The Legislative Council's Bills Committee on the Mandatory Provident Fund Schemes (Amendment) Bill 2021 held its first meeting today (4th), and the DAB Huang Dingguang was automatically elected as its chairman.
The draft proposes to implement the "MPF Easy" electronic platform supervised by the MPFA to standardize, streamline and automate the management of MPF schemes. The goal is to complete development in 2022 and fully operational in 2025.
The "eMPF" electronic platform can shorten the processing time of the work involved in the MPF system and reduce related administrative costs. The Deputy Secretary of the Bureau of Financial Services and the Treasury (Financial Affairs) Liao Guangxiang predicts the cumulative savings in 10 years As much as 30-40 billion yuan, the plan administrative fees that plan members have to pay can be reduced by an average of 30%, and the fund expenditure ratio will be lowered accordingly.
In 2025, MPF accounts can be integrated through the "eMPF" service
About 10 million accounts held by current MPF scheme members are distributed among 27 MPF schemes, managed by 14 trustees themselves or through third-party managers, involving 12 administrative platforms with different standards .
Since the MPF system involves a variety of business models, data standards, work procedure design and system infrastructure facilities, there is a lack of uniform standards. People with more than one MPF account cannot save all of their MPF funds. Unified account.
The DAB Li Huiqiong criticized the authorities for slow processing, saying that the MPFA website cannot check the account balance. You don’t think the MPFA is so absurd. It’s really hard to imagine that you have your own information. Ask, hotline (hotline) may not be through."
The MPFA Executive Director (Policy) Yu Jiabao responded that due to the current legal mechanism, the information of MPF members is supervised by the trustee and the MPFA cannot obtain it. It can be integrated through the "MPF Easy" one-stop shop.
Liao Guangxiang added that since trustees cannot share customer information, the current integration procedures may be more complicated, and plan members are encouraged to wait until the "eMPF" is operated before integration.
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