eMPF to help 4.5m workers

Nearly 4.5 million holders of the Mandatory Provident Fund Scheme in Hong Kong will soon have the opportunity to manage their portfolios through an online platform called eMPF.

The platform, set to launch on June 26, aims to streamline the management of MPF schemes by consolidating the administrative tasks currently scattered across various trustees.

Ayesha Macpherson Lau, chairwoman of the MPF Schemes Authority said: "the platform will become a valuable tool for employees to oversee their MPF schemes."

One of the key advantages of eMPF, she said, is its ability to help employers avoid mistakes when calculating and distributing employee contributions. With eMPF, the administrative work will be automated.

Lau also said the platform benefits the MPF Schemes Authority in terms of monitoring and addressing violations.

Usually, the authority notifies employers about delayed payments six weeks after the contribution date. The eMPF will reduce this notice period to three weeks.

"The authority inspected over 1,200 companies and handled more than 37,000 cases of employer contribution default last year," she said.

The authority recovered approximately HK$155 million in contributions for over 96,000 employees last year, representing a 7 percent increase compared to the previous year.

ayra.wang@singtaonewscorp.com