Power Voters demand MPF “liberation” as August losses top HK$10,000 per worker

Ten years into mandatory MPF, civic group Power Voters found over half of respondents unhappy with MPF returns and nearly 60% wanting MPF money freed for home purchases or children’s education. A dozen members marched to the new government headquarters with Angry Birds lanterns, demanding full liberalisation of MPF uses.

How bad were August’s figures?

Lipper data to 31 August: MPF fell 6.76% on average in August, the worst month since the September–October 2008 tsunami, costing each employee over HK$10,000 in a month; year-to-date returns flipped from positive to negative 5.03%. Convenor Ho Man-kit said MPF forced all workers to take a “10% pay cut”, with contributions “bleeding” whenever markets fell.

What does Power Voters demand?

1. Fully liberalise MPF uses: let employees choose where contributions go.
2. More transparency: the MPFA lacked openness on how public money was used.
3. Fee review: excessive administration fees ate into returns.

Ho also criticised the system for denying employees any choice of trustee, leaving workers passive. A petition was delivered to Chief Executive Donald Tsang. Whatever the outcome, workers should manage MPF actively — starting with fees and performance via MPF fund search.