The eMPF Platform fee could be further reduced to as low as 20 basis points in the future, said the Mandatory Provident Fund Schemes Authority.
As one of Hong Kong’s most utilized digital platforms, the eMPF could cut the fee to 20-25 basis points, which would be two-thirds lower than the average administration fee of 58 basis points before it was launched, MPFA chairman Ayesha Macpherson Lau said in her blog post on Sunday.
The platform currently charges a fee of 29 basis points.
The regulator is also reviewing potential reductions in other MPF fee components, such as member servicing fee and investment management fee, with the target of further lowering the overall Mandatory Provident Fund fee, Lau said.
The review is expected to be completed by the end of this year, she added.
Since the full operation of eMPF at the end of April, the employer and member registration rates have reached 73 percent and 41 percent, respectively, involving 210,000 employers and two million scheme members, Lau noted.
