The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) and its wholly owned subsidiary, the eMPF Platform Company, published their 2024-25 annual reports, outlining progress on the eMPF Platform rollout, key MPF System reform initiatives and their financial results for the year. The reports highlight that, after the first MPF trustee and scheme migrated to eMPF in June 2024, the remaining trustees and schemes began joining in an orderly manner and operations have been generally smooth. During 2024-25, more than 220 stakeholder engagement activities reached over 22,000 employers and scheme members to promote eMPF registration and usage, alongside ongoing enhancements based on onboarding experience and user feedback. Reform work referenced in the reports includes proposals to implement MPF full portability following the conclusion of a public consultation, and planned changes to the MPF investment universe, including allowing MPF funds to invest in REITs listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange, raising REIT investment limits for approved exchanges in Singapore, Japan, Canada, France and the Netherlands, and completing a review to permit investment in Hong Kong-listed private equity funds subject to MPFA approval and investment limits. Key metrics as at end-March 2025 include total MPF assets of HKD 1.34 trillion; 3.5 million accounts invested in the default investment strategy’s Core Accumulation Fund and Age 65 Plus Fund with HKD 138 billion in assets; 87,000 tax-deductible voluntary contribution accounts with HKD 12.87 billion in cumulative contributions; and enforcement actions including 1,441 inspections, 399,700 payment notices and HKD 191 million recovered in default contributions and surcharges for 108,400 employees. The MPFA and the eMPF Platform Company indicated ongoing preparation to onboard the remaining MPF trustees over the coming months, and pointed to completion of the subsequent legislative process as the next step toward implementing MPF full portability.
Hong Kong Mandatory Provident Fund Schemes Authority 2025-09-07
Hong Kong Mandatory Provident Fund Schemes Authority publishes 2024-25 annual report detailing eMPF rollout and MPF reform priorities
The Hong Kong Mandatory Provident Fund Schemes Authority and its subsidiary, the eMPF Platform Company, released their 2024-25 annual reports detailing the eMPF Platform rollout, MPF System reforms, and financial results. Key developments include the migration of MPF trustees to the eMPF, proposals for MPF full portability, and expanded investment options. As of March 2025, total MPF assets reached HKD 1.34 trillion, with enforcement actions recovering HKD 191 million in default contributions.