Around 1m workers to benefit from MPF Full Portability
Around one million workers are set to benefit from an upcoming arrangement that allows employees to transfer not only their own mandatory contributions, but also their employer’s, to an MPF scheme of their choice once every calendar year, the Mandatory Provident Fund Schemes Authority (MPFA) said on Sunday. Phase one of the MPF Full Portability scheme is set to begin on December 21. Employees who joined the workforce or changed jobs on or after May 1 2025 – the day the MPF offsetting arrangement was officially abolished – will be eligible for the first phase. Writing in a blog post, MPFA chairman Ayesha Lau said the scheme would improve people’s control over their MPF portfolios and encourage employees to manage their retirement reserves more proactively. She expects the number of beneficiaries to continue to rise as more graduates enter the workforce and employees change jobs. As for workers who started their current jobs before May 1 2025, Lau noted that because their employer mandatory contributions may continue to be used to offset long service payments or severance payments for employment periods prior to that date, additional legislative amendments would be required to balance operational needs and enhanced employee control. Transfers for the...
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