Info Center

The MPFA and its wholly owned subsidiary, the eMPF Platform Company (eMPF Company), today (7 September) published their Annual Reports for 2024-25. The reports cover the major work of the MPFA and the eMPF Company as well as their financial reports for the financial year.

MPFA and eMPF Company Chairman Mrs Ayesha Macpherson Lau said, “The MPFA is committed to putting scheme members’ interests first. With this commitment, we continue to pursue various reforms of the MPF System to make it a better retirement savings avenue for the working population in Hong Kong and meet their aspirations for a more secure retirement.”

Mrs Lau highlighted that the eMPF Platform (eMPF), which is the most significant reform since the inception of the MPF System, has made great strides over the past year. Following the successful onboarding of the first MPF trustee and the scheme under its management to the eMPF in June 2024, the remaining MPF trustees and schemes began to join the eMPF one by one in an orderly manner. With the joint efforts of the MPFA, the eMPF Company and the trustees, the overall operation of eMPF has been generally smooth.

In the 2024-25 financial year, the MPFA conducted over 220 stakeholder engagement activities, reaching out to more than 22,000 employers and scheme members and encouraging them in registering with and using eMPF. The MPFA and the eMPF Company have been making relentless efforts to prepare for the onboarding of the remaining MPF trustees over the coming months in an orderly manner, while continually making enhancements to improve the service quality and operations having regard to trustees’ onboarding experience and users’ feedback.

Mrs Lau pointed out that the enablement of managing MPF benefits offered by eMPF and the abolition of MPF offsetting arrangement have opened up an opportunity to implement full portability, thereby providing employees with the option to transfer employers’ mandatory contributions in a contribution account from an MPF scheme participated by the employer to an MPF scheme of the employees’ choice. “With the conclusion of the public consultation on proposals of MPF full portability, I look forward to the completion of the subsequent legislative process and smooth implementation of this important reform, with a view to enabling the working population to manage their MPF with greater flexibility,” said Mrs Lau. 

The annual report also highlighted the latest development regarding the expansion of MPF investment universe for 2024-25. This included the MPFA’s plans to allow MPF funds to invest in real estate investment trusts (REITs) listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange, while lifting the investment limits for REITs that are listed on approved exchanges in five markets, namely Singapore, Japan, Canada, France and the Netherlands. Moreover, the MPFA completed a review on allowing MPF funds to invest in private equities funds listed in Hong Kong, subject to individual approval by the MPFA and investment limits.

Other key highlights of the MPFA Annual Report are as follows (as at the end of March 2025): 

• Total MPF assets amounted to $1.34 trillion.
• 3.5 million MPF accounts (about 31.2% of the total 11.3 million MPF accounts) were invested in Core Accumulation Fund and Age 65 Plus Fund under the default investment strategy, with assets of $138 billion (about 10.3% of the total MPF assets).
• There were 87,000 tax-deductible voluntary contribution (TVC) accounts with a cumulative contribution amount of $12.87 billion. 
• In 2024-25, the MPFA inspected 1,441 employment establishments, issued 399,700 payment notices in respect of suspected MPF default contribution cases, and successfully recovered a total of $191 million in default contributions and surcharges for 108,400 employees.
• Based on the standing principle of fiscal prudence, coupled with desirable investment return in the year, MPFA recorded a breakeven in 2024-25.

The Annual Reports of the MPFA and the eMPF Company are available on the websites of the MPFA and the eMPF respectively.

Members of the public can also click here to watch a video on the major work and key statistics of the MPFA and the eMPF Company over the past year. 

The MPFA produced a short video (shown on screen), introducing the major work and key statistics of the MPFA and the eMPF Company over the past year. 

－Ends－
7 September 2025