Why Did Unions Press for Faster MPF “Semi-Portability”?

What did unions demand on MPF semi-portability?

In December 2010, several HKFTU unions urged the government to finalise MPF “semi-portability” details quickly, while handling intermediary regulation carefully to protect both practitioners’ livelihoods and members’ interests. The Hong Kong Financial Planning Personnel General Union said that with MPF turning ten, the government and industry should comprehensively review retirement protection, administrative efficiency, fund choice and fees — and pay close attention to the new arrangement’s progress.

How does semi-portability help workers?

Semi-portability (the Employee Choice Arrangement) lets employees choose their own MPF trustees and funds, with competition expected to push fees down. Workers can start preparing now by comparing fund performance and fees at MPF fund comparison.

Why does intermediary regulation matter so much?

After implementation, the sales audience becomes over two million employees. Without proper intermediary oversight, workers are exposed to mis-selling. Unions warned the details must balance practitioners’ livelihoods with public interests.