Importance of MPF
Development of the MPF System
The MPF System is set up to help Hong Kong’s workforce save up for their retirement. It is an important part of Hong Kong’s retirement protection framework.
World Bank’s multi-pillar retirement protection framework
Before the implementation of the MPF System, only about one-third of Hong Kong’s workforce had some form of retirement protection.
With the implementation of the MPF System, around 85% of the workforce is covered under the retirement schemes listed below:
- MPF schemes
- Occupational Retirement Schemes (ORSO schemes)
- Statutory pension or provident fund schemes (e.g. for civil servants or teachers of grant / subsidized schools)