MPF Schemes Authority ponders new ways to reduce fees
Although Mandatory Provident Fund (MPF) fees have been adjusted downward this year, Diana Chan, Managing Director of the Mandatory Provident Fund Schemes Authority, believes that people are dissatisfied with the current fees. Therefore, the MPF Schemes Authority is considering two measures to reduce fees. The first is to set a cap on fees. The second is to ensure that at least one low-fee fund exists in every MPF scheme. These measures will only be adopted following government approval and social consensus on the issue. In the meantime, the MPF Schemes Authority will continue to promote the electronic handling of MPF accounts and the consolidation of accounts in order to reduce fees.
Immigration Department loses three laptops with sensitive data
Three Immigration Department laptops holding the personal data of 3,000 travelers were stolen at the airport on Wednesday. None of the stolen information pertains to Hong Kong citizens. The department has already reported the theft to the Office of the Privacy Commissioner for Personal Data, and an investigation has begun. A report should be available within three months.
Government may levy mortgage interest tax to restrain housing prices
The day before yesterday, Chief Executive Leung Chun-ying expressed that a further rise in housing prices could cause the government to put pressure on the housing market. According to information obtained by the Apple Daily, the strongest action by the government would be to levy a mortgage interest tax. If a 1 percent tax were added onto the current mortgage rate of 2.5 percent, payments would rise by 10 percent. Since this measure would affect both speculators and ordinary buyers, the government believes that it would be highly controversial. Therefore, the government would only adopt it as a last resort.