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South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong lawmakers support MPF change to make accounts fully portable
Hong Kong lawmakers expressed support for allowing 'full portability' in the city's Mandatory Provident Fund (MPF) , which would allow members to move their entire pension balance to a different provider once a year. Legislative Council panel meeting discussed a legal change on Monday that would implement full portability next year. Currently, members can move their own contributions, but not those made by their employer, once a year. Chief Executive John Lee Ka-chiu unveiled the proposed change in his policy address in October. The change would 'give more choice to employees, while also adding to competition in the industry', said lawmaker Robert Lee Wai-wang, who is also the chairman of Hong Kong-based Grand Finance Group. 'The full-portability reform aims to encourage employees to proactively manage their MPF investments and promote market competition, thereby creating room for fee reductions,' said Sharon Ko Yee-wai, deputy secretary for Financial Services and the Treasury, during the council's financial affairs panel. Established in 2000, the MPF is a compulsory retirement scheme that requires employers and employees to each pay 5 per cent of the salary, up to a combined HK$3,000 (US$385) a month, into an investment account managed by one of 12 MPF providers. At the end of March, the scheme covered 4.75 million members and had total assets of HK$1.338 trillion Only employers could choose the MPF provider until 2012, when the Employee Choice Arrangement was introduced. Commonly known as 'semi-portability', this allows employees to transfer their own contributions – but not those made by their employers – to a new provider once a year. Employees conducted about 1 million transactions involving HK$50 billion under the semi-portability regime from its launch up to April of this year, Ko said.
South China Morning Post
07-04-2025
- Business
- South China Morning Post
Where does Hang Seng Index's 13% slump rank among other major crashes?
Stock markets rise and fall, but there are days when the plunge defies gravity. The Hang Seng Index slumped 13.2 per cent on Monday, its worst drop in percentage terms since the 1997 Asian financial crisis. However, some brokers are bullish the market will soon find a bottom and rebound as it has done so many times in the past. Advertisement How bad was the slump? The Hang Seng Index sank 13.2 per cent to 19,828.30, but the decline was far worse than those seen in other Asian markets, which slumped between 4 and 8 per cent. While the decline wiped off the benchmark's near 15 per cent gain in the first quarter, the gauge has lost more than 20 per cent from a recent peak, dragging it into a technical bear market. The fall came after China on Friday imposed a tit-for-tat 34 per cent tariff on US goods following US President Donald Trump's 'Liberation Day' package on Tuesday against all its trading partners, including exports from Hong Kong and China to the US. Advertisement 'There was pent up selling pressure after a public holiday on Friday in Hong Kong and mainland China,' said lawmaker Robert Lee Wai-wang, who is also the chairman of Hong Kong-based Grand Finance Group.
South China Morning Post
28-01-2025
- Business
- South China Morning Post
Year of the Snake: gold's ascent to record highs to dampen jewellery sales
Gold jewellery sales are expected to continue to decline in the Year of the Snake, as record-high prices of the precious metal have weakened consumer appetite, according to industry players. Bullion prices in the Year of the Dragon, which ended on Tuesday, jumped 35 per cent to HK$25,6o0 per tael (US$3,282 for 37.9 grams) on last trading day on Monday. International gold prices have been on a tear since last year. Spot gold traded at US$2,772 per ounce on Monday, just shy of an all-time high of US$2,790.07 in October. 'In the Year of the Dragon, gold kept breaking record highs due to geopolitical tensions and interest rate cuts that began in September,' said Robert Lee Wai-wang, a lawmaker and chairman of Hong Kong financial firm Grand Finance Group. Tourists shop for in Hong Kong. Photo: Jelly Tse The Year of the Dragon recorded one of the biggest increases in the price of gold in recent years, after a 6 per cent rise in the preceding Year of the Rabbit and 7 per cent in the Year of the Tiger before that, according to data from Hong Kong Gold Exchange (HKGX).
