- MPFA
-
MPF System
- Background
- Types of MPF Schemes
- MPF Coverage
- Enrolment and Termination
- Mandatory Contributions
- Voluntary Contributions / Tax Deductible Voluntary Contributions
- MPF Tax Matters
- MPF Account Management
- Withdrawal of MPF
- Arrangements for Offsetting Long Service Payment and Severance Payment
- Anniversaries of MPF System
- MPF Investment
- ORSO
- Supervision
- Enforcement
- eMPF Platform
Info Center
Press Releases
- Your Position
- Homepage
- Information Centre
- Press Releases
- MPFA blog - eMPF Platform enhances protection of employees' MPF rights
Share
-
Copy Address
URL copied!
- Print This Page
MPFA blog - eMPF Platform enhances protection of employees' MPF rights
MPFA Chairman Mrs Ayesha Macpherson Lau published her blog post today (28 April), highlighting that the MPFA has always accorded top priority to protecting MPF scheme members’ interests. While actively promoting and educating employers and employees to fulfill their responsibilities under the MPF legislation, the MPFA also takes proactive measures against non-compliance and recover default MPF contributions for affected employees.
In the 2023-24 financial year, the MPFA inspected over 1,200 employers’ premises, handled over 37,000 default contributions cases, and issued over 376,000 payment notices, which was an increase of 9% and 19% over the previous two financial years respectively. The Authority also successfully recovered approximately $155 million in default contribution for over 96,000 employees, an increase of 7% and 11% over the previous two financial years respectively.
As Labour Day approaches, Mrs Lau shared a good news in respect of enhancing retirement protection of the working population. On the front of safeguarding MPF rights of employees, the Platform will provide better protection from an all-rounded perspective.
The eMPF Platform is scheduled to begin operation on 26 June this year when the first MPF scheme joins the Platform. The remaining MPF schemes will join the Platform one after another in accordance with the ascending order of the value of MPF assets under management by trustees, and all MPF schemes are expected to join the Platform in 2025. Once their respective MPF scheme gets onboard the Platform, employees registered on the Platform can access their MPF accounts and review their MPF anytime anywhere on the Platform via smartphone or computer. For example, they can check if their employers have made MPF contributions on time, with a view to protecting their own MPF rights.
Currently, many employers still calculate and handle employees' MPF contributions manually, which is prone to error affecting employees’ MPF benefits. When employers join the Platform, administrative tasks related to MPF contributions will be automated, thus eliminating human errors.
The Platform will also enable the MPFA to collect latest employer contribution status and default contribution reports faster, expediting its enforcement work in handling non-compliance cases, for example, the timeframe for issuing payment notices is expected to be brought forward from the current six weeks after the contribution day to three weeks, prompting non-compliant employers to settle the arrears as soon as possible which can further safeguard employees’ MPF benefits.
Mrs Lau urged employees to pay close attention to the onboarding schedule of MPF schemes to be announced and register to use the Platform to enjoy the benefits of greater efficiency, convenience and cost savings.
For the full version of the article, please visit the MPFA blog. The blog is in Chinese only.
-Ends-
28 April 2024