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MPFA Managing Director Mr Cheng Yan-chee was interviewed by TVB Finance News, reviewing MPF performance amid recent market volatility, and sharing the MPFA’s efforts in protection of scheme members’ interests, and the development of the eMPF Platform. The interview was aired on TVB Finance News and TVB’s programme “Finance Magazine” on 2 September and 4 September respectively.

Mr Cheng reiterated in the interview that MPF is a long-term investment and urged scheme members not to be overly concerned about short-term MPF performance. He stressed that the MPFA has been making continuous effort to drive fees reduction of MPF schemes. The FER has reduced from 2.1% in 2007 to the current level of 1.38%. The eMPF Platform which is under development would further create room for fee reduction. The MPFA targets to complete the development of the eMPF Platform by the end of 2022 at the earliest and start the onboarding of MPF schemes from mid-2023, so that the Platform would be fully operated in 2025. 

On protection of scheme members’ interests, Mr Cheng pointed out that the MPFA has a zero-tolerance policy towards non-compliant employers who defaulted on their MPF contributions.  In the 2021-22 financial year, the Authority successfully recovered $140 million in default contributions for 82,800 employees.