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MPFA Reviewing Room for Reducing eMPF Admin Fees
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Hong Kong's Mandatory Provident Fund Schemes Authority (MPFA) stated that 22 out of 24 MPF schemes have joined the eMPF platform, with a total of 180,000 employers and 1.52 million employees registered, processing 5.84 million transactions. The remaining two industry schemes, specifically for temporary employees in the construction and catering sectors, will join in March and April, respectively. Recently, the platform's usage rate reached 70%, and there is confidence that it can increase to 90% by 2029. MPFA Managing Director Cheng Yan-chee stated that the eMPF platform is targeted to reduce administrative fees next year from 37 bps to below 30 bps, and there will be continuous reviews for further reduction opportunities. AASTOCKS Financial News Website: www.aastocks.com |
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