Wage earners' MPF value of 860 billion Xu Zhengyu is expected to launch a one-stop digital platform two years later

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Written by: Chen Shuxia

2020-05-17 12:10

The Secretary for Financial Services and the Treasury, Xu Zhengyu, wrote in the Secretary's blog today (17th) that three-quarters of wage earners in Hong Kong are covered by MPF protection. As of the end of March this year, MPF's total assets have accumulated to about 860 billion Hong Kong dollars, which is roughly equivalent to 80% of the government's fiscal reserves, and is an important asset.

He also pointed out that the government and the MPFA are preparing for the "Protocol Provident Fund" platform to build a one-stop MPF platform for all bosses and wage earners in Hong Kong. He expects to invite tenders in the second half of this year to build the platform in 2022.

Xu Zhengyu said that as of the end of March, the total assets of the MPF had accumulated to about 860 billion Hong Kong dollars, roughly equivalent to 80% of the government's fiscal reserves. (Profile picture)

Xu Zhengyu said that the MPFA set up an "Investment Solutions Laboratory" last year and formed a working group with the industry to discuss the framework for developing retirement investment solutions. In addition, the “Investment Retirement Program Development Principles” was issued in April this year to encourage the industry to develop retirement plans that meet the investment needs of wage earners, such as those that can outperform inflation, have stable returns in the medium and long term, or provide stable distribution during the withdrawal phase Program.

He also pointed out that the government and the MPFA are planning to set up an "Protocol Provident Fund" platform, hoping to improve the efficiency of employers and employees in managing MPF, thereby creating more room for fee reductions; on the other hand, they hope to promote the retirement investment fund market. Competition, introducing products with more competitive prices and improving service quality.

Xu Zhengyu stated that the Hong Kong economy is currently facing major challenges and still needs to create conditions for the development of the financial market in the medium and long term.

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