1 million Hong Kong employees to get ‘full portability’ of MPF funds in December

Approximately one million employees in Hong Kong will be able to move their entire Mandatory Provident Fund (MPF) balances to a different provider once a year under a "full portability" arrangement. According to the South China Morning Post, the first phase of this implementation is set to take effect on December 21.

RTHK News reports that the scheme allows workers to transfer both their own mandatory contributions and those from their employers to a chosen MPF scheme once every calendar year. Eligibility for the first phase is limited to employees who joined the workforce or changed jobs on or after May 1, 2025, which was the date the MPF offsetting arrangement was abolished. For the 2026 calendar year, transfers can be made between December 21 and December 31, while 2027 transfers will open on January 1.

MPFA chairman Ayesha Lau stated in a blog post that the scheme is intended to increase individual control over MPF portfolios and encourage proactive management of retirement reserves. Lau noted that workers who began their current jobs before May 1, 2025, may require additional legislative amendments to become eligible, as employer contributions for earlier employment periods may still be used to offset severance or long service payments.

Brief written by urgent.news from South China Morning Post, RTHK News, RTHK English, South China Morning Post - Hong Kong — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.