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Written by: Yuan Shu
2020-07-05 11:22
Last update date: 2020-07-05 11:22The new crown epidemic continued for more than half a year, and many employers and wage earners switched to digital tools for business. The MPFA Chairman Huang Youjia wrote a blog today, pointing out that in the past few months, the industry has reported that more and more wage earners are using electronic tools provided by the trustees to handle MPF businesses. He expects that the digital management of MPF after the epidemic will become the new normal, and the MPFA is now building a "user-oriented" digital platform that can meet the needs of future development. It is expected to be completed in 2022 and then phased out Enabled.
Huang Youjia pointed out that according to the MPFA investigation, as of the end of December 2019, about 40% to 50% of employers used electronic means to handle MPF administrative work including the submission of MPF contributions information and MPF contributions. Compared with 2017, only about 20% to 30% of employers used electronic means to deal with MPF at that time, which has made great progress. Huang predicts that after the new crown epidemic has completely passed, managing the MPF digitally will become the new normal.
Huang Youjia quoted industry sources as saying that in the past few months, more and more wage earners have handled MPF through electronic tools provided by their trustees. For example, the number of members who plan to integrate MPF accounts online and view MPF information is significant. rise. At present, of the 21 MPF schemes that provide tax deductible voluntary contributions (TVC), 11 have set up an online platform for wage earners to open TVC accounts and make electronic contributions. Some trustees also said that the TVC account opened online in the first quarter of this year has increased by nearly 7 times compared with the fourth quarter of last year.
Huang Youjia said that managing MPF digitally will become the new normal. (Profile picture/photo by Luo Junhao)
The platform built in 2022 will be opened in stages
Huang Youjia continued that the MPF digitization is helpful to the MPF easy platform. The MPFA set a goal earlier. Within 5 years after the platform operates, the digital utilization rate must reach 90%, and the MPF operation will move towards paperless At that time, "it will reduce both fees and waste." He said that the bureau is working hard to create a "user-oriented" digital platform that can meet future development needs, providing comprehensive MPF administrative services to more than 4 million plan members and about 300,000 employers It is expected to be launched in stages after the platform is completed in 2022. He called on all stakeholders to embark on the road of digital transformation as early as possible to prepare for the coming of the MPF Yi platform.
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Huang Youjia, MPF Provident Fund Board