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Continuous Update ‧ Legislative Council|Approval of the establishment of "EMPF" platform Members hope that MPF fees will be reduced

2021-10-22T03:17:06.024Z


The General Assembly of the Legislative Council will be resumed today (22nd), one week before the end of the current session. In the morning, the General Assembly passed the "Mandatory Provident Fund Scheme (Amendment) Bill 2021" for the establishment of "MPF Easy" electronic; it is expected to be later


The General Assembly of the Legislative Council will be resumed today (22nd), one week before the end of the current session.

In the morning, the General Assembly passed the "Mandatory Provident Fund Scheme (Amendment) Bill 2021" for the establishment of "MPF Easy" electronic; it is expected that the "Rules of Procedure" will be reviewed and amended later, including the establishment of a penalty mechanism for absent members during the meeting, and the provision of members Choose whether to join the internal and financial accounting, but the number of committee members is not less than 50.


"Hong Kong 01" continues to update the key content of the conference.


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[09:40] Chen Jianbo in the insurance industry believes that society lacks understanding of MPF, which has caused a lot of grievances.

He explained that as of the end of June, the annualized net return of the MPF was 5.1%, far exceeding the inflation during the same period. He criticized the MPFA for failing to promote and educate the public to choose suitable funds.



Xie Weiquan from the construction, testing and planning industry said that the government previously disclosed that the study encourages the public to buy annuities from MPFs. The intention is good, but the argument is vague, and it has been distorted to force the public to buy them. The explanation is still unsatisfactory.

He hopes that as "eMPF" is put into operation, the government and the MPFA will strengthen publicity.

[09:00] The "Mandatory Provident Fund Scheme (Amendment) Bill 2021" resumed its second reading. The Chairman of the Bills Committee Huang Dingguang made a report, introducing the amendment aimed at establishing the "EMPF" platform. The government, the MPFA, and the platform The operator has set a timetable for the transfer of the MPF accounts managed by the trustee in batches starting in 2023, and it will be completed in 2025 at the earliest.



Huang Dingguang pointed out that members are concerned about whether the digital utilization rate can reach 90% within five years, and whether the administrative fee can be reduced by 30% is achievable, and whether other costs will be reduced.

The government responded that the operator must meet the relevant requirements, otherwise it will have to bear contract compensation.

Huang Qi later spoke on behalf of an individual, saying that even if the average MPF fee is reduced to 1.44%, the total annual fee is still 17.5 billion yuan, which is a huge burden on employees and employers. He hopes that the establishment of the "MPF Easy" platform will help reduce administration We hope that the MPFA will further study to increase returns.

01 News | Xia Baolong went south to Shenzhen on Sunday to decide on the election list of the Legislative Council. There are rumours that the pan-people will not compete for re-election. Ye Liu Shuyi: "Waiting for the announcement of the New Democratic Party official!" Banning electronic heating cigarettes ︱The Legislative Council passed the third reading After the entry into force, sales and publicity are both illegal and rent control. The third reading of the Legislative Council passed the rent increase ceiling of 10%. It will take effect 3 months after gazetted

01News

Source: hk1

All news articles on 2021-10-22

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