The Mandatory Provident Fund (MPF) has always played an important role in the retirement protection system in Hong Kong.
On Thursday (June 16), the Legislative Council debated the non-binding motion on "Revitalization of the Mandatory Provident Fund" proposed by Mr Ho Kwan-yiu.
The motion urged the government to allow the public to use the MPF to buy medical insurance so that they can seek medical treatment in private medical institutions when they are ill, but it was ultimately rejected in the group vote without the support of more than half of the members present.
In fact, measures to "revitalize MPF" are not uncommon. For example, Singapore's Central Provident Fund System (CPF) can be flexibly applied to areas such as housing, medical care, education and pensions.
However, CPF has been strongly dominated by the Singapore government since its inception, and has been carefully designed from annual interest protection, account functions to withdrawal of utility to ensure that citizens can withstand different risks and protect their living needs. In contrast, MPF, from Hong Kong to the SAR, It is still the product of a compromise with the business world.
For details, please read "Hong Kong 01" e-Weekly Issue 322 (June 20, 2022)
"Hong Kong MPF VS Sin Chew Provident Fund Activation and Withdrawal Please Re-lead the Surrender Policy"
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The Singapore government leads the CPF to form a scale, constantly adjust the payment amount and proportion, and distribute it to three accounts with different functions, which can effectively ensure that provident fund members receive fair interest income without taking investment risks.
The Deputy Secretary for Financial Services and the Treasury, Chan Ho Lian, said when attending the motion debate, (File photo/Photo by Leung Pengwei)