Hong Kong's Mandatory Provident Fund recorded total contributions of HK$91.23 billion in the year ended March, exceeding the HK$90 billion mark for the second consecutive financial year, according to the Mandatory Provident Fund Schemes Authority.
Voluntary contributions made by both employers and scheme members were rising and accounted for 26 percent of the total figure in the year, reflecting their growing confidence in the pension fund system, the MPFA’s annual report showed.
That helped the MPF assets exceed HK$1.5 trillion at the end of March, representing an increase of more than 150 percent over the past decade.
The number of tax-deductible voluntary contribution accounts reached 101,000 in the financial year, with cumulative contributions of HK$15.61 billion since its launch, the regulator said, adding that it also recovered HK$177 million of default contributions for over 90,000 employees.
The eMPF Platform had processed more than 11.8 million transactions as of April, with approximately 78 percent of instructions submitted digitally.
About 3.7 million MPF accounts, or nearly one-third of the total, had investments in constituent funds under DIS, with assets of HK$169.61 billion, about 11.1 percent of total MPF assets.
