The Social Security Fund (abbreviated to FSS in Macao) today (August 15) visited Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) to gain implementation experience and to learn about the latest developments in the MPF system of Hong Kong, using it as a reference for the future implementation of non-mandatory central provident fund system.
Iong Kong Io, President of the Administrative Committee of the FSS, led a delegation of 11 people to visit Hong Kong MPFA on August 15 and had a meeting with Diana Chan Tong Chee-ching, the Managing Director of MPFA, and Cheng Yan-chee, the Chief Corporate Affairs Officer and Executive Director.
At the meeting, Iong introduced the two-tier social security system of Macao, i.e., the first tier social security system and the second-tier non-mandatory central provident fund system that will come into force on 1 January 2018. Iong said that Hong Kong’s MPF system had been implemented for many years and had laid a solid foundation. Many of the measures and implementation experience can provide useful reference to the implementation of non-mandatory central provident fund system next year.
At the meeting, the representatives of MPFA introduced the latest developments in the MPF system, including the Default Investment Strategy that was launched in recent months and the e-enquiry of personal account service, as well as the work plan of the future establishment of “eMPF” or the central electronic platform of eMPF. Diana Chan said that the MPF has an annual net return of 4% since its launch in December 2000 until June this year, indicating that MPF has indeed added value to the members' contributions and helps them prepare for retirement.
Both sides also exchanged technology experience of the establishment of electronic information platform. The FSS is now building a one-stop information platform for the non-mandatory central provident fund system. Through the platform, account owners will be able to get information such as their personal accounts, the performance and the fees and charges of pension funds so as to achieve information transparency, thus enabling the account owners to easily understand their own provident fund situation.
Iong described the visit as very fruitful and rewarding in terms of gaining a better understanding about the development of MPF system in Hong Kong and also learning more about the practical work. In the future, the FSS will continue to maintain close contact with Hong Kong MPFA for exchanging views on the effective implementation of non-mandatory central provident fund system and improvement of the old-age security of the two regions.View gallery