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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.
The dozen MPF account providers are due to complete the shift to the new electronic platform, which allows for day-to-day adjustments of holdings, by the end of 2025
Hong Kong’s pension fund is on track for an unprecedented third straight year in the red. What should account holders do? Nothing may not be the worst advice.
Despite some good news, too many people continue to struggle to survive or achieve a better standard of living in increasingly expensive Hong Kong.
Anti-China MPs in Britain have claimed human rights violations by banks such as HSBC for making MPF withdrawals difficult while their own government has seized US$2 billion worth of gold from the people of Venezuela.
After a decade-long struggle, the mechanism that allows bosses to dip into staff pension funds to cover those leaving is to be phased out.
Despite years of talk to end the practice, employers continue to dip into the pension savings of workers who need them most.
Hong Kong authorities’ dedication to the cause of promoting and enforcing national security is impressive. So why have successive governments been unable to address the city’s deep-rooted problems?
HKEX received 30 per cent more IPO applications so far in 2024, with start-ups eyeing capital raising as interest rates turn a corner, says newly-appointed CEO Bonnie Chan.
Recent data and warnings from social workers suggest that Hong Kong women tend to save less but need more money when they reach retirement age.
Markets will continue to experience volatility due to uncertainties in economic growth, interest rates and geopolitical events, analyst says.
An electronic platform to be launched by the MPFA, eMPF Platform will cover all 12 MPF trustees, as well as the 357,000 employers and 4.7 million members that Hong Kong’s mandatory pension scheme covers.
The 3.5 per cent gain, which works out to about US$1,025 per member, follows losses of 15.7 per cent in 2022 and 0.3 per cent in 2021. But poor performance by Hong Kong and China equities bit into many members’ nest eggs.
Locals want to invest their pension contributions in sustainable-development funds and high-yield infrastructure funds as they pursue a goal of HK$7.6 million (US$975,000) in retirement savings, Hong Kong Investment Funds Association (HKIFA) survey finds.
Arrest of 36-year-old in Tsing Yi comes a week after city’s graft-buster revealed it had arrested 20 people on suspicion of committing similar offence.
The Mandatory Provident Fund is the best regulated pension scheme in Asia, but trails Singapore’s scheme when it comes to providing retirees with adequate funds, according to the latest Mercer CFA Institute Global Pension Index.
Chu Kong-wai, who was an ex-councillor in Yau Tsim Mong district before he was unseated in September 2021, detained by officers on Tuesday morning.
ICAC last week announced 20 people had been arrested on suspicion of forging documents to make early withdrawals of pension funds.
ICAC says insurance agent was mastermind of syndicate suspected of taking bribes to help residents claim pension by falsely saying they had moved to mainland China.
Compulsory asset declaration system to be extended to weed out tenancy abuses.
Hong Kong’s Mandatory Provident Fund is poised to report an unprecedented third year of losses after suffering a huge investment loss of HK$35.2 billion (US$4.5 billion) in the third quarter that wiped all gains made in the first half of the year.
Hong Kong people believe they need US$1.1 million to retire comfortably, according to an HSBC survey, but they face a shortfall of US$815,000 – the biggest among nine places surveyed around the world.
Hong Kong’s Mandatory Provident Fund saw a pickup in the frequency of members changing their investment fund choices in the three pandemic-stricken years, 2020-2022, according to Manulife, the largest pension scheme provider in the city.
Retirees in Hong Kong face a shortfall of HK$5,000 (US$641) on average in their monthly incomes, according to a survey released on Tuesday.
Mandatory Provident Fund assets drop from HK$1.12 trillion a year ago to HK$1.11 trillion in financial year ending on March 31.
Platform was proposed in 2017 by then leader Leung Chun-ying to cut costs and make fund management more transparent by streamlining scheme’s administration.
The MPF’s 413 investment funds earned a combined HK$32.2 billion (US$4.1 billion) in the first half of this year, or HK$6,900 for each member, according to data provided by MPF Ratings.
Less educated Hongkongers with few skills want support to continue working as long as they can.
Labour minister Chris Sun says government has commissioned study into dropping proposal as current insolvency fund sufficient safety net for workers.
Legislator Peter Shiu, of the pro-business Liberal Party, describes bill’s enforcement date as ‘bad timing’.
Chief Executive John Lee says bill will be implemented on Labour Day two years from now.