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The MPFA welcomes the announcement by Financial Secretary Mr Paul Chan today (26 February) in the 2025-26 Budget that the MPFA will consult the public on specific proposals of MPF “Full Portability” this year. 

MPFA Chairman Mrs Ayesha Macpherson Lau said, “I warmly welcome Financial Secretary further highlighting in the Budget that the MPFA will within this year consult the public on specific proposals of MPF ‘Full Portability’ and submit recommendations to the Government thereafter. The MPFA is working full steam ahead to assist the Government in working out the implementation details and effecting legislative amendments, as well as carrying out related promotional and educational work, with a view to launching MPF ‘Full Portability’ soon after full operation of the eMPF Platform.” 

She continued, “MPF ‘Full Portability’ allows employees to transfer the MPF benefits derived from employer mandatory contributions to a scheme of their choice, enhancing the autonomy of the working population in MPF management.  This will drive the high-quality development of the MPF market, invigorate competition, and promote continual fee reduction and performance enhancement by trustees, thereby providing the working population with better retirement protection. The launch of the eMPF Platform in June last year and the abolition of the arrangement of using the benefits of employer mandatory contributions under the MPF System to offset severance payment and long service payment from 1 May this year will lay a crucial foundation for the implementation of MPF ‘Full Portability’.”

Mrs Lau also welcomes the series of measures proposed in the 2025-26 Budget on advancing the high-quality development of Hong Kong’s international financial market, promoting silver economy, and stepping up efforts to contain government operating expenditure. In view of the Government’s reinforcement of the fiscal consolidation programme, the MPFA will observe fiscal prudence, optimise the use of public money, and provide services to the public in a more cost-effective manner through consolidating internal resources, streamlining procedures and leveraging technology. MPFA will continue to improve the MPF System to provide solid basic retirement protection for the working population.

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26 February 2025