Proposed changes to MPF ordinance set to benefit more retirees
Elderly may soon be allowed to draw out money in their fund up to four times a year
Retirees on the Mandatory Provident Fund (MPF) scheme may soon be able to withdraw their money in instalments up to four times a year, the MPF Schemes Authority said yesterday, instead of having to take the full amount on retirement.
Under the proposed amendment to the scheme, retirees will be allowed to draw out their money in the fund without having to pay any fee for four times a year. Each withdrawal must be at least HK$5,000.
People who suffer from terminal illness will also be allowed to withdraw their money.
These were among amendments to the MPF Schemes Ordinance that the authority proposed after a 31/2-month public consultation in 2012.
Chief corporate affairs officer Cheng Yan-chee said: "The authority received 287 submissions from the public, of which more than 90 per cent were supportive of the amendment.
"There were some who suggested members be allowed to withdraw their benefits so they can use it for their wedding or to buy a flat. But these are not the MPF scheme's intention - it is supposed to guarantee a retiree's livelihood in the city."