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MPFA blog - eMPF enters the final phase of onboarding

MPFA Chairman Mrs Ayesha Macpherson Lau published a blog post today (31 August) announcing that after more than a year of operation, the eMPF Platform (eMPF) is entering its final phase of onboarding. The project team is sparing no effort to prepare for this important task. Mrs Lau called on all scheme members and employers to get ready to embrace the “new digital era of MPF”.
 
In her blog post, Mrs Lau highlighted that since the launch of eMPF in mid-2024, eight trustees with a total of 15 MPF schemes, have joined eMPF. To date, over one million administrative instructions have been processed, with more than 60% submitted electronically, demonstrating that most users have adapted to using the centralized electronic platform.
 
Over the past year, the fee-reduction impact of eMPF has become increasingly evident. Currently, 10 MPF schemes, comprising 110 MPF funds have been required to lower their administration fees. Upon full onboarding of all MPF schemes to eMPF, the administration fees of 236 funds (constituting nearly 85% of current MPF assets) in 18 MPF schemes out of a total of 378 funds will be lowered to no higher than the prevailing fee of 37 basis points (0.37%) charged by eMPF. Over 10 million scheme member accounts will benefit from fee reduction, accounting for more than 90% of the total number of scheme member accounts.

 

 
Over the past year, the operation of eMPF has significantly improved the efficiency of MPF scheme administration, with economies of scale exceeding initial expectations. The current fee level of 37 basis points is expected to be further reduced to between 20 and 25 basis points. While the level of administration fees was originally estimated to be reduced by 41% to 55%, the latest estimate suggests a higher reduction rate of 57% to 65%. For example, if the administration fee is currently $1, it would eventually drop to $0.35, which is even lower than the previously estimated $0.45.
 
Mrs Lau said that eMPF is now entering the final phase of onboarding, with the four largest MPF trustees (AIA, Sun Life, Manulife and HSBC) joining eMPF one after the other. Together, their assets under management account for nearly 75% of MPF assets, involving 7.5 million MPF accounts.
 
AIA, Sun Life and Manulife each manage one MPF scheme and are scheduled for onboarding eMPF in September, October and November respectively. HSBC, which manages four MPF schemes, will commence onboarding in December and complete it early next year. Further details will be announced in due course.
 
Mrs Lau pointed out that the two Industry Schemes, designed specifically for casual employees in the construction and catering industries, present one of the most significant challenges in the entire eMPF project. For Industry Schemes, their members are highly mobile and their administrative arrangements, such as contribution processes, are different from those of other MPF schemes. Feedback from these two industries indicates that both employees and employers have had limited exposure to digital systems and generally require more support and time to adapt. Therefore, the eMPF project team will devote additional time for preparation, with the following special support measures to ensure that both employers and employees in the construction and catering industries have sufficient time to adapt to using eMPF:
 
  • Working with trustees of the two Industry Schemes to help employers and employees register with eMPF early;
  • Organizing briefing and trial sessions for employers to help familiarize them with the operation of eMPF; and
  • Collaborating with labour unions and business chambers to conduct outreach activities, including deploying mobile registration vehicles to workplaces, such as construction sites and restaurants, to help employees register with eMPF.

 

With the eMPF system fully operational this year, the eMPF project team is striving to onboard the Industry Schemes as soon as possible. The specific timeline for onboarding the Industry Schemes will be announced in due course after in-depth discussions with relevant labour unions, business chambers and other stakeholders.

 

In addition, the eMPF project team has continued to enhance its services and system operations. For example, improvements have been made to the identity verification process, using the smart ID cards, including optimizing the capturing of reflective light spots caused by flash, making it more convenient and faster to read the security features of the smart ID cards. Clearer instructions with illustrated guides have also been added to help users understand how to properly position their ID cards for photo capturing. Mrs Lau also suggested that users verify their identity through the iAM Smart App, which offers a similarly smooth, user-friendly experience.

 

 

MPFA Chairman Mrs Ayesha Macpherson Lau recently spoke at an eMPF briefing session organized for District Council Members and their staff. A total of 250 participants attended two briefing sessions hosted by the MPFA.

 

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

  
– Ends – 

31 August 2025

  
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