Information Centre

The eMPF Platform (the Platform) is the biggest reform since the inception of the MPF System! The Platform is a one-stop electronic platform operating on a not-for-profit basis which will gradually replace the current systems administered by different MPF trustees. Signifying the new digitalized MPF era, the Platform will not only bring substantial benefits to users, but will also tackle all existing pain points in managing the MPF.

The eMPF Platform will be launched on 26 June 2024. MPF schemes will join the Platform one by one in ascending order of the value of MPF assets under management by the trustees. The first two trustees will get onboard the Platform on 26 June and 29 July respectively. All MPF schemes are expected to complete onboarding the Platform by end 2025.

For two issues in a row, you will learn more about the substantial benefits of the Platform and how easy it is to use. 

Significant fee reductions
The Platform will drive fee reductions which is a key concern of scheme members. The Platform will standardise, streamline and automate the MPF administration processes which will reduce the administration costs of MPF schemes, directly benefiting scheme members through fee reduction. 

The average MPF administration fee is expected to be reduced by 36% in the first two years of operation of the Platform. This is estimated to achieve a total cumulative administration cost savings of $30 billion to $40 billion over a 10-year period, which is equivalent to a 41% to 55% of the original administration fee. In simple terms, if the current administration fee is $1, it is expected to cost only $0.4 in the future.

A single account for lifetime use
If you have multiple MPF accounts under different trustees and do not consolidate them when changing jobs, you may forget how many accounts you have or the registration details over time, making it cumbersome in managing MPF and hindering retirement investment planning. When your MPF accounts under the respective MPF schemes get onboard to the Platform, all you need to do is to register an eMPF account. This eMPF account will be unique and for lifetime use. Regardless of how many employers you have had or how many trustees you have been associated with, scheme members can view their MPF balances of their schemes under different trustees clearly through the single log in to the eMPF after the relevant schemes have got onboard the Platform.   

MPF performance at a glance
If you have more than one MPF account managed by different trustees, currently, you need to check them one by one in different systems administered by individual trustee. The eMPF is a central electronic platform covering all MPF schemes from all trustees. Therefore, once your MPF schemes get onboard the Platform, you can check all your MPF accounts under different schemes at one glance after logging in to the Platform. The Platform will display a donut chart showing your MPF assets under different trustees or schemes, as well as your MPF performance, in a comprehensive manner. 

(The simulated graphic is for reference only)

Stay tuned in the next issue for the other benefits to be offered by the Platform!