Treasury chief backs MPF fee cap
(01-10 12:37)
Secretary for Financial Services and the Treasury Caejar Chan Ka-keung said the government recognized the need for a comprehensive review of the Mandatory Provident Fund Scheme.
Chan told the legislature today decisive measures will be taken to reduce fund fees to enhance the rate of return.
He said that Employee Choice Arrangement alone cannot reduce the charges and a price cap could be instrumental.
Chan noted the MPF had been running for 12 years and has not yet reached a mature stage. Improvements have been made over the years by the Mandatory Provident Fund Authority.
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