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.
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.Tuesday, 22 January, 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
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 The firm's licence was revoked last month.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
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
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
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
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
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
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