On Apr. 21, 2025, HK MPFA provided an update re consultation on MPF full portability.
The responses received recognized that the proposals above would meet expectations of both existing employees and employees who commence employment after May 1.
The feedback also included suggestions that the HK MPFA continue to explain the specific details of the arrangement for MPF full portability before its implementation.
HK MPFA encourages interested parties to share their views on the proposals above.
On Mar. 28, HK MPFA issued consultation paper re MPF full portability.
HK MPFA commenced a one-month public consultation to gather feedback on specific stated proposals for the full portability of mandatory provident fund (MPF) benefits.
Aims to allow scheme members to transfer more MPF benefits to chosen schemes.
Follows HK GVT Feb. 2025 Financial Secretary delivered Budget speech, see #245115.
Proposed Framework
For new employees who commence on/after May 1, 2025, they can choose to transfer once a year the entire MPF benefits derived from employer mandatory contributions (ERMC) from contribution account to a personal account in a scheme of their choice.
This arrangement for new employees mirrors current employee choice arrangement (ECA) or semi-portability system; for existing employees who commenced before May 1, 2025, new designated ERMC account to meet need for ERMC to offset severance payment/long service payment (SP/LSP) for employment period before May 1, 2025.
Existing employees can transfer, once a year, entire ERMC in respect of current employment from contribution account to designated ERMC account of their choice.
Consultation Period
The consultation is open until Apr. 28, 2025.
Apr. 2025 Consultation Update
On Apr. 21, 2025, HK MPFA provided an update re consultation on MPF full portability.
The responses received recognized that the proposals above would meet expectations of both existing employees and employees who commence employment after May 1.
The feedback also included suggestions that the HK MPFA continue to explain the specific details of the arrangement for MPF full portability before its implementation.
HK MPFA encourages interested parties to share their views on the proposals above.
