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 MPFA volunteers make towel bears for older residents】 Why is the #MPFA management team focusing on twisting and turning towels? They are supporting a community service initiative organized by the MPFA Corporate Social Responsibility Committee! The MPFA volunteers, including management and staff, came together to create towel bears for the elderly. Thanks to their dedication, 250 good-fortune bags containing these adorable towel bears were distributed to older residents in Lam Tin district, in collaboration with Kwun Tong Methodist Social Service Lam Tin Neighbourhood Elderly Centre. #MPFANews #MPFA #MPF #CSR #GoodFortuneBags

【Merry Christmas and Happy New Year 🎅🎄】 Merry Christmas and Happy New Year! We wish you all a joyful season 🎁 ! #MPFA #MPF #eMPF #MerryChristmas #HappyNewYear

【#MPFAReminder Don't want to miss your Christmas gifts… or MPF documents📬? Remember to update your trustee with your new address when you move】 🎅🏻🎵 He's making a list, and checking it twice, gonna find out who changed the address…   This is a busy month for Santa Claus! With a mountain of gifts to handle, will he deliver all the presents to the right place? As long as you keep your address updated, you'll be perfectly fine on his mailing list!   The same applies to your #MPF trustees, who regularly mail you annual benefit statements, fund fact sheets, and other important notices related to your MPF accounts. You don't want to miss these mailings, as they contain important information you need to review and manage your MPF accounts.   Remember to inform your MPF trustees about any change in your correspondence address to ensure you receive these important documents!   Looking for a once-and-for-all solution? Consider receiving your MPF documents electronically to save time and help the planet. Start your first step toward digitization in the #eMPF era! #MPFAReminder #MPFA #MPF #eMPF #AnnualBenefitStatement #FundFactSheet

【#MPFANews MPFA awarded the "Corporate Governance Award" in the Best Corporate Governance and ESG Awards 2024】 The #MPFA was awarded the "Corporate Governance Award" in the Best Corporate Governance and ESG Awards 2024, organized by the Hong Kong Institute of Certified Public Accountants (#HKICPA). This is the tenth time the MPFA has been honored with this award! The Judges' Report commended the Authority for effectively aligning its #ESG and Corporate Governance framework. The report acknowledged the promotion of sustainable investing for #MPF funds and the #eMPF Platform as a significant step forward that will also facilitate fee reductions for scheme members. The MPFA will continue to uphold the spirit of "MPF of the People, for the People" to enhance retirement protection for the working population. #MPFANews #MPFA #MPF #eMPF #CorporateGovernance

【#MPFANews Out of every 10 MPF accounts, 3 are chilling with DIS!】 As the weather's just turned a bit brisk, there's nothing better than enjoying a long, peaceful slumber. Those of us wearily dragging through the workday might very well agree... That's one reason why three out of every 10 #MPF accounts were invested in the constituent funds under the default investment strategy (#DIS) (a.k.a "funds for lazy people"), according to the recently released Mandatory Provident Fund Schemes Statistical Digest! The total assets invested amounted to $133.2 billion. The average annualized net returns since the launch of the DIS for the Core Accumulation Fund (#CAF) and Age 65 Plus Fund (#A65F) were 6.4% and 2.3%, respectively. Let's look at some of the key figures: 📌 As at the end of September 2024, total MPF assets amounted to $1,330 billion, increasing by 143% over the past 10 years! 📌 Since the inception of the MPF System in 2000, MPF equity funds and mixed assets funds, which together accounted for nearly 80% of total MPF assets, registered, on average, annualized net returns of 4.5% and 4.2%, respectively, exceeding the annualized inflation rate of 1.8% for the same period; 📌 As at 30 September 2024, the number of tax-deductible voluntary contributions (#TVC) accounts was 79,000, reflecting year-on-year growth of 12%.   Read the full report of the Statistical Digest here: https://lnkd.in/gmxfayFw #MPFANews #MPFA #MPF #StatisticalDigest #DIS 

【#MPFANews MPFA shares the work of MPFA and the latest developments of eMPF Platform with university students】   #MPFA General Manager (Information Technology) Vivian Lee shared the latest developments of the #MPF System and #eMPF Platform with the Master students of Science in Financial Technology at the Chinese University of Hong Kong today (10 December).   Ms Lee introduced the MPF System and the regulatory role of MPFA to the students, deepening their understanding of the pension system of Hong Kong and the work of MPFA.   She added that the eMPF Platform, as a one-stop platform handling the administration of all MPF schemes with 4.75 million scheme members and over 360,000 employers, is the largest financial infrastructure project in Hong Kong. The platform commenced operation since June this year, with the first five MPF schemes have successfully migrated their MPF account data to the eMPF; the MPFA, eMPF Platform Company, and the eMPF project contractor would keep providing comprehensive supports to ensure a smooth transition for all users. #MPFANews #MPFA #MPF #eMPF

【#MPFAReminder Do you need to make MPF contributions for an annual dinner prize? 】 What's the highlight of a company's annual dinner? 💫The lucky draw, of course! Whether it's a new phone, a picture frame or a voucher, it's always thrilling to win a fantastic prize from your boss. But here's a question: do you need to make any #MPF contributions if you win a cash prize? The answer is simple! MPF contributions are calculated based on relevant income, which includes all monetary payments made by an employer to an employee, such as wages, commissions and bonuses. However, gifts or cash prizes at an annual dinner are not considered relevant income. So, enjoy your lucky draw prize and the annual dinner😎! As for your long-awaited year-end bonuses, this and other bonuses, commissions and gratuities are all counted as relevant income. That means your boss has to make MPF contributions for you. Remember to check your pay slip and contribution record to ensure everything is accurate💰! #MPFAReminder #MPFA #MPF #RelevantIncome

【#MPFANews eMPF Platform Company shares the updates on eMPF with HR professionals】   #eMPF Platform Company General Manager (Business and Compliance) Vivian Ng attended an HR leadership conference yesterday (5 December) hosted by an online job and career platform, introducing the latest developments of the eMPF Platform to over 800 HR professionals and business leaders. Ms Ng highlighted that five MPF schemes have already onboarded the eMPF, with the remaining schemes set to join the platform one by one. Employers participating in #MPF schemes which are yet to onboard the platform are advised to pay attention to the communication pack to be issued by trustees around two to three months before the onboarding. The pack will contain the onboarding date and other crucial details for employers' attention. She further emphasized that if employers encounter difficulties during onboarding, #MPFA, eMPF Platform Company, and the contractor will provide comprehensive support, including hotline services, online educational videos, free training sessions specially designed for human resources personnel and outreach services to ensure smooth onboarding process for all employers. #MPFANews #MPFA #MPF #eMPF

【#MPFANews Transforming MPF for a Bright Future】 #MPFA Executive Director (Policy) Mr Eric Cheng spoke at an #MPF forum on 28 November, sharing the most recent advancements in the MPF System and key initiatives undertaken by the MPFA to enhance the accumulation of retirement savings for the working population.   Mr Cheng highlighted that according to World Bank's outcome-based assessment framework for private pensions, MPF is doing well in terms of coverage, sustainability and security, and is making good progress in improving efficiency and adequacy. The MPFA is committed to improving the MPF System through various reform initiatives including ongoing efforts to implement #eMPF, drive reduction of fees, optimize investment regulations to facilitate diversification and enhance risk-adjusted return potential, review minimum and maximum relevant income levels for MPF contributions and encourage voluntary contributions. These initiatives aim to enhance retirement protection for the workforce.   #MPFANews #MPFA #MPF #eMPF