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MPFA Chief Corporate Affairs Officer Wallace Lau attended a client seminar organized by an MPF trustee on 30 December, sharing the latest developments of the eMPF with employers.

Lau said that since the launch about one and a half years ago, the eMPF has accumulated over 1.5 million registered users and processed more than 3.8 million transaction instructions.

The fee-reduction impact of the eMPF is becoming increasingly evident. MPFA is confident that the administration fees can be reduced to between 20 and 25 basis points within five years, significantly ahead of the original forecast of 10 years. Over a 10-year period, the Platform is expected to generate total cost savings of $50 billion for scheme members. As more users manage their MPF accounts digitally, the Platform’s operational efficiency will continue to grow, creating even greater cost-saving benefits and helping employees accumulate more retirement protection.