Why Did Joseph Wong Propose Handing MPF to the HKMA?

What did the 2010 forum hear?

In November 2010, former official Joseph Wong told a universal retirement protection forum the decade-old MPF had congenital defects — ignoring elderly and housewives on low incomes — proposing Hong Kong copy Singapore and hand contributions to the HKMA for real returns. That would give citizens another choice and pressure banks, he said, also urging a government-business elderly retirement fund alongside the Community Care Fund.

How is MPF unfair to women?

EOC chairman Lam Woon-kwong noted Hong Kong had 680,000 homemakers without jobs — 98% women — plus over 260,000 very-low earners, 65% women, all outside MPF. He urged a full review, warning CSSA spending could balloon in 20 years otherwise.

What followed?

Legislator Cheung Kwok-che pledged a public hearing on elderly retirement protection on 18 December. While waiting for reform, workers can only protect themselves with better fund choices — see MPF fund comparison.