Oriental poll: MPF compassionate scheme “neither fish nor fowl”

The MPFA has proposed a compassionate scheme letting members withdraw 20–30% of contributions early in special cases — critical illness, study, home purchase, unemployment. An Oriental press poll finds most respondents call it putting the cart before the horse, against the retirement-protection purpose.

What did the poll find?

37% call the MPF neither fish nor fowl. The poll surveyed 251 adults last Thursday to Saturday: 23% say contributions are money down the drain; another 23% say the MPF is inherently flawed. On the compassionate scheme, 32% say social welfare shouldn’t raid the MPF; 28% call it a drop in the bucket.

Why can Singapore do it but not Hong Kong?

The contribution gap: 5% each in Hong Kong versus 20–40% of salary in Singapore. Critics note Singapore’s scheme dates to the 1950s and has compounded into a super-fund; Hong Kong’s is barely a decade old with tiny contributions — no comparison.

When’s the consultation?

The MPFA’s review task force, set up in May, reports to the board in September, with public consultation by year-end. The proposed early-withdrawal cap is 20–30%.

For MPF early-withdrawal rules, visit the MPF education centre.