Compulsory Provident Fund System Authority Chairperson Ayesha McPherson-Lau will tackle a press convention on Thursday.Photo: Edmund So
He added that the easy-to-use platform will scale back administrative prices by HK$30 billion to HK$40 billion over 10 years, noting that the system meets excessive worldwide requirements for shielding members’ private knowledge. .
“We will monitor our techniques 24 hours a day to stop cyber-attacks, and we may also have backups in place to stop system failures,” she mentioned.
Financial funding fraud in Hong Kong surged 55% within the first quarter, with losses of greater than HK$900 million, police mentioned.
Hong Kong’s MPF provides every member HK$6,000, first quarter revenue of two.47%
The eMPF platform will launch on June twenty sixth when YF Life Trustees, the smallest MPF supplier, will migrate to the system, adopted by China Life on July twenty ninth. The two firms have a market share of 0.8% and MPF property amounting to HK$9 billion. It’s below management.
YF Life members can begin establishing their accounts from June twelfth, however will solely have the ability to be part of on June twenty sixth, when the scheme launches. China Life Insurance members can begin opening accounts from July twelfth, earlier than becoming a member of the scheme from July twenty ninth.
MPFA Managing Director Chen Yanqi will converse at a press convention on Thursday.Photo: Edmund So
According to Cheng Yan-chee, managing director of MPFA, members with a number of MPF accounts with completely different suppliers solely have to arrange their accounts as soon as.
“Members don’t have to arrange an account now; they need to wait till their supplier joins the scheme,” Chen mentioned.
The remaining suppliers will probably be added to the platform in levels by 2025 in ascending order of the worth of property managed by the trustee.
Bank of Communications Trustee and Standard Chartered Trustee (Hong Kong) are anticipated to hitch the eMPF platform within the fourth quarter of this 12 months, with three separate schemes run by East Asia Bank (Trustee) becoming a member of this 12 months. Expected to be added in This autumn. According to the Legco newspaper in March, the primary quarter of subsequent 12 months.
Principal Trust Company (Asia), BOCI-Prudential Trustee and Bank Consortium Trust are scheduled to transition within the first and second quarters of 2025.
This will probably be adopted by AIA Company (Trustee) and Sun Life Trustee within the second or third quarter, adopted by Manulife within the third quarter. HSBC and its subsidiary Hang Seng Bank would be the final banks to be added to the eMPF platform within the fourth quarter of 2025.
Cheng mentioned the eMPF platform saves members and employers money and time.
“Currently, many employers manually calculate and course of worker MPF contributions, which will increase the possibilities of errors that affect worker advantages,” Cheng mentioned. mentioned.
“Once an employer joins the platform, contributions are made digitally they usually obtain a notification to make their contribution. Members can simply handle their MPF account and make fund choices utilizing their cell phone or laptop. You can change it.”