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"Cherish the achievements": 20th Anniversary of the MPF System

Today (1 December 2020) marks the 20th anniversary of the MPF System. Launched on 1 December 2000, MPF System aims to provide basic retirement protection for the working population of Hong Kong. At this important milestone, the MPFA held a webinar today to review the major reforms of the MPF System in the past two decades and explore the way forward of this important pillar of the Hong Kong retirement protection system.
 
In light of the latest COVID-19 development, the symposium was conducted in webinar format. The online event was graced by the Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Mrs Carrie Lam, Chief Secretary for Administration Mr Matthew Cheung, Financial Secretary Mr Paul Chan, Secretary for Labour and Welfare Dr Law Chi-kwong and Secretary for Financial Services and the Treasury Mr Christopher Hui with their pre-recorded video congratulatory messages, re-affirming the purpose and contributions of the MPF System.
 
Mrs Carrie Lam said that the MPF System turned a new page in Hong Kong’s retirement protection. Over the past 20 years, the HKSAR Government and the MPFA have implemented various measures to refine and reform the MPF System to ensure that it keeps pace with the times. The MPF has become an integral part of people’s retirement savings. She expressed her appreciation to the former and current MPFA Chairmen for their leadership and to the colleagues at the MPFA for their hard work in continuously transforming and improving the MPF System, enabling it to grow with Hong Kong.
 
In the opening address of the webinar, MPFA Chairman Dr David Wong said, “As the saying goes, ‘a journey of a thousand miles begins with a single step’. The successful implementation of this large-scale social policy, which concerns the entire working population in Hong Kong, has relied on the support and endeavours of employers, employees, the MPF industry, and the Government throughout the years. Prior to the launch of the MPF System, only about one third of the local work force participated in some form of retirement protection scheme. Today, over 85% of the work force is covered by the MPF or other retirement schemes. This coverage rate is among the highest in the world.”
 
Dr Wong continued, “Over the past 20 years, the MPFA has introduced various enhancement measures to optimize and reform the MPF System to meet the changing social needs and expectations of the public. With the strong support from the HKSAR Government, it has overcome numerous challenges, enabling the System to develop to the scale we see today. The original purpose of the MPF System has proved to be farsighted, and the System will continue to excel in the future. Looking ahead, the MPFA will continue to work hard for the retirement well-being of the working population and to accomplish its vision of building a retirement savings system that is valued by Hong Kong people.”
 
In a panel discussion entitled “MPF System – The Way Forward”, the future development of the MPF System and the MPF ecosystem in the new digital era were discussed. The speakers included MPFA Deputy Chairman and Managing Director Ms Alice Law, Vice-Chairman of the Hong Kong Trustees’ Association Ms Lau Ka-shi, Chief Eecutive Officer of the Hong Kong General Chamber of Commerce Mr George Leung, Chairman of The Hong Kong Federation of Trade Unions Mr Kingsley Wong, Consulting Partner of Deloitte China and Deloitte's Asia Pacific Blockchain Lab Leader Dr Paul Sin and Caritas Institute of Higher Education Professor Wong Yu-cheung.
 
Concluding the webinar, Ms Law said, “Looking ahead, the MPFA will strive to ensure the smooth operation of the eMPF Platform and to create a new norm of digital MPF management. We expect the Platform can cater for the needs of diverse users with different age and digital experiences, enabling over four million scheme members and other users to benefit from the innovation and inclusion of financial technologies."
 
In addition to the webinar, the MPFA will roll out different initiatives through different channels to enhance public understanding of the original purpose of the MPF System and its core values, and share the accomplishments and latest developments of the System with its stakeholders. Among the initiatives include a video featuring interviews with former and incumbent MPFA Chairmen and Managing Directors to review the development of the MPF System and how the Authority has proactively reformed the System to safeguard scheme members’ interest over the years. There will also be a promotion video and real-life cases series to illustrate how the MPF provides basic retirement protection for the working population of Hong Kong.
 
Last but not least, the MPFA website is undergoing a facelift with the new look expected to be unveiled early next year.  For more details on the 20th anniversary activities and information, including highlights of the webinar and the two series of videos, please visit the MPF System 20th Anniversary website (https://minisite.mpfa.org.hk/mpf20) and stay tuned to MPFA Facebook page (https://www.facebook.com/mpfa.hk) for more promotional activities. 
 

In a pre-recorded video, the Chief Executive of the HKSAR Mrs Carrie Lam said that the MPF System unveiled a new chapter of retirement protection system in Hong Kong.


MPFA Chairman Dr David Wong delivers the opening address at the webinar.


MPFA Deputy Chairman and Managing Director Ms Alice Law gives a speech to conclude the webinar.




Speakers of the panel discussion (From left to right): MPFA Chief Corporate Affairs Officer and Executive Director Mr Cheng Yan-chee as the moderator; Vice-Chairman of Hong Kong Trustees’ Association Ms Lau Ka-shi; Chief Eecutive Officer of the Hong Kong General Chamber of Commerce Mr George Leung; MPFA Deputy Chairman and Managing Director Ms Alice Law; Chairman of The Hong Kong Federation of Trade Unions Mr Kingsley Wong; Consulting Partner of Deloitte China and Deloitte's Asia Pacific Blockchain Lab Leader Dr Paul Sin; and Caritas Institute of Higher Education Professor Wong Yu-cheung.

 
-Ends-
 
1 December 2020

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Last Review Date: 01/12/2020