Mr Paul Chan
Financial Secretary
On 1 December 2000, the MPF System was officially launched, turning a new page for retirement protection in Hong Kong.
As one of the components of the retirement savings framework, MPF is based on mandatory contributions made by both employers and employees to accumulate retirement savings for employees. Employees can make voluntary contribution on top of the basic amount to increase their retirement savings while enjoying tax deduction. It is killing two birds with one stone.
20 years on, the total asset value of MPF is now over a trillion dollars. It has become an integral part of the retirement protection of the public. As the MPF System continuously improves, I am confident that it will continue to play a prominent role in people’s retirement life.