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Employers handle MPF more easily with the eMPF Platform
The eMPF Platform (the Platform) is the most significant reform of the MPF System since its inception. It will standardize, streamline and automate the administration processes of MPF schemes, reshaping the MPF System through digitalization. Over 300,000 employers are expected to use the Platform, and all administration processes of MPF schemes will be handled via the Platform in the future.
Simplified enrolment process
Currently, to enrol new employees in an MPF scheme, employers need to go through a cumbersome enrolment procedure, involving printing and filling out paper forms, and manually submitting documents. During the process, inadvertent manual errors are inevitable, which would hamper the efficiency of the enrolment process. When the eMPF Platform is in place, employers will be able to enrol new employees in an MPF scheme digitally in three simple steps, namely selecting MPF scheme, filling in employee information, and providing default setting for each employee (e.g. voluntary contributions). The Platform will also have a batch-uploading function, making it convenient for employers to upload employees’ information in excel files. In short, the Platform will simplify the entire process and reduce paperwork when enrolling employees in an MPF scheme.
Automatic contribution calculation and submission
Sometimes employers may forget to make MPF contributions for employees amidst their busy schedule. The Platform has a reminder function to prompt employers to prepare contributions before the deadline, and employers will be able to check, download and save the contribution records and status via the Platform. The Platform will also save previous contribution details for easier editing so that employers will not have to upload the details every time they make MPF contributions. Moreover, the Platform will automatically calculate the amount of mandatory contributions when the employer enters the related income details of the employees, thus preventing manual errors.
The MPFA, the eMPF Platform Company and the contractor are working at full steam on the development of the Platform. The target is to complete the development by end-2022 at the earliest to enable sequential and orderly onboarding of MPF trustees and their schemes to the Platform starting from about April 2023, and making the Platform fully functional in 2025.