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Hong Kong government proposal for residents to convert pensions into annuities ‘absurd’ if made mandatory, labour minister says




A Hong Kong government proposal to encourage residents to convert their pensions into annuities would be “absurd” if made mandatory, the city’s labour minister said on Thursday.Secretary for Labour and Welfare Law Chi-kwong said on a radio show that while studying the proposal was necessary, making it mandatory to convert Mandatory Provident Fund (MPF) pension plans into annuities was never going to happen in Hong Kong.“If anyone just thought about it, forcing everyone in Hong Kong to switch to…



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