Friday, April 21, 2006

Dinner with Ex Officemates

Highlights of Discussion:

MPF: Mandatory Provident Fund
- required by the government for employees and employers to contribute to a pool much like a retirement scheme on a monthly basis.
- Normal practice is 5% contribution for employees, and the company will at least match 5% of the employees salary as a contribution.
- The money from this fund cannot be taken out will the retirement age of 65, or when a person has decided to migrate to another country.

SUCKY CLAUSE:
EMPLOYER legally has the option to withdraw the contribution it has given to its employees, even when the person has already resigned or left the company, when the company is "closing" down.

VERY SUCKY:
Too bad for the long working employees in the company. So much for company loyalty...

VERY VERY SUCKY:
Yours truly may have been a victim. SUX.

Well, at least I get to complain with everyone else... It was good seeing everyone again.

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