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Introduction
Occupational Retirement Schemes (ORSO schemes) and MPF schemes are both retirement protection schemes set up for employees. However, the operations of the two schemes are different. ORSO schemes are retirement schemes set up voluntarily by employers prior to the launch of the MPF System (i.e. before 1 December 2000) to provide retirement benefits for their employees. The scheme rules are drawn up by individual employers. After the launch of the MPF System, the MPFA has exempted a number of ORSO schemes that meet the relevant requirements in accordance with the Mandatory Provident Fund Schemes (Exemption) Regulation. Employers under ORSO schemes are required to give employees a choice of joining an MPF scheme or staying in the existing ORSO scheme.
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