On Feb. 17, 2025, HK MPFA formed an expert group to offer professional opinions to help the project team address any upcoming challenges, thus providing better service.
Earlier, HK MPFA had published a blog post on Feb. 16 re comprehensive improvement measures introduced in preparation for phase 2 onboarding, scheduled for Mar. 5.
The eMPF interface design was reviewed and improved; training courses will be offered to all employers and related personnel under MPF schemes that will soon onboard.
On Jul. 16, HK MPFA targeted eMPF platform operation in 2025.
HK MPFA said migration of MPF account information to eMPF is expected to commence in second quarter of 2024, with whole onboarding process to be completed in 2025.
Follows Nov. 2019, HK MPFA published roadmap for eMPF platform, see #68283.
Document dated Jul. 16, 2023, was added on Aug. 24, 2023 due to editorial backfill.
Outlook
Members/employees can start managing MPF on platform as schemes are onboarded.
Scheme members will also enjoy fee reduction due to straight pass-on of savings in administration cost as stipulated in the legislation, which will strengthen protection.
HK MPFA and Platform Company will supervise the contractor to complete various tests, including system integration, user acceptance, loading and security this year.
The first batch of MPF trustees are expected to migrate the accounts of their MPF schemes one by one to the platform, starting in the second quarter of 2024.
The accounts under the remaining MPF schemes will then get onboard in accordance with ascending order of the value of assets under management by trustees.
Dec. 2023 Symposium
On Dec. 12, 2023, HK MPFA symposium explored MPFTech opportunities, challenges.
Emphasized HK MPFA is pressing ahead with the development of the centralized and integrated eMPF platform, to streamline and automate the administration processes, enhance operational efficiency, reduce administration costs, improve user experience.
The platform is currently undergoing testing, with migration of MPF accounts expected to commence Q2 2024, with onboarding of all MPF accounts to be completed in 2025.
HK MPFA is currently devising plans/ programs to promote usage of the platform.
Document dated Dec. 12, 2023, was added on Jan. 4, 2024 due to editorial backfill.
Apr. 19, 2024 Designation of eMPF System
On Apr. 19, 2024, HK GVT gazetted Mandatory provident fund schemes (designation of electronic MPF system)notice, which comes into operation from Jun. 13, 2024.
Designates the eMPF platform for the purposes of s 19I(1) of MPF schemes ordinance.
Apr. 28, 2024 Launch of eMPF
On Apr. 28, 2024, HK MPFA published blog post by Chair Ayesha Macpherson Lau; said the eMPF platform will be launched on Jun. 26, 2024 when the first MPF scheme joins.
MPF schemes will join the platform in accordance with the ascending order of the value of the MPF assets under management, and all schemes are expected to join in 2025.
Once the respective MPF scheme gets onboard the platform, registered employees can access their MPF accounts/review their MPF on platform via smartphone or computer.
May 2, 2024 Launch Details
On May 2, 2024, HK MPFA, HK Treasury issued press releases on the launch of the eMPF platform, announced the platform will be launched on Jun. 26, 2024.
Explained the platform aims to digitize MPF management, reduce costs, improve user experience; support services will be provided by MPFA, eMPF company, contractors.
The first two MPF trustees to join the platform will be onboarded Jun, 26 and Jul. 29, remaining MPF schemes will join in ascending order of the value of MPF assets under management by the trustees; all schemes expected to complete onboarding by end 2025.
May 3, 2024 Changes to MPF Guidelines
On May 3, 2024, HK MPFA issued seven revised MPF guidelines, effective immediately, mainly in preparation for the launch of the eMPF platform on Jun. 26, 2024.
These guidelines encompass various aspects such as statistical returns, notification of significant events, fees for transfer of accrued benefits, and electronic communication.
Transitional arrangements are outlined, for requirements on information submission by approved trustees to HK MPFA, as this will shift to eMPF platform's system operator.
Guidelines have also been adjusted to accommodate the shift of scheme administration work to the eMPF platform's system operator for schemes that have joined.
Timing for issuance of benefit payment statements to scheme members amended to exclude days when eMPF platform is suspended, if such suspension affects issuance.
May 22, 2024 Complaint Handling
On May 22, 2024, HK MPFA issued a circular letter to approved trustees re complaints.
With the launch of the eMPF platform, the platform operator will assist in some scheme administration processes upon onboarding, including handling of related complaints.
Trustees should have controls in place to ensure complaints are properly handled, and continue handling complaints outside the platform operator's purview by themselves.
They are required to report only those complaints solely handled by themselves.
Following the successful implementation of default investment strategy (#25110), trustees no longer have to follow special arrangements for handling DIS complaints.
Jun. 2, 2024 Transition Arrangements
On Jun. 2, 2024, HK MPFA published a blog post reminding that the eMPF Platform will begin operation on Jun. 26, 2024; encouraged employers to make use of the eMPF to make contributions and enrol new employees when their MPF schemes get onboard.
Explained that 5 trustees have confirmed onboard dates and shared tips for transition.
If an employer continues to pay MPF contributions by check in the interim, the check should be sent to eMPF Platform Company instead of trustee’s branch/service center.
Employers should switch to the e-payment methods on the eMPF as soon as possible.
If MPF scheme has not yet joined eMPF, all the contributions arrangements unchanged.
Also reminded employers and scheme members that their trustees will send out the communication packs two or three months before the relevant schemes join the eMPF.
In Jun. 2024, HK MPFA revised MPF guidelines to reflect eMPF launch, see #215602.
Jun. 13, 2024 Designation Notice
On Jun. 13, 2024, HK GVT published the notice re designation of the eMPF system on its e-legislation site; gazetted Apr. 19, 2024 as noted above and in force Jun. 13, 2024.
Designates the eMPF platform for the purposes of s 19I(1) of MPF schemes ordinance.
Jun. 26, 2024 Blog
On Jun. 26, 2024, HK MPFA shared the eMPF platform has officially launched, enabling scheme members and employers to manage their MPF administration digitally.
Platform promises benefits like digitalization, automation, and streamlined services.
Support services include outreach to employers, a customer service hotline, service centers, self-service kiosks; training courses are provided to facilitate the transition.
Feb. 17, 2025 Expert Group Formed
On Feb. 17, 2025, HK MPFA formed an expert group to offer professional opinions to help the project team address any upcoming challenges, thus providing better service.
Earlier, HK MPFA had published a blog post on Feb. 16 re comprehensive improvement measures introduced in preparation for phase 2 onboarding, scheduled for Mar. 5.
The eMPF interface design was reviewed and improved; training courses will be offered to all employers and related personnel under MPF schemes that will soon onboard.
