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MPFA blog - Strengthening retirement protection benefits both employers and employees

MPFA Chairman Dr David Wong published his latest blog post today (2 June). He said that the intensifying Sino-US trade war was adversely affecting companies engaging in exporting products from China to the United States, but in general, employers in Hong Kong were still facing the challenge of attracting and retaining talent. Providing better retirement benefits for employees is a pragmatic solution to this challenge, he wrote.

The MPF System is an important pillar of retirement protection in Hong Kong. It is designed as an employment-based, privately managed and fully funded mandatory contribution system, in which employers play a very important role. At present, some 290,000 employers are required to make MPF contributions for their employees on a regular basis. Their participation not only solidifies the operation of the MPF System, but also ensures retirement protection for their employees.

Dr Wong noted that employers have been attaching greater importance to employees’ retirement protection in recent years, and many of them have shown a willingness to step up their efforts. In 2018, around 16,000 employers made voluntary contributions for their employees, for an aggregate amount of $10 billion, a 26% increase from 2016.

To recognize employers who are exemplary in enhancing the retirement benefits for their employees, the MPFA launched the Good MPF Employer Award in 2015. Dr Wong called upon employers to apply for the Good MPF Employer Award and encouraged employees to nominate their employers by the application deadline on 30 June 2019. Please refer to the Good MPF Employer Award webpage for details.

For the full version of the article, please visit the MPFA blog. The blog is in Chinese only.

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2 June 2019

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Last Review Date: 31/05/2019