HSBC helps teach staff to pick the right MPF fund
Mandatory Provident Fund (MPF) providers, like human resources managers, are confronted by the generational challenge in the workplace. Accordingly, they are adapting their products and services to the distinct characteristics and preferences of baby boomers and generations X, Y and Z.
All employees will eventually retire - some sooner than others. Boosting employees' retirement fund through voluntary and additional MPF contributions is one of the best ways to guarantee financial security after the inevitable retirement.
Voluntary contributions to their employees' retirement fund are likewise 'an attractive benefit for retaining employees', says Alex Chu Wing-yiu, director and head of employee benefits at HSBC Insurance. 'It is also a form of provision for future claims of long-service payment or severance payment that could reduce employers' future liability.'
HSBC helps employers educate staff about various options for growing their retirement nest egg.
'We are very focused on the overall development of retirement benefits and have put lots of resources into retirement surveys, product and service development, investor education, DIY retirement planning tools and more in order to serve not just our MPF members but also to educate the general public on their retirement needs,' says Chu.