'All MPF schemes to be onboarded to eMPF this year'
The managing director of the MPFA Cheng Yan-chee says the platform is expected to save administration costs of up to HK$40 billion over 10 years. Photo: RTHK
The managing director of the Mandatory Provident Fund Schemes Authority (MPFA), Cheng Yan-chee, on Saturday said the authority aims to transfer all MPF accounts to the eMPF Platform within this year.
The one-stop platform, which came into operation in June last year, aims to streamline and automate the administrative work of MPF schemes.
Speaking on a radio programme, Cheng said the authority is undergoing the second phase of onboarding schemes to the platform, and all MPF accounts can be viewed on the site within this year.
"We had our first phase of onboarding from June to October last year, involving small-scale trustees. They have fewer employee and employer accounts. They account for two percent of the total number of accounts in the city," he said.
"The second phase is from March to August, dealing with midsize trustees who have more accounts. After this phase, one-fourth of all accounts will be onboarded to the platform."
The director said he expects the platform to help reduce administration costs and save up to HK$40 billion in the coming 10 years.
Meanwhile, Cheng said the authority is reviewing the maximum and minimum levels of MPF contributions, considering factors such as the socioeconomic situation and income distribution, and will hand in a report to the government next year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
HKFP
2 days ago
- HKFP
HKFP merch store 2-week sale: organic t-shirts, keyrings, mugs, totes and stickers back in stock
HKFP's merch store is open for a two-week summer sale. Many items have free local shipping, and a limited number of t-shirts are back in stock. Visit HKFP's merch store All profits go to support our newsroom and team of eight journalists. 💡 If you'd like to enjoy an early heads-up on merch sales and a permanent 15% discount, join HKFP as a HK$150+/month member. Unlock 7 other benefits. Summer merch clearance sale The official HKFP white/navy 'press freedom' t-shirt. Choose from our standard tees, or our 100% organic, fair-trade quality alternative. Classic HKFP 'Press Freedom' Mug. Also featuring calligraphy from local artist SellWords. The official HKFP tote features a heavy duty design. Large, heavy-duty materials: thick canvas-cotton bag, with inner pocket for phone/wallet. Classic HKFP 'Press Freedom' Keyring. Free local P&P. Made in Hong Kong by Mak Kam-sang – the city's last minibus sign calligrapher and sign maker. Set of 64 classic/retro Hong Kong sign stickers. Free local P&P. Vintage sign stickers in Traditional Chinese, Simplified Chinese and English. HKFP logo sticker 6cm HKFP logo sticker. Ideal for your laptop or flask.
RTHK
2 days ago
- RTHK
Fuelled by property growth, MTR interim profit up 27pc
Fuelled by property growth, MTR interim profit up 27pc The MTR Corporation has reported a 27 percent increase in profit in the first half of the year, thanks to higher patronage as well as its property business. The rail operator said interim profit reached HK$7.7 billion, up from HK$6.04 billion in the same period last year. The company said local transport operations saw steady revenue growth, driven by an increase in patronage from cross-boundary and high-speed rail services. Property development, including projects at Ho Man Tin and Wong Chuk Hang stations, contributed to the bigger bulk of the first-half profit at HK$5.5 billion. That more than tripled property earnings of HK$1.7 billion a year ago. Total revenue declined 6.5 percent year on year to HK$27.3 billion, partially dragged down by a drop of HK$1.2 billion in investment property valuation. Speaking at a press conference, Jacob Kam, the MTR's chief executive, said the group's business remained overall stable, but noted challenges lie ahead. "We're now in a major phase of railway investment and construction while also upgrading our railway assets. In the future, we will maintain prudent financial management shaping forward-looking strategies to guide the corporation's growth," he said. "We will continue to adhere to the 'Think Ahead, Stay Ahead' principle to expand our businesses and strengthen Hong Kong's future through building new railways and growing communities. The MTR declared an interim dividend of HK$0.42 per share, same as a year ago.
RTHK
2 days ago
- RTHK
Fuelled by property growth, MTR interim profit up 27pc
Fuelled by property growth, MTR interim profit up 27pc The MTR Corporation says property development profit more than triples in the first half of the year. Photo: RTHK The MTR Corporation has reported a 27 percent increase in profit in the first half of the year, thanks to higher patronage as well as its property business. The rail operator said interim profit reached HK$7.7 billion, up from HK$6.04 billion in the same period last year. The company said local transport operations saw steady revenue growth, driven by an increase in patronage from cross-boundary and high-speed rail services. Property development, including projects at Ho Man Tin and Wong Chuk Hang stations, contributed to the bigger bulk of the first-half profit at HK$5.5 billion. That more than tripled property earnings of HK$1.7 billion a year ago. Total revenue declined 6.5 percent year on year to HK$27.3 billion, partially dragged down by a drop of HK$1.2 billion in investment property valuation. Speaking at a press conference, Jacob Kam, the MTR's chief executive, said the group's business remained overall stable, but noted challenges lie ahead. "We're now in a major phase of railway investment and construction while also upgrading our railway assets. In the future, we will maintain prudent financial management shaping forward-looking strategies to guide the corporation's growth," he said. "We will continue to adhere to the 'Think Ahead, Stay Ahead' principle to expand our businesses and strengthen Hong Kong's future through building new railways and growing communities. The MTR declared an interim dividend of HK$0.42 per share, same as a year ago.
