Hong Kong Labour and Welfare Bureau: As of March, a total of HK$42.24 million in subsidies have been distributed to employers under the funding scheme.

Regarding the progress of the cancellation of the Trillions of MPF "Hedge" plan funding program, Secretary for Labor and Welfare of Hong Kong, Law Yuhuan, replied to lawmakers that the government will implement the cancellation of the mandatory provident fund (Trillions of MPF) "Hedge" plan on May 1, 2025 (conversion date). As of March 2026, the funding program has distributed a total of 42.24 million Hong Kong dollars to employers, with an average grant amount of about 2,700 Hong Kong dollars per approved application. This effectively helps employers share the expenses of severance/long service payment conversion after the policy change. Law Yuhuan pointed out that as of March 2026, the funding program has received a total of 20,790 applications from employers, of which 16,793 applications have been completed and reviewed. Employers generally receive notification of the application results within 30 working days after submitting the application and all required documents and proof. He mentioned that the main reasons for applications not being approved are that the employers are not affected by the cancellation of the Trillions of MPF "Hedge" plan (for example, the employees involved in the application are exempt under the Mandatory Provident Fund Schemes Ordinance or have reached the age of 65 before the conversion date, so the employers do not need to make mandatory contributions to the Trillions of MPF for the employees before and after the conversion date); or the employees involved in the application do not meet the qualifications for severance/long service payment under the Employment Ordinance when their employment contract is terminated. The funding program does not inquire with the relevant employers for reasons for withdrawing applications. Applicants who disagree with the application results can request a review with reasons provided. If the applicant disagrees with the review results, they can appeal. As of March 2026, the funding program has received a total of 294 applications for review from employers, of which 130 applications have been approved (44.2%). In addition, there were 16 appeals from employers, all of which were not approved. The reasons for the disapproval of review or appeal applications are that the applicants failed to provide sufficient grounds to change the original approval decision. To help employers understand and learn about the funding program, the government has conducted extensive publicity, including launching a dedicated website, distributing details on applying for government funding, and organizing seminars for employers, employees, and human resources practitioners. From January 2025 to March 2026, the Labor Department has held a total of 63 seminars with over 18,800 attendees. In addition, in April 2026, the service department held two seminars to introduce the funding program to employers, with around 140 participants. Furthermore, as of March 2026, the funding program has received a total of 14 applications for total equity compensation from employees, of which 2 have been approved, with a total subsidy of approximately 12,000 Hong Kong dollars. There were 4 applications that were reviewed and found no reduction in the total equity of the employees after the cancellation of the "Hedge" plan. The remaining 8 applications are still being processed.