The 2011 “Abolish MPF” march: nearly 100 protesters from HSBC HQ to the MPFA

In October 2011, nearly 100 protesters marched from HSBC’s headquarters in Central to the MPFA, brandishing “Abolish MPF” banners. It was the first organised street protest in MPF’s ten-year history — a decade of workers’ grievances, carried into the streets all at once.

Why did people demand MPF’s abolition in 2011?

In October 2011, the “Abolish MPF Front” — formed by People Power and other civic groups — accused MPF of forcing workers to surrender a tenth of their wages, calling it legalised robbery while financial institutions profited from administration and management fees; the Government Frontline Employees Union noted a market cleaner whose year’s MPF netted just two dollars after admin fees, and with Hong Kong stocks plunging in Q3, MPF funds had fallen over 12% on average — so protesters demanded the system be scrapped.

The protest in three numbers

The anger boiled down to three figures: two dollars — a market cleaner’s MPF balance after a year of admin-fee deductions; over 12% — the average Q3 2011 fall across MPF funds as Hong Kong equities slumped; and HK$20,000 — the average paper loss per contributor that quarter.

The era: distrust in a crash year

The march came in October 2011, weeks after the global market rout. Watching savings “shrink” in a downturn — and fearing retirement in a recession — workers questioned whether MPF could protect their old age at all. For the protesters, the issue was not just returns but the system itself: compulsory contributions, fee-taking intermediaries, no guaranteed returns.

After the march: pressure for reform

The 2011 slogans did not abolish MPF, but they pushed public doubts about fees and system design onto the table. The Employee Choice Arrangement (“semi-portability”) then taking shape answered part of the demand: giving employees the right to choose trustees, using competition to squeeze fees. Street anger became reform pressure.