MPF online switch to begin in the second quarter

Himo Liu

The Mandatory Provident Fund Schemes Authority will start to transfer account information onto its online platform in the second quarter of 2024 as part of efforts to meet its goal of going fully online by 2025, according to chairwoman Ayesha MacPherson Lau.

The eMPF Platform reached a milestone last month as the development of its software neared completion, marking the readiness of over 20 essential system functions and establishing a solid foundation for the platform's future smooth and efficient operation, said Lau.

The MPFA had initially projected the completion of eMPF by the end of last year, with a phased transition of MPF accounts starting from this year; however, that has been delayed due to software complications faced by the contractor, PCCW (0008).

Lau stated that over the past six months, the MPFA and the eMPF Platform company have been closely monitoring the contractor to ensure effective measures are implemented for advancing the construction.

They will encourage the contractor to go all out in order to complete tests within this year.

After the completion and testing phase, five first-batch MPF trustees - namely YF Life Trustees, China Life Trustees, Bank of Communications Trustee, Standard Chartered Trust (Hong Kong), and Bank of East Asia (Trustees) - will be joining the platform.