Information Centre

In the previous issue, we highlight three substantial benefits of the eMPF Platform that it will bring to MPF scheme members including fee reductions, one single account for lifetime-use and easy viewing of MPF performance on a standardized platform. It is worth noting that the benefits of eMPF go beyond these! 

Managing your MPF with ease 
The MPFA has been advising the working population to consolidate their MPF accounts whenever they change their jobs, as managing multiple MPF accounts is not conducive to effective MPF management. Currently, scheme members have to submit a completed request form with supporting documents to your selected trustee for account consolidation. 

In the future, when your MPF scheme joins the Platform, you will only need to press a few buttons on the Platform to easily consolidate your MPF accounts from different trustees. And the process will take less than half the current two to three weeks’ time.  

Also, other MPF administration instructions, such as managing investment portfolio, opening tax-deductible voluntary contribution account and making contributions can all be done on the Platform anytime, anywhere. This enhanced accessibility empowers scheme members to manage MPF with greater convenience. 

Saving time for employers
Not only will scheme members benefit from eMPF, the Platform also brings tremendous benefits to employers. Many employers still rely on paper forms to handle MPF matters for their employees, such as enrolling new joiners in an MPF scheme and submitting contribution data. This complicated and time-consuming administrative process results in low work efficiency. 

After the MPF schemes get onboard the Platform, employers can easily handle the administrative tasks digitally. This will not only save time, enhance convenience, and improve administrative efficiency, but also reduce use of paper.

Timely and accurate contributions made by employers
Many employers still calculate MPF contributions manually and deliver cheques to the trustee’s office by mail or through courier service, which is time consuming and prone to errors. If the MPF contributions are delayed, surcharges will be imposed. 

The Platform automatically calculates the contributions and provides a digital reminder of contribution due dates, thus reducing the chance of delays or incurring penalties due to human error on the part of employers. Employees can check whether their employers have made contributions for them on time through the Platform by using their mobile phone or computer. These will help enhance the protection of scheme members’ MPF benefits. 

In addition to the substantial benefits brought by the Platform, what are the points-to-note for scheme members and employers? Stay tuned for the next issue!