Over 50% wage earners unclear of MPF A/Cs details – survey
More than 80% of the respondents supported the launch of “Employee Choice Arrangement” of MPF scheme at the earliest possible, according to the results of a survey conducted by Convoy Financial (01019).
The respondents also stated that they would exercise their relevant rights upon the launch.
The survey also revealed that half of the interviewees were not clear about the details of the MPF preserved account under their name, half of the interviewees did not know the formal channels to check their MPF preserved accounts.
Convoy suggests that government should help contributors better manage their MPF schemesin three ways: enhancing education on the topic to citizens, improving transparency on the fees and simplifying the approach to consolidate MPF preserved accounts.