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News in Hong Kong
MPF Enrolment- Late for Penalty
According to the Chairman of the Mandatory Provident Fund (MPF) Authority, the number of calls to the MPFA's hotline has increased and over 50% of them were from employers. This is encouraging in that more employers are taking a positive step towards MPF. However, he reminded the employers to apply as soon as possible as the system will take effect on December 1, 2000. An employer failing to sign up will be liable to a fine of $100,000.00 and a six-month imprisonment. A surcharge of 15% or 20% per annum will be imposed on any default contribution.
In the mean time, the MPFA has organized functions and seminars to educate the public about MPF, which includes newspaper advertisements, television spots, telematch, TV episodes, radio programmes, and mega-size billboards. Investment seminars will be held at various district town halls.
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News in Law China
China's Recent Developments in Telecom Industry
The telecom market is becoming more competitive due to the fact that the major telecom companies in China have been reorganized. China Telecom has been restructured into four independent companies dealing in fixed telephone, mobile telephone, satellite and paging services respectively. China Unicom, China Netcom, Jitong Network Communications are also undergoing internal reviews. The Chinese Government decided to move more strategically towards developing a market economy in 1998; in the last two years, a series of strategic reforms have been introduced in China's telecom industry. Wu Jichuan, Minister of the Ministry of Information Industry, said that the reason for the current telecom industry shake-up was due to the state's industrial policy i.e. to begin the twenty years of development and reform in an effort to separate business from
government.
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