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MPFA Chairman Dr David Wong published his latest blog post today (9 February). He said that the novel coronavirus outbreak had increased uncertainty for the Hong Kong economy. But he emphasized that scheme members should not be overly concerned about short-term volatility and lose faith in the markets and MPF performance. He added that despite the many challenges faced by the MPF System over the past 20 years, the System has continued to see steady growth. As at the end of December 2019, the total assets in the MPF System were close to $970 billion, and the annualized rate of return was 4.1%.

In view of the latest novel coronavirus situation, people tend to go out less at this critical time. Dr Wong said that with the digital channels provided by the trustees, it was convenient for scheme members to manage their MPF even from home so as to reduce social contact. He also encouraged scheme memebrs to seize the opportunity to open TVC accounts before the end of the current fiscal year as they could still make use of various digital means to open TVC accounts. As at the end of December 2019, the total number of TVC accounts approached 24,000, and the total amount of TVCs received was $761 million.

For the full version of the article, please visit the MPFA blog. The blog is in Chinese only.

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9 February 2020