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Employers, employees, and self-employed persons can manage all MPF accounts under multiple schemes through this one-stop digital platform.
Mandatory Provident Fund Schemes Authority (MPFA) has announced the launch of the eMPF Platform on 26 June 2024. All MPF schemes will join the platform one by one in ascending order of the value of MPF assets under management by the trustees, and all MPF schemes are expected to complete onboarding the platform by the end of 2025.
Following the onboarding of MPF schemes to the eMPF Platform, the current systems administered by trustees will be gradually replaced by the platform.
Once that happens, employers, employees, and self-employed persons can manage all MPF administrative processes through this one-stop digital platform, including enrolling in MPF schemes, making MPF contributions, consolidating MPF accounts, managing MPF portfolios, reviewing investment performance and more. The platform will also provide contribution reminders to remind employers to make contributions on time, which is expected to benefit 4.7mn scheme members and 360,000 employers directly.
MPFA Chairman Ayesha Macpherson Lau said at the media briefing that the launch of the eMPF Platform signifies the birth of a new digital era for the MPF System, with the aim to bring about substantial benefits to users.
“The platform will reduce the administration costs of MPF schemes, directly benefiting scheme members through fee reduction. The user-friendly platform, which enables employers to handle administration tasks electronically, will save manpower and time, enhance efficiency and avoid human errors,” she said.
YF Life Trustees Limited will be the first MPF trustee to get onboard the eMPF Platform on 26 June. Starting from 12 June, scheme members and employers of YF Life can use their Hong Kong Identity Cards or “iAM Smart” to register for the eMPF Platform through the mobile app or web portal by following the registration steps provided in the communication pack.
China Life Trustees Limited will get onboard the eMPF Platform on 29 July. Communication packs will be sent out at the end of May and the registration will start from 12 July.
The latest schedule for MPF scheme and trustee onboarding to the eMPF Platform can be found on the eMPF website. MPFA Managing Director Cheng Yan-chee reminded scheme members and employers to wait for their respective schemes to get onboard the platform before registration.
Lead image / MPFA website
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