Budget｜Nearly 95% of the respondents’ MPF suffered losses last year

The new budget was announced on Wednesday (22nd), and the survey results released today (21st) by the Rights and Interests Committee of the Federation of Trade Unions showed that 93.9% of the respondents said that the balance of the MPF scheme (MPF) suffered a loss last year, and more than 80% Dissatisfied with the returns of MPF and think MPF cannot meet retirement living expenses.

The Federation of Trade and Industry Rights Committee pointed out that the survey results reflect that the MPF system cannot effectively protect the quality of life of employees. It is hoped that the Hong Kong government will find ways to improve it in the new budget and introduce an MPF ​​guaranteed return plan linked to inflation to give full play to the benefits of MPF. It has the function of "guarantee".

Qiu Yaocheng (left), vice chairman of the Federation of Trade Unions and director of the power committee, said that wage earners were forced to make contributions but failed to maintain their capital, and their balances underperformed inflation, which was "forced to lose money" in disguise; Director Lin Weijiang (right) suggested that the government should give priority to implementing the policy of providing MPF for low-income and self-employed persons.

(Provided by the Federation of Trade Unions)

Dissatisfaction with returns is mainly due to loss of money, followed by underperformance of inflation

The Rights Committee of the Federation of Trade Unions interviewed 806 citizens from the end of December last year to January this year. Qiu Yaocheng, vice chairman of the Federation of Trade Unions and director of the Rights Committee, said that more than 80% (83.2%) of the respondents were dissatisfied with the returns of the MPF, of which 43.9 % of the respondents were dissatisfied with the MPF returns, and 39.3% were even very dissatisfied. The main reason for dissatisfaction was "losing money" (70.7%), followed by "underperforming inflation" (53.4%) and "management Fee high cannibalize returns” (51%).

The survey results also showed that 93.9% of the respondents suffered losses in their MPF scheme balances last year, and more than 85% (87.5%) of the respondents believed that the MPF could not meet their retirement living expenses.

Facilitate the establishment of guaranteed return schemes with rates of return linked to inflation

Qiu Yaocheng said that wage earners were forced to make contributions but failed to maintain their capital, and their balances underperformed inflation, which is a disguised form of "forced to lose money". The government should take social responsibility to ensure that the balance of the MPF can preserve capital and increase in value, and the government has introduced many in the past. For investment products with guaranteed returns, such as silver bonds, the interest rate is calculated as the average of the Composite Consumer Price Index in the past six months, and there is a guaranteed minimum interest rate. Gold plan option, setting the rate of return linked to the inflation rate.

Qiu Yaocheng (left), vice chairman of the Federation of Trade Unions and director of the power committee, said that wage earners were forced to make contributions but failed to maintain their capital, and their balances underperformed inflation, which was "forced to lose money" in disguise; Director Lin Weijiang (right) suggested that the government should give priority to implementing the policy of providing MPF for low-income and self-employed persons.

(Provided by the Federation of Trade Unions)

The government earlier promised to provide 5% of the MPF for low-income and self-employed people, but it will not be implemented until the "eMPF Platform" (eMPF) is fully operational.

Lin Weijiang, vice chairman of the Federation of Trade Unions and deputy director of the rights committee, said that it was previously reported that the overall progress of the contractors of the Easy MPF Platform was behind. Measures will also be delayed.

Federation of Trade Union Rights Committee: Prioritize the implementation of MPF for low-income and self-employed persons

He suggested that the government should give priority to implementing the policy of providing MPF for low-income and self-employed persons, at least not later than the original launch time of the Easy MPF platform, which is 2025.

At the same time, he also asked the Treasury Bureau and the MPFA to supervise and urge the contractors to recover behind the progress.

▼Market situation of the first round of issuance of consumer coupons in the second phase of 2022 on August 7▼

+8

Budget｜CPPCC petitions to advocate the establishment of grassroots living allowances, and reintroduces the "N No Subsidy" budget｜Survey shows that 85% of respondents hope to have electricity subsidy consumption vouchers to rank second in the budget｜New Democratic Party, Ernst & Young's Opposition Consumption Coupons Worry About Government Deficit Level

What is the amount of electronic consumer coupons distributed in Hong Kong in recent years?

In 2021, the amount of electronic consumer coupons will be 5,000 yuan, and in 2022 it will be 10,000 yuan.

In addition, the Hong Kong government launched the "Cash Payout Scheme" in 2020, distributing 10,000 yuan in cash to eligible citizens.

When is the deadline for the 5,000 yuan coupons for the five electronic wallets?

Users who choose five e-wallets, including AlipayHK, WeChat Pay HK, Tap&Go, PayMe and BoC Pay, who will receive the second phase in August and October 2022 respectively, should note that the usage period will end on February 28, 2023. Overdue Unused will be written off by the government.