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  • Dec 20, 2014
  • Updated: 6:44pm

MPF

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. 

Business Digest, March 5, 2013

Du Jun

SFC fines Manulife Asset Management

Tuesday, 5 March, 2013, 4:47am

Time to stop bosses dipping their fingers into the MPF

Anna Wu Hung-yuk, chairman of Mandatory Provident Fund Schemes Authority. Photo: Edward Wong

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 claim victory in fight for workers switching MPF providers

Roger Steel, boss of Sun Life Hong Kong, believes one in 10 workers would change pension providers if they could. Photo: Jonathan Wong

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

30,000 move to new MPF providers

Chan Ka-keung. Photo: Warton Li

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

Labour advisory panel backs MPF changes

Labour advisory panel backs MPF changes

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

Policy address is Leung's last chance to show Hong Kong he can lead

Policy address is Leung's last chance to show Hong Kong he can lead

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

Briefs, January 13, 2013

Provident fund claims against travel agency

In a District Court writ, the Mandatory Provident Fund Schemes Authority is claiming HK$101,590 from travel agency SIG Holiday. It says the agency failed to pay the amount on behalf of its employees between June and October last year. The firm's licence was revoked last month.

 

13 Jan 2013 - 3:55am

Legco support for plans to cut back on MPF charges

The MPF covers 2.5 million workers in Hong Kong.

Most lawmakers support the pension regulator's plan to bring in measures to cut management fees for the Mandatory Provident Fund (MPF).

8 Jan 2013 - 4:21am

Letters to the Editor, January 3, 2013

A stronger PLA will be good for the nation. Photo: Reuters

Time almost stands still at Now TV

After reading the correspondence focusing on Now TV often showing repeats of BBC series, I am writing to say that this is too often the case and is widespread across English-language channels.

Now Broadband TV might transmit over the internet, yet is a company where time almost stands still.

3 Jan 2013 - 4:21am 5 comments

Letters to the Editor, December 14, 2012

The West Wing has symbolic importance. Photo: David Wong

Risky MPF scheme should be optional

The whole idea of the Mandatory Provident Fund (MPF) scheme is to enable people to save for retirement.

These are, in effect, old-age savings and if they are lost due to speculation or the volatility of financial markets, then surely that defeats the purpose and logic of the scheme.

14 Dec 2012 - 3:08am

Is now the right time to reform MPF for savers' benefit?

Illustration: Lau Ka-kuen

It was only after more than three decades of heated debate that the government launched the Mandatory Provident Funds in 2000.

5 Dec 2012 - 3:54am

MPFs report lower returns, despite hot money inflow

Mark Konyn, chief executive of Cathay Conning Asset Management

The city's Mandatory Provident Fund (MPF) reported lower returns in the past two months, although hot money inflow, which boosted third-quarter results, helped it stay in the black.

The 443 retirement funds, which cover 2.5 million employees in Hong Kong, returned only 1.24 per cent in November and 0.67 per cent in October, month on month, according to data provider Lipper.

5 Dec 2012 - 3:12am

Over the US fiscal cliff and out of the financial woods

MPF equity funds do not benefit much from the reviving US stock market.

When Hongkongers moan about the lousy performance of their Mandatory Provident Fund schemes, they usually focus on the ruinous fees they get charged.

But while high fees have certainly weighed on MPF returns, they are not the whole story. Poor asset allocation is also to blame.

4 Dec 2012 - 4:25am 1 comment

Giving workers full choice over MPF only solution

Anna Wu Hung-yuk. Photo: Edward Wong

The whole point about the Mandatory Provident Fund scandal is that the MPF never at any time relied on market forces to set fee levels.

29 Nov 2012 - 4:53am 3 comments

Pension regulator may get more control over fees, fund choices

Secretary for Financial Services and the Treasury Professor Chan Ka-keung. Photo: Nora Tam

The government plans to seek a change in the law to give the pensions regulator more control over the fees and number of fund choices under the Mandatory Provident Fund Schemes.

28 Nov 2012 - 3:40am 1 comment