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ECA gives employees greater autonomy


Commenced on 1 November 2012, the Employee Choice Arrangement (ECA) gives employees greater autonomy, allowing them to, once a year, opt to transfer the accrued benefits derived from the employee mandatory contributions in their contribution accounts to a scheme of their own choice (New Scheme). Alternatively, they do not have to make any change. They can retain the accrued benefits in the original scheme selected by their employers (Original Scheme).


Note:
Even if employees have exercised their transfer right under ECA, new MPF contributions (including both the employer's and employee's portions) for subsequent wage periods will continue to be made to the Original Scheme and not to their New Scheme.