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Mandatory Provident Fund (MPF)

Mandatory Provident Fund (MPF)
The Mandatory Provident Fund (MPF) is a compulsory pension fund designed by the Hong Kong government as a major protection scheme for the aged and retired residents.  Most employees and their employers are required to contribute monthly.
Women in Hong Kong are likely to take a more cautious approach to investing than men. Photo: Dickson Lee
Wealth management

Women in Hong Kong face huge retirement income shortfall, Fidelity study shows

Women expect an average monthly expense of HK$24,235 (US$3,120) after retirement but face an income-gap, study shows.

ESG investing

Hong Kong raises ESG disclosure standards for MPF managers

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Banking & finance

Second phase of Hong Kong’s eMPF reform to start in March with more enhancements

Education in Hong Kong

Hong Kong educators took out HK$8.7 billion from pensions in past academic year

Figure represents drop from peak of HK$10.7 billion in 2021-22, in sign that manpower crunch in sector is easing.

In the 2023-24 academic year, 2,603 teachers from subsidised and grant-receiving primary and secondary schools left the profession as a result of retirement, resignation or other reasons. Photo: Shutterstock
Wealth management

Year of the Snake: volatility ahead for Hongkongers’ MPF investments

Sterling returns during the Year of the Dragon will be hard to repeat, with US-China trade relations as an X factor, according to experts.

Wealth management

Hong Kong’s 2024 pension gained 13% at best pace in 4 years

The increase of HK$102.4 billion (US$13 billion) works out to HK$21,500 per member, says MPF Ratings.

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Hong Kong society

Editorial | Strong gains in MPF provide a measure of relief for pensioners

But there is still a long way to go as three-quarters of Hongkongers expect they will have to work beyond retirement age.

Elderly residents in a stretching exercise on November 15, 2024. Photo: Dickson Lee
Banking & finance

Banks, insurers rush for gold in Hong Kong’s ‘silver-hair economy’

Residents older than 65 years made up about 22 per cent of Hong Kong’s population of 7.5 million people in 2023, according to government data.

Banking & finance

Hong Kong’s pension nest egg is on course for best return in 4 years

MPF Ratings says ‘members may be tempted to have a US bias in their portfolio, but diversification is important’.

HKEX

HKEX launches fund platform to boost Hong Kong’s appeal as wealth hub

The first phase of the integrated fund platform launched on Friday provides information on more than 2,000 retail funds.

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The HKEX launched the first phase of an electronic platform that provides data on all retail funds in the city on Friday. Photo: Jonathan Wong
Hong Kong society

Hong Kong transgender woman slams HSBC for outing her with letter to employer

Christine Chu says HSBC sent letter to employer over ‘discrepancies’ in its records, despite receiving copy of Chu’s updated identity card.

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HSBC has argued that it took all necessary steps to clarify the woman’s information in accordance with regulations. Photo: Nora Tam
Hong Kong society

Hong Kong treasury chief vows swift response to complaints over e-pension system

Lawmaker Tik Chi-yuen earlier revealed more than 10,000 users had been affected by various issues since eMPF platform launched in June.

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Hong Kong courts

Hong Kong’s MTR Corp accuses Physical of owing it HK$2.8 million in rent, fees

Corporation is seeking to recover HK$320,000, the sum remaining after deducting HK$2.48 million deposit paid by now-defunct gym chain in 2021.

Mainland China

Hong Kong’s MPF makes US$19 billion in first 9 months fuelled by market rally

Fuelled by interest rate cuts and China’s stimulus measures, the market rally took MPF’s total assets to a record HK$1.327 trillion.

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The MPF’s average account balance for its 4.75 million members was now worth more than a brand-new Tesla Model 3 or a Hermes Birkin handbag. Photo: Xiaomei Chen
Wealth management

Retail fund sales surged on interest rate cuts and China market rally: Fidelity

Hong Kong-based Charlotte Chan says sales of retail funds in Hong Kong doubled from a year earlier.

Charlotte Chan, the head of Fidelity International’s Hong Kong office. Photo: SCMP/Edmond So
Consumer protection in Hong Kong

Hong Kong lawmakers seek tougher prepayment protection after Physical gym closure

One legislator flags case in which a Hongkonger paid HK$200,000 for three-decade membership that will last until she is 85.

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Consumer protection in Hong Kong

Claims filed to watchdog over Hong Kong gym chain Physical soar to HK$113 million

Biggest case received by consumer watchdog involves prepayment of HK$1.86 million for more than 1,900 private classes and 10-year membership.

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Consumer protection in Hong Kong

Hong Kong authorities set up dedicated team to investigate closure of Physical

Number of complaints hits 1,725 and amount in prepaid fees swells to HK$60 million.

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There was no indication that a Wan Chai branch Physical said would be reopened under a new name was operational on Tuesday. Photo: Sam Tsang
Hong Kong society

Complaints to Hong Kong watchdog against Physical gym chain involve HK$17 million

Consumer Council says it received 521 complaints within two days of Physical Health Centre abruptly closing all its branches.

Hong Kong workers/labour rights

Hong Kong’s Physical gym says branch will reopen thanks to new investor

More than 100 angry customers have lodged complaints over the chain’s decision to close; Physical says Wan Chai first branch to reopen.

Consumer protection in Hong Kong

Explainer | What measures clients of Hong Kong’s Physical gym can take after chain’s closure

The Post breaks down the gym’s financial woes and what safeguards are available to its members.

A Physical member reads a notice at the Mong Kok branch entrance. Photo: Jelly Tse
Hong Kong economy

Hong Kong’s Physical gym chain warned to pay MPF arrears or face legal action

Physical is second gym chain in under two weeks to slip into trouble after rival Pure Fitness was accused of not paying rent for Central branch.

Physical Fitness is the fastest-growing gym chain Hong Kong, according to its website. Photo: Handout
Wealth management

Hong Kong pension regulator’s new reforms put members’ needs at the top

The MPFA’s reforms will allow members to choose providers, widen Reit investment choices and implement the ‘whole-free walk’ scheme, chairperson Lau says.

Hong Kong workers/labour rights

Hong Kong firm warned over non-payment of HK$1.6 million in pension contributions

Retirement fund watchdog tells Hi-Speed Supply Chain subsidiary to stump up HK$1.6 million in pension contributions or face legal action.

Wealth management

China Life and YF Life to cut fees for MPF members as reform gets rolling

The first two MPF providers to join the electronic platform will soon cut fees for their members, as the reform starts to save costs for 4.75 million members of Hong Kong’s compulsory retirement scheme.

Hong Kong’s Mandatory Provident Fund, the compulsory retirement scheme, has about 4.75 million members. Photo: Sam Tsang
Banking & finance

‘Not acceptable’: HSBC fined record US$3 million over MPF recruitment scheme

Hong Kong’s biggest lender was ordered to pay a record fine of HK$24 million for offering incentives to ‘unauthorised intermediaries’ to get corporate clients to join its Mandatory Provident Fund scheme in 2020 and 2021, the pensions regulator said.

‘The MPFA concluded that HSBC did not comply with the conduct requirements under the Mandatory Provident Fund Schemes Ordinance,” it said in a statement. Photo: SCMP Pictures
Wealth management

Hong Kong’s MPF scores best first half since 2019, hits US$157 billion in assets

The retirement scheme earned HK$12,500 (US$1,600) for each of its 4.75 million members in the first half of 2024 as stock markets rallied, according to MPF Ratings.

Wealth management

Hong Kong’s mandatory retirement scheme for 4.75 million employees moves online

YF Life is the first MPF trustee to move to the eMPF Platform, with the migration of all 12 providers set to be completed by the end of next year.

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