TOPIC

Mandatory Provident Fund (MPF)

HSBC has argued that it took all necessary steps to clarify the woman’s information in accordance with regulations. Photo: Nora Tam
Hong Kong society

Hong Kong transgender woman slams HSBC for outing her with letter to employer

Christine Chu says HSBC sent letter to employer over ‘discrepancies’ in its records, despite receiving copy of Chu’s updated identity card.

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Hong Kong society

Hong Kong treasury chief vows swift response to complaints over e-pension system

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Hong Kong courts

Hong Kong’s MTR Corp accuses Physical of owing it HK$2.8 million in rent, fees

China

Hong Kong’s MPF makes US$19 billion in first 9 months fuelled by market rally

Fuelled by interest rate cuts and China’s stimulus measures, the market rally took MPF’s total assets to a record HK$1.327 trillion.

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The MPF’s average account balance for its 4.75 million members was now worth more than a brand-new Tesla Model 3 or a Hermes Birkin handbag. Photo: Xiaomei Chen
Wealth management

Retail fund sales surged on interest rate cuts and China market rally: Fidelity

Hong Kong-based Charlotte Chan says sales of retail funds in Hong Kong doubled from a year earlier.

Consumer protection in Hong Kong

Hong Kong lawmakers seek tougher prepayment protection after Physical gym closure

One legislator flags case in which a Hongkonger paid HK$200,000 for three-decade membership that will last until she is 85.

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Consumer protection in Hong Kong

Claims filed to watchdog over Hong Kong gym chain Physical soar to HK$113 million

Biggest case received by consumer watchdog involves prepayment of HK$1.86 million for more than 1,900 private classes and 10-year membership.

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A former customer shows a contract with the gym chain. The total amount involved in complaints made to customs doubled in a day, surging to HK$71 million. Photo: Sam Tsang
Consumer protection in Hong Kong

Hong Kong authorities set up dedicated team to investigate closure of Physical

Number of complaints hits 1,725 and amount in prepaid fees swells to HK$60 million.

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Hong Kong society

Complaints to Hong Kong watchdog against Physical gym chain involve HK$17 million

Consumer Council says it received 521 complaints within two days of Physical Health Centre abruptly closing all its branches.

Hong Kong workers/labour rights

Hong Kong’s Physical gym says branch will reopen thanks to new investor

More than 100 angry customers have lodged complaints over the chain’s decision to close; Physical says Wan Chai first branch to reopen.

Physical Fitness Centre announced earlier this week that it would be “temporarily” closing. Photo: Jelly Tse
Consumer protection in Hong Kong

Explainer | What measures clients of Hong Kong’s Physical gym can take after chain’s closure

The Post breaks down the gym’s financial woes and what safeguards are available to its members.

A Physical member reads a notice at the Mong Kok branch entrance. Photo: Jelly Tse
Hong Kong economy

Hong Kong’s Physical gym chain warned to pay MPF arrears or face legal action

Physical is second gym chain in under two weeks to slip into trouble after rival Pure Fitness was accused of not paying rent for Central branch.

Wealth management

Hong Kong pension regulator’s new reforms put members’ needs at the top

The MPFA’s reforms will allow members to choose providers, widen Reit investment choices and implement the ‘whole-free walk’ scheme, chairperson Lau says.

Hong Kong workers/labour rights

Hong Kong firm warned over non-payment of HK$1.6 million in pension contributions

Retirement fund watchdog tells Hi-Speed Supply Chain subsidiary to stump up HK$1.6 million in pension contributions or face legal action.

Hi-Speed Human Resources has been told to pay pension contribution arrears. Photo: Handout
Wealth management

China Life and YF Life to cut fees for MPF members as reform gets rolling

The first two MPF providers to join the electronic platform will soon cut fees for their members, as the reform starts to save costs for 4.75 million members of Hong Kong’s compulsory retirement scheme.

Hong Kong’s Mandatory Provident Fund, the compulsory retirement scheme, has about 4.75 million members. Photo: Sam Tsang
Banking & finance

‘Not acceptable’: HSBC fined record US$3 million over MPF recruitment scheme

Hong Kong’s biggest lender was ordered to pay a record fine of HK$24 million for offering incentives to ‘unauthorised intermediaries’ to get corporate clients to join its Mandatory Provident Fund scheme in 2020 and 2021, the pensions regulator said.

Wealth management

Hong Kong’s MPF scores best first half since 2019, hits US$157 billion in assets

The retirement scheme earned HK$12,500 (US$1,600) for each of its 4.75 million members in the first half of 2024 as stock markets rallied, according to MPF Ratings.

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Wealth management

Hong Kong’s mandatory retirement scheme for 4.75 million employees moves online

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.

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

Calling it a day in Hong Kong? Not if you want to plug that US$300,000 gap

The average Hongkonger faces a HK$2.4 million (US$300,000) gap between their post-retirement expenses and the money available in their pension funds, according to a survey by fund house Schroders.

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Hong Kong

Members who changed tack miss out on rally as MPF returns most in 7 years

Hong Kong’s mandatory retirement fund put in its best performance in seven years in the first five months of 2024, though members who shifted their cash from Hong Kong and China equities to US stock funds have missed out.

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Hong Kong economy

Hong Kong restaurant chain sued over HK$3.1 million in unpaid pension contributions

Unpaid February and March pension contributions amounting to HK$3.1 million from Kam Kee Holdings affect almost 1,000 staff, MPF Schemes Authority says.

A Kam Kee Cafe, whose holding company is being taken to court over HK$3.1 million in unpaid employee pension contributions. Photo: Facebook
Banking & finance

MPFA touts cybersecurity, backup system of electronic platform going live in June

Hong Kong will implement sound cybersecurity measures reinforced by strong backup systems to ensure a smooth launch of the MPF electronic platform next month, according to the MPFA’s Ayesha Lau.

The Mandatory Provident Fund Schemes Authority’s new electronic platform will cut down administration costs by HK$30 billion to HK$40 billion over a 10-year period. Photo: Felix Wong
Hong Kong

Hong Kong’s MPF to launch electronic platform in June in major overhaul

The Mandatory Provident Fund, Hong Kong’s pension-fund operator, will launch its electronic platform in June, in the biggest overhaul of the city’s compulsory pension programme since it started in 2000.

Banking & finance

Hong Kong’s MPF delivers HK$6,000 to each member with 2.47% first-quarter gain

The retirement scheme earned HK$28.5 billion (US$3.6 billion) last quarter, or HK$6,000 per scheme member, according to MPF Ratings. Funds focused on Japanese and US equities were the best performers.

Hong Kong

Editorial | New MPF platform to offer Hong Kong investors more control over portfolios

The dozen MPF account providers are due to complete the shift to the new electronic platform, which allows for day-to-day adjustments of holdings, by the end of 2025

The Hong Kong Mandatory Provident Fund Schemes Authority headquarters. The MPF suffered losses in 2021 and 2022, but avoided a third year of losses with a 3.5 per cent gain in 2023. Photo: Enoch Yiu
Banking & finance

EMPF Platform: Hong Kong to move smallest firms first, HSBC by end-2025

YF Life Trustees, the smallest of Hong Kong’s MPF providers, will be the first to migrate to the soon-to-be-launched eMPF Platform, while HSBC, the largest provider, will be the last, according to the pensions regulator.

Hong Kong’s Central business district. While YF Life and China Life are Hong Kong’s smallest MPF providers, Manulife and HSBC are the two largest. Photo: Jelly Tse
Hong Kong society

Outside In | Hong Kong’s MPF should at least offer financial security in old age

Hongkongers cashing out their Mandatory Provident Fund last year and this year are likely to get less than they put in. Such forced savings should at least provide a minimum of financial security into old age

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Banking & finance

Hong Kong sees 30% more IPO applicants, HKEX CEO Bonnie Chan says

HKEX received 30 per cent more IPO applications so far in 2024, with start-ups eyeing capital raising as interest rates turn a corner, says newly-appointed CEO Bonnie Chan.

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Mandatory Provident Fund (MPF)
The Mandatory Provident Fund (MPF) is a compulsory pension fund designed by the Hong Kong government as a major protection scheme for the aged and retired residents.  Most employees and their employers are required to contribute monthly.
last updated:
9 September, 2024
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