewed or downloaded from the LR’s website (www.landreg.gov.hk). read more
The Inland Revenue (Amendment) (No. 7) Bill 2018 (Amendment Bill) will be gazetted on November 2. It seeks to: (a) align the tax treatment of financial instruments with their accounting treatment; (b) allow… read more
The Hong Kong Space Museum’s new sky show, “Norman the Snowman – On a Night of Shooting Stars”, will be launched tomorrow (November 1). Using stop motion animation and adorable puppets, the show takes audiences on a virtual journey to the stars under the dome of the Space Museum.
In the small hours of November 13, 1833, a huge number of shooting stars, also known as meteors, were witnessed in North America. As many as 20 shooting stars per second were said to have appeared, to the astonishment of the people who saw them, and it is still regarded today as the largest meteor shower in modern history. Unfortunately, photography had not been formally invented back then so the accuracy of the records of that meteor shower cannot be assured.
In the show, a boy who is fascinated by meteors longs to see a meteor shower, and his friend Norman the snowman tells him one will occur the following night. However, it has been snowing in town and the chance of seeing meteors is slim. Leaving the thick cloud cover and the ridicule of others behind, the boy decides to go on a quest with his snowman friend Norman in search of somewhere with clear skies. But who and what will they run into on the way?
The 32-minute show, of which the first five minutes is an introduction to the Chinese skies, will be screened until April 29 next year at the museum’s Stanley Ho Space Theatre. It will be screened daily at 3.50pm and 7.20pm. An additional show at 12.20pm will be available on Saturdays, Sundays and public holidays.
Tickets priced at $24 (front stalls) and $32 (stalls) are available at the Hong Kong Space Museum Box Office and URBTIX (www.urbtix.hk). The museum is closed on Tuesdays (except public holidays).
The Hong Kong Space Museum is located at 10 Salisbury Road, Tsim Sha Tsui, Kowloon. For further information, please call 2721 0226 or visit the website at hk.space.museum.
Following is a question by the Hon Wong Kwok-kin and a written reply by the Secretary for Financial Services and the Treasury, Mr James Lau, in the Legislative Council today (October 31):
Question:
According to the Mandatory Provident Fund Schemes Ordinance (Cap 485), employees/self-employed persons whose monthly relevant income is less than $7,100 are not required to make contributions to their accounts under mandatory provident fund (MPF) schemes. In this connection, will the Government inform this Council:
(1) of (i) the number of employees who had joined MPF schemes and (ii) the total amount of contributions made to the relevant MPF accounts, in each year from 2015 to 2017 (set out in Table 1 of the Annex 1);
(2) of (i) the number of employees who had joined other recognised retirement schemes and (ii) the total amount of contributions made to the relevant accounts under such retirement schemes, in each year from 2015 to 2017 (set out in Table 2 of the Annex 1);
(3) of the number of employees who were exempted from joining any local retirement scheme, in each year from 2015 to 2017 (set out in Table 3 of the Annex 1);
(4) of the number of employees who were required to join but had not yet joined any MPF scheme, in each year from 2015 to 2017 (set out in Table 4 of the Annex 1); and
(5) whether it will consider making contributions to the employees’ MPF accounts for those months in which the relevant income of such employees is less than $7,100, so as to enhance the retirement protection for such employees; if so, of the details and timetable; if not, the reasons for that?
Reply:
President,
According to the information provided by the Mandatory Provident Fund Schemes Authority (MPFA), the replies to parts (1) to (4) of the question are as follows:
(1) The estimated numbers (Note 1) of participating relevant employees and participating self-employed persons (SEPs) who have joined Mandatory Provident Fund (MPF) schemes and the total contribution amounts (Note 2) of their MPF accounts as at December 31 for the years from 2015 to 2017 are set out in Table 1 of the Annex 2.
The Government and MPFA do not have further breakdown of the information by mode of employment or period for which such persons were not required to make MPF contributions.
(2) The estimated numbers of employed population who have joined other retirement schemes as at December 31 for the years from 2015 to 2017 are set out in Table 2 of the Annex 2.
(3) The estimated numbers of employed population who are not required to join/exempted from joining any local retirement schemes as at December 31 for the years from 2015 to 2017 are set out in Table 3 of the Annex 2.
The Government and MPFA do not have the information of employees of the European Union Office of the European Commission in Hong Kong.
(4) The estimated numbers of employed persons who should join but have not yet joined any MPF schemes as at December 31 for the years from 2015 to 2017 are set out in Table 4 of the Annex 2.
The Government and MPFA do not have further breakdown of the information by mode of employment.
As for part (5) of the question, according to section 7A of the Mandatory Provident Fund Schemes Ordinance (Cap 485), under the MPF System, unless exempted, an employer and employee must each contribute 5 per cent of the employee’s relevant income to an MPF scheme as mandatory contributions. The mandatory contributions are subject to the minimum and maximum levels of relevant income. The minimum and maximum levels of relevant income as currently prescribed in Schedules 2 and 3 to Cap 485 are HK$7,100 per month (or HK$85,200 per annum) and HK$30,000 per month (or HK$360,000 per annum) respectively. The policy intent of setting a minimum level of relevant income is to balance the need for retirement protection and imminent daily-life financial burden of certain employees or SEPs with lower income by exempting them from making monthly MPF contributions.
The Government has no plan at present to make contributions to the employees’ MPF accounts in the months that their relevant income is lower than the minimum level of relevant income. According to the Labour and Welfare Bureau, the Government will continue to provide appropriate assistance to elderly persons in need through the existing retirement protection system (including social security and public services).
Notes:
1. As the MPF System is employment-based, some members may be participating in more than one scheme in more than one capacity. Hence, the numbers are estimated figures.
2. The figures include mandatory contributions and voluntary contributions but exclude special voluntary contributions. read more