MPF spells out hopes for e-platformBusiness | Tereza Cai 3 Dec 2018
The chairman of the Mandatory Provident Fund Schemes Authority, David Wong Yau-kar, says the authority is working on a smart digital platform eMPF, which is expected to be launched in phases starting from 2022.
It offers both employees and employers the centralized electronic platform, linking all the MPF plans' systems and enabling paperless administrative work.
Wong explained that employers could apply for an exclusive MPF number, through which, no matter how many jobs members have changed, they could log in to the eMPF platform to manage diverse MPF plans' accounts.Looking further, he believed it could even enable users to transfer the funds from one fund plan to another, prompting competition and paving the path for freely choosing funds to invest in.
However, he also stated that the number of accounts and users involved in eMPF are very large, and he expects the difficulties with the plan to be significant.
The greatest challenge is to ensure the platform could promote scheme reform, such as simplifying the troublesome administration procedure, saving administration costs, creating room for fee reduction, and making it more convenient for the members to make an investment choice.
He was convinced that the MPFA will need to invest a huge amount of resources in the preliminary stages of the new platform.