Mandatory Provident Fund Schemes Authority (MPFA)

【#MPFANews MPFA and eMPF Platform Company publish Annual Reports 2023-24】 😊："Welcome to the new digital era of #MPF! The #eMPF is now in operation!" To learn about the functions of the eMPF, why not dive into the digital universe💻? Let's hear from the virtual characters of #MPFA Chairman Mrs Ayesha Macpherson Lau and Managing Director Mr Cheng Yan-chee about the benefits of the eMPF Platform and a review of the major work of the MPFA and the eMPF Platform Company over the past year! 🔎 Read the full reports below: MPFA Annual Report 2023-24: https://lnkd.in/g5F9GGGf eMPF Platform Company Annual Report 2023-24: https://lnkd.in/gsCatqx7 #MPFANews #MPFA #MPF #eMPF #AnnualReports

【#MPFANews Advent of a new digital era for the MPF System: eMPF Platform】 Ms Angela Knight, Director of Legal Services & Company Secretary of the #eMPF Platform Company, spoke at the main conference of the Hong Kong Fintech Week 2024 yesterday (28 October), introducing how the eMPF Platform would reshape the #MPF ecosystem through #fintech and bring tremendous benefits to all stakeholders of the MPF System. Ms Knight emphasized that the eMPF, a major financial infrastructure in Hong Kong, would standardize, streamline and automate the administration processes of MPF schemes through fintech, thereby improving the operational efficiency of the MPF System, elevating user experience and driving significant fee reductions as well as paving way for future reform initiatives. She also highlighted that the launch of the eMPF marked the start of a new digital era for the MPF System. When all MPF schemes get onbaord the eMPF, scheme members will be able to manage their accounts in different schemes and perform transactions across schemes anytime and anywhere, enjoying the benefits that fintech brings to the MPF System. Organized by the Financial Services and the Treasury Bureau and InvestHK, the Hong Kong Fintech Week (28 October – 1 November) gathered global leaders in innovation, technology, and finance to explore the future development of fintech, attracting over 30,000 participants from more than 100 economies. #MPFANews #MPFA #MPF #eMPF

【#MPFANews eMPF Platform – One-stop solution for MPF administration work】   Mr Kalman Wan, General Manager (Information Technology), and Mr Spenser Mak, General Manager (Finance) of the #MPFA, attended two #MPF seminars organised by an MPF trustee on 25 October respectively, where they introduced the benefits and latest developments of the #eMPF Platform with over 300 employer representatives. Mr Wan shared that the eMPF Platform is a centralized and one-stop electronic platform, streamlining all administrative processes across various MPF schemes, including registering new employees, submitting remittance statements, making contributions, updating information, etc. The Platform would not only significantly enhance employers' operational efficiency and accuracy, but would also make MPF management simpler and more convenient.   Mr Mak reminded employers to take note of the information provided by the MPFA and trustees. Trustees will send out communication packs to employers two to three months before the onboarding of their respective schemes, outlining the onboarding date and relevant arrangements. Employers should allow sufficient time for registration and account setup. #MPFANews #MPFA #MPF #eMPF

【#MPFANews MPFA promotes the eMPF Platform to young entrepreneurs】 #MPFA Chief Corporate Affairs Officer Mr Wallace Lau attended a Greater Bay Area Young Entrepreneurs forum as a keynote speaker yesterday (27 October), introducing the #MPF System and the #eMPF Platform to young people and entrepreneurs. He shared that before the launch of the eMPF Platform, many employers are still using non-digital means to manage MPF administration, relying on paper forms submitted via mail or through MPF intermediaries. This traditional approach not only results in paper consumption but also requires significant manual efforts, which is pronged to human error. He added that the eMPF Platform is a centralized, common and one-stop electronic platform, where all employers and scheme members can easily manage MPF administration tasks. Employers can make contributions through the Platform conveniently, while employees can view and consolidate all their MPF accounts via a mobile app or web portal. Mr Lau also highlighted that the eMPF Platform is a model and pioneer fintech solution in the local and global pension arena. It is also a major initiative in the "Smart City Blueprint for Hong Kong". #MPFANews #MPFA #MPF #eMPF

【#MPFABlog Another major reform – implementation of "full portability" of MPF benefits】 #MPFA Chairman Mrs Ayesha Macpherson Lau published her blog post today, expressing her gratitude and great honour for the opportunity to participate in another significant breakthrough in the MPF's continual reforms, namely the announcement of the implementation of "full portability" of #MPF benefits in the Chief Executive's 2024 Policy Address, with the MPFA being tasked to work out the implementation details. She stated that "full portability" of MPF benefits would allow employees to transfer the accrued benefits derived from employer mandatory contributions to a scheme of their choice. This will enhance the autonomy of the working population in MPF management, invigorate competition in the MPF market, and as a result provide the working population with better retirement protection. Abiding by the vision "MPF of the People, for the People", the MPFA is committed to fully supporting the Government to work out the implementation details, conduct public consultations, effect legislative amendments, and carry out related promotional and educational activities, with a view to launching "full portability" of MPF benefits as soon as possible after the #eMPF is fully operational. Click here for the press release: https://lnkd.in/g9Kgdaeq Click here for the blog post (Chinese only): https://lnkd.in/gBjFCwEU #MPFABlog #MPFA #MPF #eMPF #FullPortability

【#MPFANews Good MPF Employer Award celebrates 10th Anniversary with a record high of nearly 2,300 awardees】 #MPFA held the Ceremony of Good MPF Employer Award (#GMEA) 2023-24 today (26 October) to recognize nearly 2,300 companies and organizations which not only complied with the #MPF responsibilities, but also provided additional retirement protection for their employees. The GMEA marked its 10th anniversary this year with a record number of applications, nominations and awardees. This year, the MPFA received a record-breaking 2,415 applications and nominations. A total of 2,298 companies and organizations were awarded the GMEA, an 8% increase from last year and a record high. This year's GMEA Ceremony was held in a shopping mall, featuring a short drama and games and engaging the public directly to celebrate the award winners. The officiating guests, Secretary for Labour and Welfare Mr Chris Sun Yuk-han and MPFA Chairman Mrs Ayesha Macpherson Lau, along with MPFA Managing Director Mr Cheng Yan-chee, joined TV artistes onstage to present a short drama, titled "Story of Good MPF Employer"（積金好「僱」事）, promoting the benefits of offering additional retirement protection and encouraging employers to "walk the extra mile" in an interactive and engaging format. Mr Sun praised the award-winning employers and pointed out that employees are the most valuable assets of a company. Providing retirement protection not only increases employees' sense of belonging, but also builds a positive brand image for a company and enhances its competitiveness, thereby contributing to a company’s talent recruitment and retention. Mrs Lau said, "This year, 293 companies and organizations have been honoured with the Good MPF Employer Award for 10 consecutive years. Among them, 59 employers achieved the highest honour of 'Best All-round MPF Employer'. Regardless of the business environment and through rain and shine, they have consistently committed to providing additional retirement protection for their employees, 'walking the extra mile' for their post-retirement well-being. They truly deserve our highest respect." Mrs Lau added that many companies are currently facing hiring challenges. Providing additional retirement benefits can help employers attract talent and increase work morale while reducing staff turnover and increasing productivity. The Ceremony was livestreamed, allowing a boarder audience to celebrate the achievements of the exemplary employer. It also featured a sharing session, in which representatives from the award-winning companies and organizations shared their experience in offering additional retirement benefits to promote harmonious employer-employee relations, enhance their employees' sense of belonging, and create a win-win situation for their businesses. Full video of the Ceremony (in Cantonese): https://lnkd.in/gkp8zKDM Awardee list of GMEA 2023-24: https://lnkd.in/gFyKnub #MPFANews #MPFA #MPF #GMEA

【#MPFANews MPFA held tripartite exchange conference with the Administration of Social Insurance Fund of Guangdong and the Social Security Fund of Macao SAR】 #MPFA Managing Director Mr Cheng Yan-chee and colleagues engaged in tripartite exchanges with the representatives of Administration of Social Insurance Fund of Guangdong (#ASIFGD) and the Social Security Fund of Macao SAR earlier (23 October) in Hong Kong to share updates on the latest developments and identify opportunities for cooperation in the retirement protection and pension space across the Greater Bay Area (#GBA). The occasion marks the second meeting following the tripartite exchange conference held in Nansha, Guangzhou in November 2023. Mr Cheng shared the latest progress of the #eMPF Platform with the delegates. He highlighted that the Platform is a major inclusive financial infrastructure "of the people, for the people" and aims to benefit the working population through enhanced operational efficiency of the #MPF System and corresponding reduction in administration fees. The MPFA aspires to promote experience sharing through regular exchanges, with a view to contributing to the development of the GBA. In addition, after the signing of the "Memorandum of Understanding for Cooperation on Exemption of Hong Kong Residents from Participation in Basic Pension Insurance" between MPFA and ASIFGD in July this year, the relevant implementation arrangements have already been put in place. This measure further facilitates the mobility of talents in the GBA. #MPFANews #MPFA #MPF #eMPF

【#MPFANews eMPF Platform – Providing onsite support services for employers】 Ms Yuki Lam, General Manager (Supervision) of the #MPFA, attended an #MPF seminar organised by an MPF trustee on 24 October, sharing the latest developments, benefits to be brought about to all stakeholders, as well as the supporting services of the #eMPF Platform with over 100 employer representatives attending either onsite and online.   Ms Lam mentioned that with the fifth MPF trustees' scheme joining the eMPF Platform on 29 October, five early adopters have been successfully migrated to the Platform. To cater for the needs of employers, MPFA, the eMPF Platform Company, and the contractors provide comprehensive support services, including the eMPF Outreaching Services. The eMPF outreaching teams will visit employers at their workplaces to assist with the registration and explain the Platform's key functionalities. Employers in need can schedule the Outreaching Services via the eMPF Platform website as their MPF scheme is about to onboard or have already joined the Platform.   #MPFANews #MPFA #MPF #eMPF

【#MPFANews MPFA shares the latest developments of the MPF System at the Asian Actuarial Conference】 #MPFA Chief Operating Officer Ms Cynthia Hui participated in a panel session at the 2024 Asian Actuarial Conference organized by the Actuarial Society of Hong Kong yesterday (23 October).  She highlighted the latest developments of the #MPF System and the MPFA’s efforts to cater for retirement savings needs of MPF scheme members in both accumulation and decumulation phases. She mentioned that the implementation of the #eMPF Platform could improve efficiency of the MPF System, and reviewing minimum and maximum relevant income levels for MPF mandatory contributions as well as encouraging voluntary contributions could help address adequacy issues and combat longevity risk. Ms Hui encouraged the industry to develop holistic solutions to help meet retirement savings needs of MPF scheme members. About 1,000 participants from Asia and around the world attended the Conference. Ms Hui emphasized that the MPFA has always been putting scheme members’ interests first and has launched different initiatives to enhance the adequacy and efficiency of the MPF System. The MPFA will continue to drive various reform measures to improve the operations of the MPF System. #MPFANews #MPFA #MPF #eMPF

【#MPFANews MPFA updates the Labour Department's Tripartite Committee Meeting on Property Management about eMPF Platform】 Mr David Ng, Senior Legal Counsel of the #MPFA, attended a meeting of the Tripartite Committee on Property Management organized by the Labour Department today (22 October) sharing the latest updates on the #eMPF Platform, highlighting its functions and the benefits it offers to all users. Mr Ng emphasized that the eMPF Platform provides a one-stop electronic solution for employers and employees, streamlining all administrative processes related to #MPF. This innovation eliminates the hassles of paper-based processes and significantly enhances operational efficiency. Additionally, the Platform enables employers and employees to manage MPF easily anywhere anytime, enhancing users experience substantially. The eMPF Platform was launched on 26 June, with four MPF trustees already onboarded the Platform. The remaining MPF schemes will be integrated into the Platform one by one sequentially. All MPF schemes will complete their onboarding by the end of 2025, added Mr Ng. The MPFA will continue to promote the eMPF Platform across all sectors of the community, helping relevant stakeholders prepare for the digital transformation of MPF. #MPFANews #MPFA #MPF #eMPF