Hong Kong’s eMPF Platform launch allows 4.75m employees to manage retirement funds online

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YF Life is the first MPF trustee to move to the eMPF Platform, with the migration of all 12 providers set to be completed by the end of next year

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Hong Kong’s compulsory retirement scheme covers 4.75 million members who have assets worth HK$1.18 trillion. Photo: Martin Chan

Enoch Yiu

Published: 4:39pm, 26 Jun 2024

Hong Kong successfully launched the eMPF Platform on Wednesday, the most significant reform of the city’s compulsory retirement scheme since its establishment in 2000.

YF Life Trustees became the first of the 12 Mandatory Provident Fund (MPF) providers to move to the eMPF Platform, which will enable its nearly 7,000 employers and 56,000 members to manage their funds via the digital platform. The rest of the providers will gradually migrate, with the process scheduled for completion by the end of next year.

The eMPF Platform will replace separate systems currently in use by different operators. It will allow the 12 MPF providers, 361,000 employers and 4.75 million members to manage MPF assets worth HK$1.18 trillion (US$151.3 billion) through a single platform via their mobile phones or computers.

The eMPF will allow scheme members and employers to utilise the advantages of the platform “including digitalisation, automation and one-stop design, providing a brand-new experience in MPF management and driving significant fee reduction”, Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Schemes Authority (MPFA), said in a statement.

Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Schemes Authority, said the authority’s survey revealed most employers were satisfied with the eMPF user experience. Photo: MPFA

Lau said the platform will enhance operational efficiency and cut administration costs by HK$30 billion to HK$40 billion over a 10-year period.

Under the new arrangement, all MPF providers, also known as trustees, will have to use the eMPF Platform to run their schemes, but it is optional for both employers and employees.