Thank you, Mr. Chair.
My remarks today will be, I think, totally delivered to Madam Calverley. Thank you very much.
However, thank you to all of the witnesses for coming and giving testimony here today. It's wonderful to hear your input at this committee. We've been expecting it for a long time.
Our job here, of course, is to make sure that we get a pathway for Hong Kongers to get into Canada as seamlessly as possible. We want to make sure we have a ready stream available for all kinds of Hong Kong immigrants to come to Canada.
One of those necessities is, of course, income security once you get here. That income security is predicated upon the Mandatory Provident Fund Schemes Authority and the rules that existed in order to get that money that was deducted from paycheques in Hong Kong over and available for the people who are moving to Canada and want to set up lives here, so that they have some financial security here as well.
Madam Calverley, here is the first question. The mandatory provident fund, just for perspective, is a mandatory deduction of 5% from the paycheques of everybody working in Hong Kong, kind of like the CPPIB—the Canada pension plan—in Canada. Is that correct?