The eMPF, Hong Kong’s centralized electronic platform for its pension funds, has completed the onboarding, integrating the Mandatory Provident Fund administration systems of all 12 MPF trustees after nearly two years of dedicated efforts, the regulator said.
The platform, which provides one-stop administration services for MPF schemes, covers approximately five million scheme members, 300,000 employers, 11 million MPF accounts and more than HK$1.5 trillion MPF assets, representing the most far-reaching reform since the implementation of the MPF System, said Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Schemes Authority.
Lau said she was pleased to see the continued rise in the adoption of eMPF, with the growing economies of scale becoming increasingly evident and the pace of fee reduction accelerating.
Since the launch of eMPF two years ago, the average administration fee has been reduced from 0.58 percent to 0.37 percent, Lau wrote in her blog on Sunday.
As the fee reduction momentum continues, effective April this year, the fee was further reduced to 0.29 percent, representing another cut of 22 percent and halving the administration fee previously charged by trustees, she said.
With more and more users adopting the digital interface for using eMPF services, Lau believes that the eMPF fee can be further reduced to as low as 0.2 percent in the future, saving HK$50 billion in less than 10 years.
The fee reduction will directly benefit all MPF scheme members, yielding more substantial long-term returns for their retirement savings, she stressed.
To augment the processing capacity of the three eMPF service centers and shorten handling time, starting mid-May, all service centers will extend their service hours on Saturdays and add service sessions on Sundays, Lau said.
The team has also started setting up registration and enquiry booths at various MTR stations from last week, helping scheme members register and receive immediate assistance on their enquiries, she added.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓
