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The MPFA and the eMPF Platform Company (eMPF Company), the wholly-owned subsidiary of MPFA, today (1 September) published their Annual Reports for 2023-24 respectively, covering the key work of MPFA and the eMPF Company as well as their financial reports for the financial year. 

In the Chairman’s Statement of the MPFA’s Annual Report titled “MPF of the People, for the People”, MPFA Chairman Mrs Ayesha Macpherson Lau highlighted MPFA’s key work in the year. Mrs Lau emphasised that MPFA’s aim is to make the MPF System a better retirement savings system for the working population of Hong Kong. She said, “Our most important development in 2023–24 was the significant progress of the eMPF Platform (the eMPF) project. With the commencement of the eMPF operation , the first trustee had migrated the member account data of its MPF scheme to the eMPF in June 2024. The other trustees will subsequently get onboard the eMPF one by one in ascending order of the value of MPF assets under their management which will complete by end 2025. By that time, all MPF scheme members can handle MPF scheme administration work on a common and integrated electronic platform , thereby enhancing operational efficiency, reducing administration cost and providing one-stop hassle-free user experience for scheme members and employers.” 

Mrs Lau pointed out that the launch of the eMPF will drive MPF fee reduction and is an important step in MPFA’s efforts to enhance the value of scheme members’ MPF savings, leading the MPF System into the “new digital era”. 

Apart from the eMPF, Mrs Lau also highlighted measures introduced over the years to enhance market competition, such as enhanced disclosure, provision of tools for fee comparison, introduction of the Employee Choice Arrangement and the fee-controlled default investment strategy (DIS) which helped drive down fees. “To achieve further fee reduction, trustees have been required to review if there is room to reduce fees of their funds and submit a five-year fee reduction plan. While some trustees have plans to reduce fees for certain MPF funds, we will spare no effort to continue to drive down MPF fee levels for the benefit of scheme members in the long run,” said Mrs Lau.

Key highlights in the Annual Report 2023-24 of MPFA are as follows: 

• As at the end of March 2024, total MPF assets amounted to $1.18 trillion, $902 billion (about 76%) of which was contributions, while $281 billion (about 24%) was investment returns. 

• As at the end of March 2024, there were 76,000 tax-deductible voluntary contribution accounts with a total contribution amount of $10.51 billion. 

• As at the end of March 2024, 3.3 million MPF accounts (about 29.8% of the total 11.1 million MPF accounts) were invested according to the DIS or in the constituent funds of the DIS, with total assets of $117.76 billion (about 10.0% of the total MPF assets ).

• The MPFA inspected 1,234 employment establishments, issued 376,300 payment notices in respect of MPF default contributions, and recovered a total of $155 million in default contributions for 96,600 employees. 

Looking ahead, the MPFA will continue conducting reviews and pursuing reforms of the MPF Sysytem on different fronts to meet the needs of scheme members. The MPFA also plans to host the Annual General Meeting and committee meetings of the International Organisation of Pension Supervisors (IOPS), and co-organize the Global Forum on Private Pensions with IOPS and the Organisation for Economic Co-operation and Development (OECD) in 2026, telling the world the Hong Kong MPF story. 

In addition, Mrs Ayesha Macpherson Lau, who is also Chairman of the eMPF Company, stated in the eMPF’s first Annual Report that “The eMPF project is a model and pioneer fintech solution in the local and even global pension space. It is one of the major initiatives leveraging fintech in the Smart City Blueprint for Hong Kong, the vision of which is to embrace innovation and technology to build a world-class smart Hong Kong characterized by a strong economy and high quality of living.” 

The Annual Reports of the MPFA and the eMPF Company are available on the website of the MPFA and the eMPF respectively.

To mark the new digital MPF era, the MPFA produced an innovative 3D animated short video, featuring MPFA Chairman Mrs Ayesha Macpherson Lau and Managing Director Mr Cheng Yan-chee in the digital world presenting the major work of MPFA. Please watch the video via the hyperlink below:

The MPFA and the eMPF Company publish their Annual Reports for 2023-24.

The MPFA produced a 3D animated video presenting the major work of MPFA in 2023-24. 

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1 September 2024