Survey finds most not acting on MPF

Nearly all small to medium-sized companies are aware of the Mandatory Provident Fund (MPF), but only a third have taken action to prepare for the scheme, a new survey has found.

The survey of 300 respondents conducted in March and April was sponsored by Principal Insurance and Principal Trust, from the Principal Financial Group, and concentrated on companies with fewer than 50 employees, as well as the self-employed.

The MPF scheme, to be launched in December next year, will require 300,000 local companies which do not have a pension scheme to set up an MPF plan.

The new survey showed 99 per cent of employers and 100 per cent of the self-employed were aware of the MPF scheme.