The Mandatory Provident Fund (MPF) is a compulsory pension fund designed by the Hong Kong government as a major protection scheme for the aged and retired residents. Most employees and their employers are required to contribute monthly. A 2012 study by the Consumer Council shows that almost half of the MPF funds have posted losses in each of the past five years.
The Mandatory Provident Fund, covering 2.5 million employees in the city, returned to profit in April after recording two consecutive months of losses. Analysts attributed it to the recent worldwide stock market rally and predicted retirement funds would deliver stable returns in the coming months as many countries around the globe adopt loose monetary policies to boost their economies.Saturday, 4 May, 2013, 4:53am
Fees are central to investing, but they are also much misunderstood. They are split into many categories, and disclosure varies from fund to fund.
Managed funds are unlisted unit trusts. They are the standard mutual funds you see in banks.29 Apr 2013 - 3:59am
Should I consolidate my MPF accounts?
Regardless of the sum in your Mandatory Provident Fund (MPF) accounts, it's worth considering consolidation. The MPF Authority (MPFA) is on a mission to encourage people to do this. There are over two million scheme members and four million accounts. You, and all scheme members holding multiple accounts, will soon receive a letter from the MPFA recommending consolidation.15 Apr 2013 - 3:11am
The 455 investment funds under the retirement scheme reported an average loss of 0.24 per cent in March, after an average loss of 0.58 per cent in February, according to data provider Lipper. This erased a good chunk of the 2.61 per cent gains in January.3 Apr 2013 - 5:28am
SFC fines Manulife Asset Management5 Mar 2013 - 4:47am
The government has finally given a timetable for allowing employees to have complete control of their Mandatory Provident Fund investment. But the reform has still not gone far enough.
Bosses can still dip into the employer contribution section of a worker's account to make long-service or severance payments, an exploitation of the 2.4 million workers under the scheme.29 Jan 2013 - 4:51am 1 comment
Insurers with large teams of agents look to have proven better able to fight for new pension business than banks after employees were allowed to choose their own Mandatory Provident Fund providers two months ago.28 Jan 2013 - 5:17am
Two months after they were allowed to choose their own Mandatory Provident Fund providers, about 30,000 have done so - a figure the industry says is low but which the government considers satisfactory.
The figure is about 1.3 per cent of everyone covered by the city's compulsory retirement scheme.22 Jan 2013 - 4:28am
A government advisory body has backed a plan that would save 70,000 low-income people from having to contribute to their MPF accounts while 400,000 would have to pay more.
The Labour Advisory Board yesterday supported the Mandatory Provident Fund Schemes Authority's plan to raise the minimum monthly income at which workers have to pay into the scheme.17 Jan 2013 - 3:50am 1 comment
Responding to the massive protests on New Year's Day calling for Leung Chun-ying to step down, a government spokesman said the chief executive was concentrating on preparing his first policy address, working on various areas, including people's livelihood and the economy, addressing deep-rooted problems, and promoting stability in society.14 Jan 2013 - 3:31am 2 comments