Why Did Chow Wing-sun Oppose Compassionate MPF Withdrawals?

How did Chow Wing-sun slam the 2011 compassionate withdrawal idea?

In July 2011, HKU’s Chow Wing-sun called the MPFA’s compassionate withdrawal study “running before walking”, warning MPF shouldn’t become a “cure-all fund” — contribution rates were low, histories short, balances thin, and 20–30% wouldn’t buy a flat or fund overseas study. He urged the MPFA to fix high fees and the offsetting mechanism first.

What did the industry say?

HSBC’s Georges Leung agreed MPF wasn’t a cure-all — Hong Kong versus Singapore contributions were “a mosquito leg versus a cow leg”; buying property with contributions risked negative equity, unfair to others.

How should retirement protection work?

Fix the existing system first; workers should also plan themselves — pick growers at MPF fund comparison.