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MPF said there is room for MPF fund fees to be reduced

2021-10-24T05:47:12.320Z


The Legislative Council passed the third reading of the Bill on the implementation of the MPF electronic platform "EMPF". The Chairman of the MPFA, Liu Mai Jiaxuan wrote an article today (24th) that the EMPF platform can standardize and refine the administrative work of MPF schemes.


The Legislative Council passed the third reading of the Bill on the implementation of the MPF electronic platform "EMPF". The Chairman of the MPFA, Liu Maijiaxuan wrote today (24th) that the MPF platform can standardize and streamline the administrative work of MPF schemes. Automation and automation can greatly improve operational efficiency, create room for fee reductions, and directly benefit plan members.


She mentioned that the construction of the MPF Easy Platform will be completed as soon as the end of 2022. The 13 trustees and their 27 plans will be transitioned in batches in an orderly manner from early 2023 at the earliest. The platform is expected to be fully operational as early as early 2025.


The Legislative Council passed the third reading of the Bill on the implementation of the MPF electronic platform "EMPF".

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MPF fees dropped from 2.1% in 2007 to 1.43%

Liu Maijiaxuan pointed out that it has been reducing MPF fees through a number of different channels, and there has been a significant reduction, from 2.1% in 2007 to a drop of 30% to the current 1.43%. There is still room for further reductions in the fees of the Gold Fund."

Estimated cumulative savings of 30-40 billion in 10 years after the launch of the MPF Easy platform

She said that the primary goal of implementing the Easy MPF Platform project is to bring actual fee reductions to plan members. Another ordinance establishes a "direct transfer" requirement that requires the trustees to charge fees for the administrative work of the scheme not to exceed the fees they charge to MPF Easy. The platform fees paid by the platform companies directly benefit plan members.

It is estimated that in the first two years of the platform’s launch, the administrative fees that plan members have to pay are expected to be reduced by an average of 30%. It is estimated that the cumulative savings will be as high as 30 billion to 40 billion Hong Kong dollars in the 10 years after the launch of the MPF Easy Platform. "Enterprises and employers will also It saves a lot of resources and time because of the electronic platform."

Provide assistance to implement the cancellation of MPF hedging

The Easy MPF platform can facilitate the government to perform other functions related to the public interest, including the implementation of MPF for low-income employees as mentioned in the policy address. Due to the need to provide supporting facilities, it is expected that the Easy MPF platform will be fully implemented as soon as early 2025. Implement.

She pointed out that the MPFA is continuing to actively cooperate with the government on the implementation details of the new measures, such as the specific qualifications of beneficiaries and the contribution process. Employers can handle the administrative work of the special savings account plan through the platform.



Liu Maijiaxuan expressed that he is confident that the MPF Easy Platform will be an electronic platform that can respond to future development needs and bring a win-win situation for all stakeholders.

The Legislative Council approved the establishment of the "MPF Easy" platform. Members hope that MPF fees will continue to be reduced. How to teach elders how to spend their annuities and live longer: Employers will not benefit from dismissing employees before canceling MPF hedging

01News

Source: hk1

All news articles on 2021-10-24

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