Mandatory Provident Fund Schemes Authority’s new eMPF Platform: Key points for employers and employees

Since its implementation on December 1, 2000, Hong Kong's Mandatory Provident Fund (MPF) system has faced criticism for low contribution limits, high management fees, and inadequate returns, failing to secure a satisfactory retirement for citizens. In response, the MPFA has introduced short-term reforms like the Employee Choice Arrangement, increased contribution caps, and the Default Investment Strategy to mitigate investment risks.

A long-term reform, the eMPF platform, will centralise and streamline administration processes, expected to reduce costs and improve efficiency by the end of 2025, with further enhancements anticipated to bolster the system's effectiveness.