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MPFA blog - MPF management in the post-pandemic era

In his latest blog post published today (5 July), MPFA Chairman Dr David Wong said that digital transformation has become an unstoppable trend. Following the continuous efforts by the MPFA and the MPF industry to promote digital transformation, the behaviour and habits amongst employers and employees in handling MPF matters have gradually changed. In addition, the Covid-19 pandemic, which prevailed in the first half of 2020, to a very large extent has changed the way people use digital tools. He believed digital MPF management would become the new norm.

According to a survey by the MPFA, as of end of December 2019, around 40% to 50% of employers had adopted digital means for handling MPF administrative duties, such as submitting MPF contribution information and payment, which is a significant increase as compared with 20% to 30% in 2017.

Dr Wong said that the MPFA had made great strides in encouraging both employers and MPF scheme members to use digital means to handle MPF during the pandemic. The MPFA also asked trustees to offer more diverse digital services to facilitate scheme members to make MPF contributions and manage their MPF more conveniently. He said that to a certain extent, the social distancing measures have expedited the process of digitalization of the MPF System, which is conducive to the development of the eMPF Platform.

The goal of the eMPF Platform is to achieve a 90% digital take-up rate within five years after its implementation, signifying the adoption of paperless operations of the MPF System. Having more employers and employees using digital means to handle MPF will enable a smoother transition to the eMPF Platform in the future, and speed up the process of bringing multiple benefits to employees, employers, the MPF industry and the MPFA itself, ultimately achieving the dual goal of cost and waste reduction. Dr Wong appealed to all stakeholders to embrace digital transformation and prepare for the arrival of the eMPF Platform.

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

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5 July 2020

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Last Review Date: 04/07/2020