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Hong Kong pension scheme going digital will save members US$5 billion in fees over 10 years
- Hong Kong’s lawmakers last month approved legislation for the city to establish an online centralised platform called eMPF
- The digital platform will cut down the use of paper and save costs for the scheme’s 4.5 million members
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The switch to a digital platform for Hong Kong’s compulsory retirement scheme will save the 4.5 million members as much as HK$40 billion (US$5.14 billion) over 10 years, according to the head of the pension regulator.
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Hong Kong’s lawmakers last month approved legislation for the city to set up a centralised platform called eMPF for the 13 Mandatory Provident Fund providers to manage all administrative work for the compulsory retirement fund schemes.
The project, which will cost taxpayers HK$4.9 billion, is expected to be completed by the end of next year.
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“The eMPF platform will make Hong Kong one of the first markets worldwide to have a single digital platform to manage all scheme administration procedures of the privately managed pension scheme,” Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Authority, said in an interview.
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