- Latest MPF news
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- ORSO news archives 2020
The latest edition of the "HSBC Retirement Monitor" is published (1 December 2022)
The latest edition of "HSBC Retirement Monitor* (December 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority shall prevail for any information on MPF system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant MPF Scheme Brochure.
- The latest edition of the "HSBC Retirement Monitor" is published (1 December 2022)
- Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (16 November 2022)
- Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (25 October 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (1 September 2022)
- Update on Roadshows at branches during weekends – Aug 2022 and onwards (17 August 2022)
- Update on Roadshows at branches during weekends – Jul 2022 and onwards (7 July 2022)
- Key Scheme Information Document of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘SuperTrust Plus’) will be available on 30 June 2022 (30 June 2022)
- Guaranteed Interest Rate for the new financial year (30 June 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (1 June 2022)
- Contribution arrangement for April 2022 (29 April 2022)
- Good MPF Employer Award 2021-22 accepts applications till 30 June (22 April 2022)
- HSBC MPF has been awarded the “Employers’ Choice Award” (1 April 2022)
- Contribution reminder for March 2022 (28 March 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (4 March 2022)
- Vote for your favourite MPF scheme (7 February 2022)
- Contribution arrangement for February 2022 (24 January 2022)
- Vote for MPF Ratings ‘MPF 2022 Employers’ Choice Award’ (13 January 2022)
The latest edition of the "HSBC Retirement Monitor" is published (1 December 2022)
The latest edition of "HSBC Retirement Monitor* (December 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (16 November 2022)
As announced earlier, from 13 September 2022, several changes in relation to Hang Seng Index Tracking Fund (the ‘Constituent Fund’) of the Scheme have taken effect. The Constituent Fund’s underlying ITCIS (i.e. Hang Seng Index ETF) has been de-listed from the Stock Exchange of Hong Kong Limited and continues to operate as an unlisted fund. Consequentially, the Hang Seng Index ETF has been renamed to Hang Seng Index Tracking Fund. The management fee of the Constituent Fund has been updated from ‘up to 0.755%’ to ‘up to 0.73%’ pa of NAV. For further details, please refer to the Notice to Scheme Participants, Supplement to the MPF Scheme Brochure and Key Scheme Information Document of the Scheme which have already available on HSBC MPF website.
Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (25 October 2022)
Informed by Hang Seng Investment Management Limited, who is the Investment Manager for the underlying ITCIS (i.e. Hang Seng Index ETF) invested by the Hang Seng Index Tracking Fund of the Scheme (the ‘Constituent Fund’), that the Hang Seng Index ETF is de-listed from the Stock Exchange of Hong Kong Limited on 13 September 2022 and continues to operate as an unlisted fund. Consequentially, Hang Seng Index ETF is renamed to Hang Seng Index Tracking Fund. Such changes do not result in any change in the underlying ITCIS’s investment objective as disclosed in the MPF Scheme Brochure (which is to track the Hang Seng Index), its key operators (including the Investment Manager) and the manner in which it is managed.
In addition, the management fee of the Constituent Fund is updated from ‘up to 0.755%’ to ‘up to 0.73%’ pa of NAV with effective from 13 September 2022.
For further details of the above, please refer to the Notice to Scheme Participants. The MPF Scheme Brochure as amended by the Supplement reflecting the above changes and the updated Key Scheme Information Document will be available on or after 13 September 2022 on HSBC MPF website.
The latest edition of the "HSBC Retirement Monitor" is published (1 September 2022)
The latest edition of "HSBC Retirement Monitor* (September 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Update on Roadshows at branches during weekends - Aug 2022 and onwards (17 August 2022)
HSBC MPF always strives to deliver high level of MPF services at all times. To improve the customer experience, we are pleased to announce the new MPF branch services during designated weekends.
Month 2022 | Date | Branch name | Address |
---|---|---|---|
Aug | 27 - 28 | North Point Branch | G/F, Winner House, 306-316 King's Road, North Point, Hong Kong |
Sep | 24 - 25 | Tung Chung Branch | Unit 509, 5/F, Citygate Outlets, 18-20 Tat Tung Road, Tung Chung, Lantau Island, Hong Kong |
Oct |
29 – 30 |
Tai Yau Street Branch |
26-28 Tai Yau Street, San Po Kong, Kowloon |
Nov |
26 – 27 |
Aberdeen Centre Branch |
Shop 2, G/F, Site I, Aberdeen Centre, Aberdeen, Hong Kong |
Dec |
17 – 18 |
Mei Foo Shun Chuen Branch |
79, Broadway Stage 4, Mei Foo Sun Chuen, Kowloon |
Month 2022 | Aug |
---|---|
Date | 27 - 28 |
Branch name | North Point Branch |
Address | G/F, Winner House, 306-316 King's Road, North Point, Hong Kong |
Month 2022 | Sep |
Date | 24 - 25 |
Branch name | Tung Chung Branch |
Address | Unit 509, 5/F, Citygate Outlets, 18-20 Tat Tung Road, Tung Chung, Lantau Island, Hong Kong |
Month 2022 |
Oct |
Date |
29 – 30 |
Branch name |
Tai Yau Street Branch |
Address |
26-28 Tai Yau Street, San Po Kong, Kowloon |
Month 2022 |
Nov |
Date |
26 – 27 |
Branch name |
Aberdeen Centre Branch |
Address |
Shop 2, G/F, Site I, Aberdeen Centre, Aberdeen, Hong Kong |
Month 2022 |
Dec |
Date |
17 – 18 |
Branch name |
Mei Foo Shun Chuen Branch |
Address |
79, Broadway Stage 4, Mei Foo Sun Chuen, Kowloon |
Operation hours: Saturdays: 3pm-8pm & Sundays: 10am-8pm
We will provide MPF services including services related to MPF Tax Deductible Voluntary Contribution (TVC), Account consolidation, Fund performance update and MPF retirement planning etc. during the special operation hours indicated above at these designated branches.
Find out more about MPF, and understand what are the considerations when choosing an MPF scheme. Please contact our MPF Specialist by approaching the above designated branches on specific day or making an appointment to meet them with selected timeslot.
Update on Roadshows at branches during weekends - Jul 2022 and onwards (7 July 2022)
HSBC MPF always strives to deliver high level of MPF services at all times. To improve the customer experience, we are pleased to announce the new MPF branch services during designated weekends.
Month 2022 | Date | Branch name | Address |
---|---|---|---|
Jul | 30 - 31 | Yuen Long Branch | G/F, HSBC Building Yuen Long, 150-160 Castle Peak Road, Yuen Long, New Territories |
Month 2022 | Jul |
---|---|
Date | 30 - 31 |
Branch name | Yuen Long Branch |
Address | G/F, HSBC Building Yuen Long, 150-160 Castle Peak Road, Yuen Long, New Territories |
Operation hours: Saturdays: 3pm-8pm & Sundays: 10am-8pm
We will provide MPF services including services related to MPF Tax Deductible Voluntary Contribution (TVC), Account consolidation, Fund performance update and MPF retirement planning etc. during the special operation hours indicated above at these designated branches.
Find out more about MPF, and understand what are the considerations when choosing an MPF scheme. Please contact our MPF Specialist by approaching the above designated branches on specific day or making an appointment to meet them with selected timeslot.
Key Scheme Information Document of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘SuperTrust Plus’) will be available on 30 June 2022 (30 June 2022)
The Key Scheme Information Document (the ‘KSID’), which forms part of the offering document of the SuperTrust Plus, will be available from 30 June 2022. The KSID helps to provide scheme members with key scheme information relating to the SuperTrust Plus in a simplified and standardized format prescribed by the Mandatory Provident Fund Schemes Authority. The KSID has adopted a layered approach which scheme members will benefit from having one single document that bring them to more information and can choose the level of detail of information desired. The KSID is designed to be easy-to-read to directing scheme members to the necessary documents or tools through electronic means (e.g. web link and/or QR code provided).
The KSID (together with the MPF Scheme Brochure) and Notice to Scheme Participants are available on HSBC MPF website. For further information, please feel free to contact the HSBC MPF Employer Hotline +852 2583 8033 or HSBC MPF Member Hotline +852 3128 0128.
Guaranteed Interest Rate for the new financial year (30 June 2022)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2022 to 30 June 2023. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) 'Guarantee features' of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the 'Guarantee Conditions'.
The latest edition of the "HSBC Retirement Monitor" is published (1 June 2022)
The latest edition of "HSBC Retirement Monitor* (June 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for April 2022 (29 April 2022)
The Public holidays of May (Day following of Labour Day and Buddha’s birthday) are coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure there is sufficient time for ensure the remittance statements and/or cheques will reach HSBC MPF on or before the contribution deadline.
Good MPF Employer Award 2021-22 accepts applications till 30 June (22 April 2022)
The 2021-22 Good MPF Employer Award (the Award), organized by the Mandatory Provident Fund Schemes Authority (MPFA), is now open for applications and nominations.
The Award aims to promote and foster employer compliance with MPF legislation; encourage employers to provide better retirement benefits for their employees; and recognise employers who are exemplary in enhancing the retirement benefits of their employees. Nearly 2,500 companies and organizations have been honoured as “Good MPF Employers” since its debut in 2015.
Eligible employers should act now and apply for the Award. Employees are also welcome to nominate their employers for the Award. For more details, please visit the Good MPF Employer Award website. The deadline is 30 June 2022.
The above information is provided by the Mandatory Provident Fund Schemes Authority.
HSBC MPF has been awarded the “Employers’ Choice Award” (1 April 2022)

Further to the achievements of 7 MPF Ratings’ awards earlier in January, we are excited to announce that HSBC MPF has been crowned the title of “Employers’ Choice” at “The 2022 MPF Awards” by MPF Ratings. It is the first time we have won this prestigious industry award with the support of Hong Kong employers who voted HSBC MPF as the most popular MPF scheme in Hong Kong. For more details on the “Employers’ Choice Award”, please refer here for the media release issued by MPF Ratings.
8 MPF Ratings’ awards1 won by HSBC MPF include:
- Employers’ Choice
- Gold Rated Scheme
- 5 Year Gold Scheme (It is the six consecutive year HSBC MPF received the gold rating)
- Best Use of Technology
- Environmentally Responsible
- Good Governance*
- 5 Years Consistent Performer – Bond (Global)
- 10 Years Consistent Performer – Bond (Global)
* ‘Good Governance’ was awarded to the HSBC Provident Fund Trustee (Hong Kong) Limited as the Trustee for HSBC MPF – SuperTrust Plus.
Source:
- MPF Ratings. The awards and rating were based on MPF Ratings’ assessment criteria. For the awardee, assessment and rating criteria/methodology, please refer to https://mpfratings.com.hk/ratings-and-awards/.
Note:
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instrument, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.
- The content shared in this article should not be viewed as investment recommendation and advice. You should seek professional analysis and advice before making any decisions related to the information shared in this article.
- The above awards are for reference only and this material is for corporate news update purpose only. They are not indicative of the actual or future performance of the constituent funds.
- Through this material you are given the relevant award websites which are not under our control. We have no control over the nature, content and availability of those sites.
Contribution reminder for March 2022 (28 March 2022)
Easter holiday is around the corner. Employers are reminded to submit MPF Remittance Statements and make contributions in advance before the contribution deadline.
For employers who submit Remittance Statements and/or cheques by mail, please ensure your mail items bear sufficient postage before posting and allow sufficient time for delivery to ensure the Remittance Statements and/or cheques will reach HSBC MPF on or before the contribution deadline. Employers can also submit e-Remittance Statements and employer contributions via HSBC HK Business Express mobile app (applicable to HSBC commercial banking customers only) or HSBC Business Internet Banking anytime, anywhere. Learn more.
The latest edition of the "HSBC Retirement Monitor" is published (4 March 2022)
The latest edition of "HSBC Retirement Monitor* (March 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Vote for your favourite MPF scheme (7 February 2022)
Cast your vote for your favourite MPF Scheme at MPF Ratings’ People’s Choice Award! The result of the poll contributes to the selection of the winner of the 4th annual People’s Choice Award, which is one of the prestigious awards held by MPF Ratings.
Please visit the below webpage to cast your vote on or before 14 February 2022
https://mpfratings.com.hk/2022-peoples-choice-vote/
(You will not be requested to provide your HSBC log-in credentials to take part in the survey)
For more details of the award, please visit MPF Ratings’ website, https://mpfratings.com.hk/ratings-and-awards/
Note:
Please note that the poll webpage is not hosted by us. MPF Ratings (an independent provider of MPF research, views and opinions and the organiser of the “People’s Choice” award) is not the supplier appointed by HSBC regarding the poll. Your contact information will be collected from the poll which is not intended for distribution to, or use by HSBC. The information will be used by MPF Ratings for verification to avoid duplicate voting and for communication on the incentive gift for joining the poll. The information will be destroyed after the completion and verification of the poll result and after the incentive gift is communicated to the participants. For any queries on the handling of the data concerned, please call the MPF Ratings at (852) 2588 3409.
Disclaimers:
This document does not constitute an invitation, inducement or advice to you on any products or services. Please seek professional advice where necessary. HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content.
Contribution arrangement for February 2022 (24 January 2022)
The Chinese New Year holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure there is sufficient time to ensure the remittance statements and/or cheques will reach HSBC MPF on or before the contribution deadline.
Vote for MPF Ratings ‘MPF 2022 Employers’ Choice Award’ (13 January 2022)
The 5th annual ‘Employer MPF Expectations Survey’ compiled by MPF Ratings and the Employers’ Federation of Hong Kong (EFHK) is now open for employers to share their view and opinions on MPF. The results of this survey contributes to the selection of the winner of 2022 Employers’ Choice award, which is one of the prestigious awards held by MPF Ratings.
Please visit the below webpage to cast your vote for your Employers’ Choice on or before 26 January 2022
https://zh.surveymonkey.com/r/8JRNRNQ
(You will not be requested to provide your HSBC log-in credentials to take part in the survey)
For more details on the award, please visit MPF Ratings’ website https://mpfratings.com.hk/ratings-and-awards/
Note:
Please note that the survey webpage is not hosted by us. Neither MPF Ratings nor EFHK are suppliers appointed by HSBC regarding the survey. The contact information of your company will be collected optionally from the survey which is not intended for distribution to, or use by HSBC. The information will be used by MPF Ratings and EFHK for communication on the survey only and will be destroyed after the completion and verification of the survey result. Besides, if you have provided your contact consent in the survey, you may also be contacted by MPF Ratings, an independent provider of MPF research, views and opinions and one of the survey’s organisers, for the purpose of additional research. For any queries on the handling of the data concerned, please call the MPF Ratings at (852) 2588 3409.
Disclaimers:
This document does not constitute an invitation, inducement or advice to you on any products or services. Please seek professional advice where necessary. HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content.
- Vote for MPF Ratings ‘MPF 2022 Employers’ Choice Award’ (13 January 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (15 December 2021)
- A Milestone Accomplished to HSBC Mandatory Provident Fund – SuperTrust Plus (6 December 2021)
- Update of risk rating for the Hong Kong and Chinese Equity Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus (the "Scheme") (30 November 2021)
- The latest edition of the "HSBC Retirement Monitor" is published (27 September 2021)
- Update on Roadshows at branches during weekends – September 2021 and onwards (9 September 2021)
- Update on various changes to the HSBC Mandatory Provident Fund - SuperTrust Plus (the ‘SuperTrust Plus’) (6 July 2021)
- Guaranteed Interest Rate for the new financial year (30 June 2021)
- The latest edition of the "HSBC Retirement Monitor" is published (25 June 2021)
- New feature will be brought to the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (18 June 2021)
- Good MPF Employers is now open for applications (27 April 2021)
- Contribution arrangement in April 2021 (22 March 2021)
- The latest edition of the "HSBC Retirement Monitor" is published (8 March 2021)
- Contribution arrangement for February 2021 (25 January 2021)
The latest edition of the "HSBC Retirement Monitor" is published (15 December 2021)
The latest edition of "HSBC Retirement Monitor* (December 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
A Milestone Accomplished to HSBC Mandatory Provident Fund – SuperTrust Plus (6 December 2021)
HSBC MPF helps scheme participants to accumulate wealth to reach their retirement goals. We are committed to building long-term relationship with our customers and enhancing our products and services. HSBC MPF has completed the fund re-structuring announced in July 2021. Our HSBC Mandatory Provident Fund – SuperTrust Plus now consists of Constituent Funds covering all the fund types inclusive of money market fund, bond fund, mixed assets fund, guaranteed fund and equity fund, whilst both actively managed and passive/index-tracking equity funds are also offered for the major geographical regions inclusive of Hong Kong, mainland China, Asia, Europe and North America. Scheme participants can better differentiate each of the Constituent Funds under our platform and make the investment choices meeting their own investment styles, risk tolerance levels and personal circumstances.
Managing your MPF account(s) is at your fingertips. You can view your MPF balance, review best performing funds and change your investment allocation through internet banking or HSBC HK Mobile Banking app anytime and anywhere.
Update of risk rating for the Hong Kong and Chinese Equity Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus (the "Scheme") (30 November 2021)
We regularly conduct reviews of the risk ratings for the constituent funds under the Scheme, and are pleased to inform you that the latest risk rating review has been completed. With effect from 1 December 2021, the risk rating for the Hong Kong and Chinese Equity Fund under the Scheme will be decreased from '5' to '4', while the risk ratings for other constituent funds under the Scheme remain unchanged.
To obtain the risk ratings of the other constituent funds and the description of each of the risk rating category, please refer to the HSBC MPF website, the 'Monthly Fund Performance Summary' and/or the 'Fund Fact Sheet'. Should you have any queries, please contact our HSBC MPF Member Hotline on (852) 3128 0128.
Please note that the risk ratings are provided for reference only and should not be regarded as investment advice.
The latest edition of the "HSBC Retirement Monitor" is published (27 September 2021)
The latest edition of "HSBC Retirement Monitor* (September 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Update on Roadshows at branches during weekends – September 2021 and onwards (9 September 2021)
HSBC MPF always strives to deliver high level of MPF services at all times. To improve the customer experience, we are pleased to announce the new MPF branch services during designated weekends.
Updated Branch schedule for MPF services:
Month 2021 |
Date |
Branch Name |
Address |
Sep | 11 - 12 | Shatin Branch |
Shop No. 30D, Level 3, Shatin Centre Shopping Arcade, Sha Tin, New Territories |
25 - 26 | Aberdeen Centre Branch |
Shop 2, G/F, Site I, Aberdeen Centre, Aberdeen, Hong Kong |
|
Oct | 9 - 10 | Telford Gardens Branch |
Shop Unit P16, Block G, Telford Plaza I, Kowloon Bay, Kowloon |
23 - 24 | Jade Plaza Branch |
Shop No. 26, Jade Plaza, Tai Po, New Territories |
|
Nov | 6 - 7 | 128 Queen's Road Branch |
V Heun Building, 128-140 Queen's Road Central, Central, Hong Kong |
13 - 14 | East Point City Branch |
Shop No. 108, East Point City, 8 Chung Wa Road, Tseung Kwan O, New Territories |
|
20 - 21 | Tuen Mun Town Plaza Branch |
Shop 1, UG/F, Shopping Arcade Phase II, Tuen Mun Town Plaza, Tuen Mun, New Territories |
|
Dec | 4 - 5 | Chai Wan Branch |
Shop No. 1-11, G/F, Block B, Walton Estate, 341-343 Chai Wan Road, Chai Wan, Hong Kong |
11 - 12 | Mong Kok Branch |
Basement & U/G, 673 Nathan Road, Mong Kok, Kowloon |
|
18 - 19 | Maritime Square Branch |
Shop 308 F, Level 3, Maritime Square, Tsing Yi, New Territories |
Operation hours: Sat: 3-8pm & Sun: 10-8pm
We will provide MPF services including services related to MPF Tax Deductible Voluntary Contribution (TVC), Account consolidation, Fund performance update and MPF retirement planning etc. during the special operation hours indicated above at these designated branches.
Find out more about MPF, and understand what are the considerations when choosing an MPF scheme. Please contact our MPF Specialist by approaching the above designated branches on specific day or making an appointment to meet them with selected timeslot.
Update on various changes to the HSBC Mandatory Provident Fund - SuperTrust Plus (the ‘SuperTrust Plus’) (6 July 2021)
HSBC MPF always strive to deliver high level of MPF products and services at all times. We are pleased to announce that several changes will be effected with the effective dates set out as below:
- VC Equity Fund Restructuring: restructure 3 of our existing funds (collectively the ‘VC Equity Funds’) into index-tracking funds;
- VC Balanced Fund Change: restructure the ValueChoice Balanced Fund such that its underlying investments will be predominantly passively managed;
- De-layering: simplify the investment structure of the equity funds (collectively the ‘Equity Funds’);
- Name Change: change the names of the affected Constituent Funds, where applicable
Affected Constituent Funds |
Effective Dates |
---|---|
De-layering: |
- |
|
5 November 2021 |
VC Equity Fund Restructuring (together with the Name Change and the De-layering of the VC Equity Funds): |
- |
|
12 November 2021 |
|
19 November 2021 |
|
26 November 2021 |
VC Balanced Fund Change (together with the Name Change of the ValueChoice Balanced Fund): |
- |
|
3 December 2021 |
Affected Constituent Funds |
De-layering: |
---|---|
Effective Dates |
- |
Affected Constituent Funds |
|
Effective Dates |
5 November 2021 |
Affected Constituent Funds |
VC Equity Fund Restructuring (together with the Name Change and the De-layering of the VC Equity Funds): |
Effective Dates |
- |
Affected Constituent Funds |
|
Effective Dates |
12 November 2021 |
Affected Constituent Funds |
|
Effective Dates |
19 November 2021 |
Affected Constituent Funds |
|
Effective Dates |
26 November 2021 |
Affected Constituent Funds |
VC Balanced Fund Change (together with the Name Change of the ValueChoice Balanced Fund): |
Effective Dates |
- |
Affected Constituent Funds |
|
Effective Dates |
3 December 2021 |
With the above changes, the SuperTrust Plus will consist of a more comprehensive offering of Constituent Funds, with a suite of low-fee funds that are index-tracking or passively managed. We believe this can facilitate you to better differentiate the restructured funds from other active funds on our MPF platform, allowing you to make investment choices meeting your own investment styles, risk tolerance levels and personal circumstances. This, together with the de-layering change, can simplify the investment structure of the funds and enhance investment, administrative and operational efficiency.
On the other hand, during a recent review of the management fee breakdown among key operators, we decided to adjust the fee breakdown with effect from 1 July 2021. While the fee components among different stakeholders were re-jiggled, the total management fee level payable by members remains unchanged.
In addition, the statutory Annual Registration Fee has been effected from 1 October 2020 and we are liable for the payment of the fee starting from 1 July 2021. Please rest assured that the fee will be borne and shared among the key operators with no impact on you.
For further details of the above, please refer to the Notice to Scheme Participants, First Supplement to the MPF Scheme Brochure and frequently asked questions.
Guaranteed Interest Rate for the new financial year (30 June 2021)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2021 to 30 June 2022. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
The latest edition of the "HSBC Retirement Monitor" is published (25 June 2021)
The latest edition of "HSBC Retirement Monitor* (June 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
New feature will be brought to the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (18 June 2021)
With effect from 21 June 2021, there will be an additional option available for scheme participants to withdraw their MPF Benefits, AVC Benefits and TVC Benefits on their 65th birthday or on early retirement on or after reaching age 60, so that, they can create a long-term and steady monthly income for better retirement planning.
At eligible scheme participants’ decision, they can apply the monthly regular withdrawal by submitting a valid INPR ‘Claim Form for Payment of MPF Accrued Benefits (Benefits) on Grounds of Attaining the Retirement Age of 65 or Early Retirement [FORM MPF(S) – W(R)]’ together with the appropriate supporting documents to the Administrator of the Scheme one time to receive the monthly regular withdrawal amount from the selected MPF account(s) under the Scheme as specified on the INPR until the selected MPF account(s) is terminated or such regular withdrawal instruction is amended or cancelled. Scheme participants can opt-in the method of payment by deposit directly or cheque. The regular withdrawal instruction(s) can be amended or cancelled at any time at scheme participants’ decision by submitting a valid INRW ‘Change of Regular Withdrawal Instruction Form’.
The above mentioned forms will be available at HSBC MPF website at www.hsbc.com.hk/mpf or designated branches or scheme participants may request copies of them by contacting the HSBC MPF Member Hotline +852 3128 0128.
To learn more about this new feature, please refer to the Frequently Asked Questions.
Good MPF Employers is now open for applications (27 April 2021)
The Hong Kong economy has been hit hard by the COVID-19 pandemic in the past year. Despite the uncertain outlook, many employers are still providing extra retirement protection for their employees. The Good MPF Employer Award, organised by the Mandatory Provident Fund Schemes Authority (MPFA), now in its seventh year, recognises employers that are committed to enhancing the retirement benefits of their employees. Since the inception of the Award, over 2,200 companies and organisations have been commended. A record 1,671 employers were recognised last year despite the pandemic, showing that many employers in Hong Kong are willing to go the extra mile to support the retirement benefits of their employees.
The 2020-21 Good MPF Employer Award is open for applications and nominations from 1 April to 30 June. Two special awards have been introduced to commend and encourage companies / organisations that have made continuous efforts to enhance the retirement protection of their employees. Employers who fulfil the relevant criteria will be presented with one or both of the following special awards:
- Good MPF Employer 5+ Years
Companies / organisations that received the Good MPF Employer Award for five consecutive years or more. - Best All-round MPF Employer
Companies / organisations that meet all of the following criteria:
(1) Received the Good MPF Employer Award for seven consecutive years;
(2) Offered more than one MPF scheme;
(3) Offered MPF voluntary contributions for some or all of their employees;
(4) Received the e-Contribution Award; and
(5) Received the MPF Support Award.
To apply for this year’s Award which covers the period from 1 April 2020 to 31 March 2021, companies / organisations can fill in and submit an application online on the Good MPF Employer Award website, or submit their application by email, fax or post. Employees are also welcome to nominate their employers for the Award by submitting a nomination form to the MPFA.
The results of 2020-21 Good MPF Employer Award will be announced in October 2021. The MPFA will present award certificates to the awardees, and the list of awardees will be uploaded to the MPFA website. In addition to being invited to attend activities organised by the MPFA and receiving the latest information from the MPFA, the awardees will be entitled to display the award logo on their websites, and in their promotional materials, advertisements and activities until 30 September 2022. They also have the opportunity to share their experience with the public through various channels.
Act now, Good MPF Employers!
The above information is provided by the Mandatory Provident Fund Schemes Authority.
Contribution arrangement in April 2021 (22 March 2021)
Easter long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline (12 April 2021). For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for ensure the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
The latest edition of the "HSBC Retirement Monitor" is published (8 March 2021)
The latest edition of "HSBC Retirement Monitor* (March 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for February 2021 (25 January 2021)
Chinese New Year long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure you allow sufficient time for ensure the remittance statements and/or cheques to reach HSBC MPF on or before the contribution deadline.
- The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
- The second tranche of Employment Support Scheme (31 August 2020)
- Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
- Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
- Guaranteed Interest Rate for the new financial year (30 June 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
- Supplement information of Employment Support Scheme (ESS) (20 May 2020)
- Employment Support Scheme (ESS) (13 May 2020)
- Contribution arrangement for Apr 2020 (28 April 2020)
- Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
- New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
- Implication of the Coronavirus - updated market insights (27 March 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
- HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
- New HSBC MPF mobile services! (15 January 2020)
The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
The latest edition of "HSBC Retirement Monitor* (December 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
The latest edition of "HSBC Retirement Monitor* (September 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The second tranche of Employment Support Scheme (31 August 2020)
The second tranche of the Employment Support Scheme (“ESS”) is open for application during 31 August – 13 September 2020. In order to enable employers to obtain the relevant information conveniently, we have prepared frequently asked questions and points-to-note about the second tranche of ESS for your reference.
For more details related to ESS, such as the eligibility and application process, you can contact the ESS hotline on 1836-122 or through email at enquiry@employmentsupport.hk.
Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
As informed by Hang Seng Investment Management Limited, Hang Seng Indexes Company Limited (‘HSIL’) will implement the following index changes (collectively, the ‘Index Changes’) to be effective from 7 September 2020 (the ‘Effective Date’) on the Hang Seng Index (the ‘HSI’) and/or the Hang Seng China Enterprises Index (the ‘HSCEI’):
- adding weighted voting right companies (‘WVRs’) and secondary-listed companies into the respective universe of the HSI and the HSCEI;
- updating the index methodology in respective of constituent weighting and freefloat shares;
- removing special requirement for H-shares companies inclusion to the HSI universe; and
- removing the additional eligibility criteria on Red-chips and P-chips for joining the HSCEI
For further information including the announcement and the offering documents of the underlying Hang Seng Index ETF and Hang Seng China Enterprises ETF (for which the Hang Seng Index Tracking Fund and Hang Seng China Enterprises Index Tracking Fund are directly investing into respectively), you may visit the Investment Manager’s website www.hangsenginvestment.com. Please be reminded that such revised offering documents will be available on or after the Effective Date.
In addition, HSIL announced the quarterly review results of HSI and HSCEI recently. For the details including the constituent movement and changes in sector allocation that will take effect from the Effective Date, you may visit HSIL’s website www.hsi.com.hk.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Guaranteed Interest Rate for the new financial year (30 June 2020)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2020 to 30 June 2021. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
The latest edition of "HSBC Retirement Monitor* (June 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Supplement information of Employment Support Scheme (ESS) (20 May 2020)
ESS - MPF
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Eligibility
Employers
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees or have contributed to MPF-Exempted ORSO scheme
- With an MPF scheme set up on or before 31 March 2020
Employees
- Relevant employees with fully paid employer mandatory contributions
- Aged 65 or above members with employer voluntary contributions
- With the MPF accounts set up on or before 31 March 2020
Self-employed person (“SEP”)
- With an active MPF accounts set up on or before 31 March 2020
Exclusions
- HKSAR, Statutory bodies, Public Organisations, Government-owned Companies, Subvented Organisations, etc
- Have applied for subsidies under Catering Business (Social Distancing) Subsidy Scheme
- Casual Employees
- Exempted members (including aged below 18 or Expatriate)
How to calculate the subsidy amount?
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy HKD7,500
Payment made in two tranches:
- 1st payment will be received in three to four weeks after application. Online applications via the official ESS portal will start on 25 May till 14 June 2020.
- 2nd payment (To be announced by the Policy Innovation and Coordination Office (“PICO”)).
The first tranche application details
Employers
- Online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- Employers submit to the ESS processing agent the online application form (including the undertaking, consent, authorisation and bank account information) via the official ESS portal.
- Employers can choose any one month between December 2019 to March 2020 as the “specified month” in his application as a reference point for calculating the amount of ESS subsidy which cannot be changed once chosen.
- Employees with default mandatory contributions, if applicable, (excluding surcharges) have to be settled on or before 7 May 2020 in order to be entitled to the subsidy.
- Processing agent vet and process application forms and request trustees to issue them the “MPF record certificate” of the “specified month” chosen by employers
- Processing agent calculate the subsidy amount and inform the Treasury to make payment to employers.
- Payment will be paid to the employer in a lump sum in three to four weeks after application which can subsidise their payment of staff wages from June to August 2020.
Self-employed person (“SEP”)
- online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- SEP submit online applications (including the undertaking, consent, authorisation and bank account information) to the ESS processing agent via the official ESS portal
- A one-off lump sum subsidy of HKD7,500 will be granted to SEPs in three to four weeks after application.
1st tranche |
Key dates |
---|---|
MPF accounts set up | On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Cutoff date of account status | 7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application |
1st tranche |
MPF accounts set up |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Cutoff date of account status |
Key dates | 7 May 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates |
In three to four weeks after application |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
ESS – ORSO
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job.
Employer Obligations:
- not to implement redundancy during the subsidy period and,
- to spend all the ESS subsidy on paying wages to their eligible employees and,
- to make a self-declaration to confirm that all information provided in the application is true, complete and accurate, including that the application covers only eligible employees
Eligibility
- Employers who have set up MPF-exempted ORSO schemes, including (i) ORSO registered schemes; or (ii) ORSO exempted schemes, (“ORSO schemes”) for their employees who have been members of the ORSO schemes on or before 31 March 2020 will be eligible to apply
- Eligible ORSO employers may apply for ESS in respect of their employees who are members of ORSO schemes with HKID, except for fully subvented staff in government funded organisations, dedicated (full-time) staff employed by outsourced service contractors/consultants of the Government or of statutory bodies mainly staffed by government employees to work for these contracts, and dedicated (full-time) staff engaged by organisations to provide services under various government funding schemes
Application
- Application for the 1st tranche will start from 25 May 2020 to 14 June 2020, subsidizing wages for June to August 2020. Application for the 2nd tranche will be announced by the Policy Innovation and Coordination Office (“PICO”)
- The ORSO employer shall submit to the processing agent the ESS application form, which should include the following information
○ Company name and address
○ business registration number or registration number under the Societies Ordinance or any other identifier where appropriate and a copy
○ ORSO registration/ exemption number(s)
○ MPF exemption number(s)
○ Name of ORSO scheme(s)
○ copy of the MPF exemption certificate(s)
○ name and contact information of the ORSO administrator(s)
○ actual remuneration of each ORSO employee in the “specified month”, and the headcount as at end March 2020 in an Excel template in the prescribed format that can be downloaded from the ESS application portal
○ bank account name and number of the employer, together with a copy of the bank statement showing the exact same details
○ details and contact information of the authorised signer
○ an undertaking and a self-declaration on the Employer obligations - The processing agent may schedule an appointment with the ORSO employer to conduct on-site checking to verify that the information reported in the templates are supported by appropriate documents. The ORSO employers must therefore keep all relevant documents (such as bank auto-pay payroll, pay list, or ORSO scheme contribution statement) which can provide solid evidence to the information reported in the application.
- To facilitate post-application auditing, the ORSO employers shall, for a period of two years commencing from the date of application for the ESS, keep true copies of the supporting documents submitted in making the application, as well as the latest annual return/actuarial certificate for ORSO registered scheme or the latest annual membership statement/documentary evidence for ORSO exempted scheme, and make them available for inspection by the Government or its agent within 14 days upon the latter’s request.
How to calculate the subsidy and when payment is made
- The ORSO employers can choose any one month from December 2019 to March 2020 as the “Specified month” for calculation of the subsidy amount.
- 50% of the actual remuneration paid to its ORSO employees in a “specified month”, with a cap at $18,000 per month.
- The maximum subsidy per employee per month is $9,000 if he earns $18,000 or more.
- Payment will be made in 2 tranches.
1st tranche |
Key dates |
---|---|
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
1st tranche |
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
Employment Support Scheme (ESS) (13 May 2020)
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Latest news
- Application for 1st tranche will start from 25 May 2020– application window is 3 weeks, subsidising wages for June to August 2020.
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees under MPF Ordinance definition, including the Age 65 or above employee who has MPF contribution accounts (with Employer Voluntary Contributions) are eligible to apply for ESS.
- All Self-employed person (“SEP”) with an MPF account set up on or before 31 Mar 2020 are eligible.
- Payment will be made in 2 tranches.
- MPF accounts that have already been set up on or before 31 March 2020 are eligible.
- It is expected that the release of subsidy for the 1st tranche will be around 3 to 4 weeks after submission of applications. The 1st tranche of payment could be received around end of June 2020.
- “Specified month” for the calculation of subsidy amount includes December 2019, i.e. Employer can choose from any one month from December 2019 to March 2020 for calculation of the subsidy amount.
- Self-employed person who has an MPF account on or before 31 March 2020 will be eligible for an one-off lump-sum subsidy of HKD 7,500.
How to calculate the subsidy and when payment is made
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at
HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy of HKD7,500.
Payment made in 2 tranches:
- 1st payment could be received around end of June 2020. Online applications via the official ESS portal will start on 25 May 2020.
- 2nd payment (To be announced by the Government).
1st tranche | Key dates |
---|---|
MPF accounts set up |
On or before 31 March 2020 |
Application opens | 25 May 2020 (for 3 weeks) |
Cutoff date of account status |
7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Payment date |
June 2020 (expected) |
1st tranche |
MPF accounts set up |
---|---|
Key dates | On or before 31 March 2020 |
1st tranche | Application opens |
Key dates | 25 May 2020 (for 3 weeks) |
1st tranche |
Cutoff date of account status |
Key dates |
7 May 2020 |
1st tranche | Specified month |
Key dates | Any one month from December 2019 to March 2020 |
1st tranche | Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Payment date |
Key dates | June 2020 (expected) |
*Key dates of 2nd tranche will be announced by the Government.
For details, please refer to the press release published by the Government.
Contribution arrangement for Apr 2020 (28 April 2020)
Long holidays is coming soon. There are only 6 business days (i.e. 4th, 5th, 6th, 7th, 8th and 11th) from the 1st day of the month to the contribution day (i.e. 11th May 2020). Employers are reminded to submit remittance statement and make contribution payment earlier, before the contribution day on 11th May 2020. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient time to ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
The 2019-20 Good MPF Employer Award, organized by the Mandatory Provident Fund Schemes Authority (MPFA), will be open for applications and nominations from 1 April to 30 June 2020. Launched in 2015, the annual Award aims to recognize employers that are committed to enhancing the retirement benefits of their employees. Now in its sixth year, the response from the businesses have been encouraging with nearly 1,800 companies and organizations being honoured as “Good MPF Employers”.
To specially commend employers that have made continuous efforts to enhance retirement protection of their employees, employers who fulfil the relevant requirements will be presented with one or both of the following NEW awards:
- Good MPF Employer 6 Years
Employers receiving the Good MPF Employer Award for six consecutive years. - Best All-round MPF Employer
Employers fulfilling ALL five criteria below:
(1) Received the Good MPF Employer 6 Years;
(2) Offered more than one MPF scheme;
(3) Offered MPF voluntary contributions for selected or all of their employees;
(4) Received the e-Contribution Award; and
(5) Received the MPF Support Award.
This year, the Award covers the period from 1 April 2019 to 31 March 2020. Employers wishing to apply for the Award can simply submit an application online on the MPFA’s Good MPF Employer Award website. Employers can also submit their applications by email, fax or post. Employees are also welcome to nominate their employers by submitting a nomination form.
The MPFA will present Award Certificates to the awardees, and upload the awardees list on the MPFA website with an aim to recognize these companies for their exemplary efforts. They will also be invited to MPFA events and will receive the latest MPFA updates. Awardees are also entitled to use the Award Logo on their website and promotional materials until 30 September 2021. The MPFA will also invite the awardees to share their experience with the public through various promotional channels!
Please apply now and be a Good MPF Employer for 2019-20! For more details, please refer to the MPFA’s Good MPF Employer Award website.
The above information is provided by the Mandatory Provident Fund Schemes Authority.
New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
With effect from 31 March 2020, the Principal Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus has been amended and renamed as the MPF Scheme Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘MPF Scheme Brochure’). This new MPF Scheme Brochure has been updated in several aspects with the key highlights as below:
(a) physical attributes: change into an A4-sized booklet with bigger font sizes;
(b) content:
i. expand the scope of risk disclosure by assigning ‘Risk class’ on top of existing ‘Risk rating’ and listing all the risk factors applicable to each Constituent Fund;
ii. adopt a one month notice period or, if the MPFA and/or the SFC may require a notice period of up to three months in case of any material changes to an investment objective or any other particular ;
iii. simplify the disclosure of the Hang Seng Index Tracking Fund and the Hang Seng China Enterprises Index Tracking Fund;
(c) writing style: update in an easy-to-understand and concise manner to enhance readability and clarity.
‘Risk class’ is a newly added 7-point risk classification scale applicable to all MPF constituent funds so as to facilitate scheme members to compare the risk level of constituent funds across different MPF schemes. It is based on the existing risk indicator information, ie. the annualised standard deviation of the monthly rates of return over the past three years of the Constituent Funds, which is already available on the Fund Fact Sheet. The existing ‘Risk rating’ information of the Constituent Funds will continue to be provided. It is defined using a 5-point risk scale and is derived based on a combination of quantitative and qualitative risk factors including price volatility, asset allocation and liquidity (with exception to DIS Constituent Funds with additional consideration based on the available historical data of the funds and the respective underlying indices of the industry recognised reference portfolio of the funds). For more details about the difference between ‘Risk class’ and ‘Risk rating’, please refer to ‘Glossary‘ under ‘Important information’ on the HSBC MPF website.
To learn more about the changes, please refer to the notice and the MPF Scheme Brochure.
Implication of the Coronavirus - updated market insights (27 March 2020)
To read about the latest analysis and view from our investment manager - HSBC Global Asset Management whilst the world is battling with the Coronavirus, please click here to visit their ‘News and insights’ dedicated page.
The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
The latest edition of "HSBC Retirement Monitor* (March 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
HSBC MPF won two recognitions from ‘2020 The MPF Awards’ by MPF Ratings Limited1. This demonstrates that the HSBC MPF scheme delivered outstanding performance across different aspects, including fund investment performance, management fees, customer service, member education, administration efficiency and good governance, etc The awards that HSBC MPF received are:
- MPF Ratings’2020 Gold Rated Scheme (for 4th consecutive year)
- MPF Ratings’2020 Good Governance (For the second time)
The above awards are the result from an independent assessment agency which undertook comprehensive and in-depth research and assessment on each of the MPF providers. Our achievement of the gold rating is a reflection of HSBC MPF scheme providing best-in-class offerings to our customers. Our MPF scheme has also been rated as ‘excellent’ on the facet of ‘Management fee competitiveness’ and ‘Fund Expense Ratio competitiveness’ respectively. HSBC MPF is one of the seven schemes in the market which achieved this rating on these two assessment criteria.
1 Source: MPF Ratings. ‘2020 The MPF Awards’ is organised by MPF Ratings Limited which is a foremost independent provider of pension research. This award is by MPF Ratings Limited, the award results and rating were based on their assessment criteria. For the awardee, assessment criteria/methodology, please refer to www.mpfratings.com.hk/ratings-and-awards/.
New HSBC MPF mobile banking services! (15 January 2020)
MPF features have been brought to HSBC HK Mobile Banking app! You can now manage your MPF account via the app. Download or update the latest version and experience the below key new features now:
- View MPF account balances and asset distribution
- Look over MPF constituent funds cumulative performance
- Straight through fund switching instruction
You can click here to learn more about the HSBC HK Mobile Banking app.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, Occupational Retirement Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority and/or Securities and Futures Commission shall prevail for any information on MPF and ORSO system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant brochure.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Update on the ORSO Amendment Bill for ORSO registered and exempted schemes (3 July 2020)
The ORSO Amendment Bill was passed by the Legislative Council on 17 June 2020, and became effective on 26 June 2020. The main objective of the ORSO Amendment Bill is to set up a registration framework for the Occupational Retirement Schemes (“ORSO Schemes”) to ensure they are properly regulated.
The new ORSO Amendment Bill will require employers to submit an annual written statement (for ORSO registered and exempted schemes), an annual return (for ORSO exempted schemes only) as well as notification of reportable events (for ORSO registered schemes only) to the Mandatory Provident Fund Schemes Authority (‘MPFA’). For more information on the new requirements, please visit the MPFA website > ORSO > Circulars > Occupational Retirement Schemes (Amendment) Bill 2019.
The MPFA had also invited employers to attend their upcoming Town Hall sessions (28th, 29th, 30th of July 2020) to facilitate employers to gain a better understanding of the new requirements under the new regulatory requirement. By 6th July 2020, employers will need to register and complete the ‘Reply Slip’ contained in the abovementioned Circular. We strongly encourage employers to register and attend the upcoming Town hall sessions.
Latest MPF news
The latest edition of the "HSBC Retirement Monitor" is published (1 December 2022)
The latest edition of "HSBC Retirement Monitor* (December 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority shall prevail for any information on MPF system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant MPF Scheme Brochure.
MPF news archives 2022
- The latest edition of the "HSBC Retirement Monitor" is published (1 December 2022)
- Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (16 November 2022)
- Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (25 October 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (1 September 2022)
- Update on Roadshows at branches during weekends – Aug 2022 and onwards (17 August 2022)
- Update on Roadshows at branches during weekends – Jul 2022 and onwards (7 July 2022)
- Key Scheme Information Document of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘SuperTrust Plus’) will be available on 30 June 2022 (30 June 2022)
- Guaranteed Interest Rate for the new financial year (30 June 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (1 June 2022)
- Contribution arrangement for April 2022 (29 April 2022)
- Good MPF Employer Award 2021-22 accepts applications till 30 June (22 April 2022)
- HSBC MPF has been awarded the “Employers’ Choice Award” (1 April 2022)
- Contribution reminder for March 2022 (28 March 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (4 March 2022)
- Vote for your favourite MPF scheme (7 February 2022)
- Contribution arrangement for February 2022 (24 January 2022)
- Vote for MPF Ratings ‘MPF 2022 Employers’ Choice Award’ (13 January 2022)
The latest edition of the "HSBC Retirement Monitor" is published (1 December 2022)
The latest edition of "HSBC Retirement Monitor* (December 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (16 November 2022)
As announced earlier, from 13 September 2022, several changes in relation to Hang Seng Index Tracking Fund (the ‘Constituent Fund’) of the Scheme have taken effect. The Constituent Fund’s underlying ITCIS (i.e. Hang Seng Index ETF) has been de-listed from the Stock Exchange of Hong Kong Limited and continues to operate as an unlisted fund. Consequentially, the Hang Seng Index ETF has been renamed to Hang Seng Index Tracking Fund. The management fee of the Constituent Fund has been updated from ‘up to 0.755%’ to ‘up to 0.73%’ pa of NAV. For further details, please refer to the Notice to Scheme Participants, Supplement to the MPF Scheme Brochure and Key Scheme Information Document of the Scheme which have already available on HSBC MPF website.
Changes in relation to Hang Seng Index Tracking Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (25 October 2022)
Informed by Hang Seng Investment Management Limited, who is the Investment Manager for the underlying ITCIS (i.e. Hang Seng Index ETF) invested by the Hang Seng Index Tracking Fund of the Scheme (the ‘Constituent Fund’), that the Hang Seng Index ETF is de-listed from the Stock Exchange of Hong Kong Limited on 13 September 2022 and continues to operate as an unlisted fund. Consequentially, Hang Seng Index ETF is renamed to Hang Seng Index Tracking Fund. Such changes do not result in any change in the underlying ITCIS’s investment objective as disclosed in the MPF Scheme Brochure (which is to track the Hang Seng Index), its key operators (including the Investment Manager) and the manner in which it is managed.
In addition, the management fee of the Constituent Fund is updated from ‘up to 0.755%’ to ‘up to 0.73%’ pa of NAV with effective from 13 September 2022.
For further details of the above, please refer to the Notice to Scheme Participants. The MPF Scheme Brochure as amended by the Supplement reflecting the above changes and the updated Key Scheme Information Document will be available on or after 13 September 2022 on HSBC MPF website.
The latest edition of the "HSBC Retirement Monitor" is published (1 September 2022)
The latest edition of "HSBC Retirement Monitor* (September 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Update on Roadshows at branches during weekends - Aug 2022 and onwards (17 August 2022)
HSBC MPF always strives to deliver high level of MPF services at all times. To improve the customer experience, we are pleased to announce the new MPF branch services during designated weekends.
Month 2022 | Date | Branch name | Address |
---|---|---|---|
Aug | 27 - 28 | North Point Branch | G/F, Winner House, 306-316 King's Road, North Point, Hong Kong |
Sep | 24 - 25 | Tung Chung Branch | Unit 509, 5/F, Citygate Outlets, 18-20 Tat Tung Road, Tung Chung, Lantau Island, Hong Kong |
Oct |
29 – 30 |
Tai Yau Street Branch |
26-28 Tai Yau Street, San Po Kong, Kowloon |
Nov |
26 – 27 |
Aberdeen Centre Branch |
Shop 2, G/F, Site I, Aberdeen Centre, Aberdeen, Hong Kong |
Dec |
17 – 18 |
Mei Foo Shun Chuen Branch |
79, Broadway Stage 4, Mei Foo Sun Chuen, Kowloon |
Month 2022 | Aug |
---|---|
Date | 27 - 28 |
Branch name | North Point Branch |
Address | G/F, Winner House, 306-316 King's Road, North Point, Hong Kong |
Month 2022 | Sep |
Date | 24 - 25 |
Branch name | Tung Chung Branch |
Address | Unit 509, 5/F, Citygate Outlets, 18-20 Tat Tung Road, Tung Chung, Lantau Island, Hong Kong |
Month 2022 |
Oct |
Date |
29 – 30 |
Branch name |
Tai Yau Street Branch |
Address |
26-28 Tai Yau Street, San Po Kong, Kowloon |
Month 2022 |
Nov |
Date |
26 – 27 |
Branch name |
Aberdeen Centre Branch |
Address |
Shop 2, G/F, Site I, Aberdeen Centre, Aberdeen, Hong Kong |
Month 2022 |
Dec |
Date |
17 – 18 |
Branch name |
Mei Foo Shun Chuen Branch |
Address |
79, Broadway Stage 4, Mei Foo Sun Chuen, Kowloon |
Operation hours: Saturdays: 3pm-8pm & Sundays: 10am-8pm
We will provide MPF services including services related to MPF Tax Deductible Voluntary Contribution (TVC), Account consolidation, Fund performance update and MPF retirement planning etc. during the special operation hours indicated above at these designated branches.
Find out more about MPF, and understand what are the considerations when choosing an MPF scheme. Please contact our MPF Specialist by approaching the above designated branches on specific day or making an appointment to meet them with selected timeslot.
Update on Roadshows at branches during weekends - Jul 2022 and onwards (7 July 2022)
HSBC MPF always strives to deliver high level of MPF services at all times. To improve the customer experience, we are pleased to announce the new MPF branch services during designated weekends.
Month 2022 | Date | Branch name | Address |
---|---|---|---|
Jul | 30 - 31 | Yuen Long Branch | G/F, HSBC Building Yuen Long, 150-160 Castle Peak Road, Yuen Long, New Territories |
Month 2022 | Jul |
---|---|
Date | 30 - 31 |
Branch name | Yuen Long Branch |
Address | G/F, HSBC Building Yuen Long, 150-160 Castle Peak Road, Yuen Long, New Territories |
Operation hours: Saturdays: 3pm-8pm & Sundays: 10am-8pm
We will provide MPF services including services related to MPF Tax Deductible Voluntary Contribution (TVC), Account consolidation, Fund performance update and MPF retirement planning etc. during the special operation hours indicated above at these designated branches.
Find out more about MPF, and understand what are the considerations when choosing an MPF scheme. Please contact our MPF Specialist by approaching the above designated branches on specific day or making an appointment to meet them with selected timeslot.
Key Scheme Information Document of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘SuperTrust Plus’) will be available on 30 June 2022 (30 June 2022)
The Key Scheme Information Document (the ‘KSID’), which forms part of the offering document of the SuperTrust Plus, will be available from 30 June 2022. The KSID helps to provide scheme members with key scheme information relating to the SuperTrust Plus in a simplified and standardized format prescribed by the Mandatory Provident Fund Schemes Authority. The KSID has adopted a layered approach which scheme members will benefit from having one single document that bring them to more information and can choose the level of detail of information desired. The KSID is designed to be easy-to-read to directing scheme members to the necessary documents or tools through electronic means (e.g. web link and/or QR code provided).
The KSID (together with the MPF Scheme Brochure) and Notice to Scheme Participants are available on HSBC MPF website. For further information, please feel free to contact the HSBC MPF Employer Hotline +852 2583 8033 or HSBC MPF Member Hotline +852 3128 0128.
Guaranteed Interest Rate for the new financial year (30 June 2022)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2022 to 30 June 2023. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) 'Guarantee features' of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the 'Guarantee Conditions'.
The latest edition of the "HSBC Retirement Monitor" is published (1 June 2022)
The latest edition of "HSBC Retirement Monitor* (June 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for April 2022 (29 April 2022)
The Public holidays of May (Day following of Labour Day and Buddha’s birthday) are coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure there is sufficient time for ensure the remittance statements and/or cheques will reach HSBC MPF on or before the contribution deadline.
Good MPF Employer Award 2021-22 accepts applications till 30 June (22 April 2022)
The 2021-22 Good MPF Employer Award (the Award), organized by the Mandatory Provident Fund Schemes Authority (MPFA), is now open for applications and nominations.
The Award aims to promote and foster employer compliance with MPF legislation; encourage employers to provide better retirement benefits for their employees; and recognise employers who are exemplary in enhancing the retirement benefits of their employees. Nearly 2,500 companies and organizations have been honoured as “Good MPF Employers” since its debut in 2015.
Eligible employers should act now and apply for the Award. Employees are also welcome to nominate their employers for the Award. For more details, please visit the Good MPF Employer Award website. The deadline is 30 June 2022.
The above information is provided by the Mandatory Provident Fund Schemes Authority.
HSBC MPF has been awarded the “Employers’ Choice Award” (1 April 2022)

Further to the achievements of 7 MPF Ratings’ awards earlier in January, we are excited to announce that HSBC MPF has been crowned the title of “Employers’ Choice” at “The 2022 MPF Awards” by MPF Ratings. It is the first time we have won this prestigious industry award with the support of Hong Kong employers who voted HSBC MPF as the most popular MPF scheme in Hong Kong. For more details on the “Employers’ Choice Award”, please refer here for the media release issued by MPF Ratings.
8 MPF Ratings’ awards1 won by HSBC MPF include:
- Employers’ Choice
- Gold Rated Scheme
- 5 Year Gold Scheme (It is the six consecutive year HSBC MPF received the gold rating)
- Best Use of Technology
- Environmentally Responsible
- Good Governance*
- 5 Years Consistent Performer – Bond (Global)
- 10 Years Consistent Performer – Bond (Global)
* ‘Good Governance’ was awarded to the HSBC Provident Fund Trustee (Hong Kong) Limited as the Trustee for HSBC MPF – SuperTrust Plus.
Source:
- MPF Ratings. The awards and rating were based on MPF Ratings’ assessment criteria. For the awardee, assessment and rating criteria/methodology, please refer to https://mpfratings.com.hk/ratings-and-awards/.
Note:
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instrument, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.
- The content shared in this article should not be viewed as investment recommendation and advice. You should seek professional analysis and advice before making any decisions related to the information shared in this article.
- The above awards are for reference only and this material is for corporate news update purpose only. They are not indicative of the actual or future performance of the constituent funds.
- Through this material you are given the relevant award websites which are not under our control. We have no control over the nature, content and availability of those sites.
Contribution reminder for March 2022 (28 March 2022)
Easter holiday is around the corner. Employers are reminded to submit MPF Remittance Statements and make contributions in advance before the contribution deadline.
For employers who submit Remittance Statements and/or cheques by mail, please ensure your mail items bear sufficient postage before posting and allow sufficient time for delivery to ensure the Remittance Statements and/or cheques will reach HSBC MPF on or before the contribution deadline. Employers can also submit e-Remittance Statements and employer contributions via HSBC HK Business Express mobile app (applicable to HSBC commercial banking customers only) or HSBC Business Internet Banking anytime, anywhere. Learn more.
The latest edition of the "HSBC Retirement Monitor" is published (4 March 2022)
The latest edition of "HSBC Retirement Monitor* (March 2022) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Vote for your favourite MPF scheme (7 February 2022)
Cast your vote for your favourite MPF Scheme at MPF Ratings’ People’s Choice Award! The result of the poll contributes to the selection of the winner of the 4th annual People’s Choice Award, which is one of the prestigious awards held by MPF Ratings.
Please visit the below webpage to cast your vote on or before 14 February 2022
https://mpfratings.com.hk/2022-peoples-choice-vote/
(You will not be requested to provide your HSBC log-in credentials to take part in the survey)
For more details of the award, please visit MPF Ratings’ website, https://mpfratings.com.hk/ratings-and-awards/
Note:
Please note that the poll webpage is not hosted by us. MPF Ratings (an independent provider of MPF research, views and opinions and the organiser of the “People’s Choice” award) is not the supplier appointed by HSBC regarding the poll. Your contact information will be collected from the poll which is not intended for distribution to, or use by HSBC. The information will be used by MPF Ratings for verification to avoid duplicate voting and for communication on the incentive gift for joining the poll. The information will be destroyed after the completion and verification of the poll result and after the incentive gift is communicated to the participants. For any queries on the handling of the data concerned, please call the MPF Ratings at (852) 2588 3409.
Disclaimers:
This document does not constitute an invitation, inducement or advice to you on any products or services. Please seek professional advice where necessary. HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content.
Contribution arrangement for February 2022 (24 January 2022)
The Chinese New Year holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure there is sufficient time to ensure the remittance statements and/or cheques will reach HSBC MPF on or before the contribution deadline.
Vote for MPF Ratings ‘MPF 2022 Employers’ Choice Award’ (13 January 2022)
The 5th annual ‘Employer MPF Expectations Survey’ compiled by MPF Ratings and the Employers’ Federation of Hong Kong (EFHK) is now open for employers to share their view and opinions on MPF. The results of this survey contributes to the selection of the winner of 2022 Employers’ Choice award, which is one of the prestigious awards held by MPF Ratings.
Please visit the below webpage to cast your vote for your Employers’ Choice on or before 26 January 2022
https://zh.surveymonkey.com/r/8JRNRNQ
(You will not be requested to provide your HSBC log-in credentials to take part in the survey)
For more details on the award, please visit MPF Ratings’ website https://mpfratings.com.hk/ratings-and-awards/
Note:
Please note that the survey webpage is not hosted by us. Neither MPF Ratings nor EFHK are suppliers appointed by HSBC regarding the survey. The contact information of your company will be collected optionally from the survey which is not intended for distribution to, or use by HSBC. The information will be used by MPF Ratings and EFHK for communication on the survey only and will be destroyed after the completion and verification of the survey result. Besides, if you have provided your contact consent in the survey, you may also be contacted by MPF Ratings, an independent provider of MPF research, views and opinions and one of the survey’s organisers, for the purpose of additional research. For any queries on the handling of the data concerned, please call the MPF Ratings at (852) 2588 3409.
Disclaimers:
This document does not constitute an invitation, inducement or advice to you on any products or services. Please seek professional advice where necessary. HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content.
MPF news archives 2021
- Vote for MPF Ratings ‘MPF 2022 Employers’ Choice Award’ (13 January 2022)
- The latest edition of the "HSBC Retirement Monitor" is published (15 December 2021)
- A Milestone Accomplished to HSBC Mandatory Provident Fund – SuperTrust Plus (6 December 2021)
- Update of risk rating for the Hong Kong and Chinese Equity Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus (the "Scheme") (30 November 2021)
- The latest edition of the "HSBC Retirement Monitor" is published (27 September 2021)
- Update on Roadshows at branches during weekends – September 2021 and onwards (9 September 2021)
- Update on various changes to the HSBC Mandatory Provident Fund - SuperTrust Plus (the ‘SuperTrust Plus’) (6 July 2021)
- Guaranteed Interest Rate for the new financial year (30 June 2021)
- The latest edition of the "HSBC Retirement Monitor" is published (25 June 2021)
- New feature will be brought to the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (18 June 2021)
- Good MPF Employers is now open for applications (27 April 2021)
- Contribution arrangement in April 2021 (22 March 2021)
- The latest edition of the "HSBC Retirement Monitor" is published (8 March 2021)
- Contribution arrangement for February 2021 (25 January 2021)
The latest edition of the "HSBC Retirement Monitor" is published (15 December 2021)
The latest edition of "HSBC Retirement Monitor* (December 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
A Milestone Accomplished to HSBC Mandatory Provident Fund – SuperTrust Plus (6 December 2021)
HSBC MPF helps scheme participants to accumulate wealth to reach their retirement goals. We are committed to building long-term relationship with our customers and enhancing our products and services. HSBC MPF has completed the fund re-structuring announced in July 2021. Our HSBC Mandatory Provident Fund – SuperTrust Plus now consists of Constituent Funds covering all the fund types inclusive of money market fund, bond fund, mixed assets fund, guaranteed fund and equity fund, whilst both actively managed and passive/index-tracking equity funds are also offered for the major geographical regions inclusive of Hong Kong, mainland China, Asia, Europe and North America. Scheme participants can better differentiate each of the Constituent Funds under our platform and make the investment choices meeting their own investment styles, risk tolerance levels and personal circumstances.
Managing your MPF account(s) is at your fingertips. You can view your MPF balance, review best performing funds and change your investment allocation through internet banking or HSBC HK Mobile Banking app anytime and anywhere.
Update of risk rating for the Hong Kong and Chinese Equity Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus (the "Scheme") (30 November 2021)
We regularly conduct reviews of the risk ratings for the constituent funds under the Scheme, and are pleased to inform you that the latest risk rating review has been completed. With effect from 1 December 2021, the risk rating for the Hong Kong and Chinese Equity Fund under the Scheme will be decreased from '5' to '4', while the risk ratings for other constituent funds under the Scheme remain unchanged.
To obtain the risk ratings of the other constituent funds and the description of each of the risk rating category, please refer to the HSBC MPF website, the 'Monthly Fund Performance Summary' and/or the 'Fund Fact Sheet'. Should you have any queries, please contact our HSBC MPF Member Hotline on (852) 3128 0128.
Please note that the risk ratings are provided for reference only and should not be regarded as investment advice.
The latest edition of the "HSBC Retirement Monitor" is published (27 September 2021)
The latest edition of "HSBC Retirement Monitor* (September 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Update on Roadshows at branches during weekends – September 2021 and onwards (9 September 2021)
HSBC MPF always strives to deliver high level of MPF services at all times. To improve the customer experience, we are pleased to announce the new MPF branch services during designated weekends.
Updated Branch schedule for MPF services:
Month 2021 |
Date |
Branch Name |
Address |
Sep | 11 - 12 | Shatin Branch |
Shop No. 30D, Level 3, Shatin Centre Shopping Arcade, Sha Tin, New Territories |
25 - 26 | Aberdeen Centre Branch |
Shop 2, G/F, Site I, Aberdeen Centre, Aberdeen, Hong Kong |
|
Oct | 9 - 10 | Telford Gardens Branch |
Shop Unit P16, Block G, Telford Plaza I, Kowloon Bay, Kowloon |
23 - 24 | Jade Plaza Branch |
Shop No. 26, Jade Plaza, Tai Po, New Territories |
|
Nov | 6 - 7 | 128 Queen's Road Branch |
V Heun Building, 128-140 Queen's Road Central, Central, Hong Kong |
13 - 14 | East Point City Branch |
Shop No. 108, East Point City, 8 Chung Wa Road, Tseung Kwan O, New Territories |
|
20 - 21 | Tuen Mun Town Plaza Branch |
Shop 1, UG/F, Shopping Arcade Phase II, Tuen Mun Town Plaza, Tuen Mun, New Territories |
|
Dec | 4 - 5 | Chai Wan Branch |
Shop No. 1-11, G/F, Block B, Walton Estate, 341-343 Chai Wan Road, Chai Wan, Hong Kong |
11 - 12 | Mong Kok Branch |
Basement & U/G, 673 Nathan Road, Mong Kok, Kowloon |
|
18 - 19 | Maritime Square Branch |
Shop 308 F, Level 3, Maritime Square, Tsing Yi, New Territories |
Operation hours: Sat: 3-8pm & Sun: 10-8pm
We will provide MPF services including services related to MPF Tax Deductible Voluntary Contribution (TVC), Account consolidation, Fund performance update and MPF retirement planning etc. during the special operation hours indicated above at these designated branches.
Find out more about MPF, and understand what are the considerations when choosing an MPF scheme. Please contact our MPF Specialist by approaching the above designated branches on specific day or making an appointment to meet them with selected timeslot.
Update on various changes to the HSBC Mandatory Provident Fund - SuperTrust Plus (the ‘SuperTrust Plus’) (6 July 2021)
HSBC MPF always strive to deliver high level of MPF products and services at all times. We are pleased to announce that several changes will be effected with the effective dates set out as below:
- VC Equity Fund Restructuring: restructure 3 of our existing funds (collectively the ‘VC Equity Funds’) into index-tracking funds;
- VC Balanced Fund Change: restructure the ValueChoice Balanced Fund such that its underlying investments will be predominantly passively managed;
- De-layering: simplify the investment structure of the equity funds (collectively the ‘Equity Funds’);
- Name Change: change the names of the affected Constituent Funds, where applicable
Affected Constituent Funds |
Effective Dates |
---|---|
De-layering: |
- |
|
5 November 2021 |
VC Equity Fund Restructuring (together with the Name Change and the De-layering of the VC Equity Funds): |
- |
|
12 November 2021 |
|
19 November 2021 |
|
26 November 2021 |
VC Balanced Fund Change (together with the Name Change of the ValueChoice Balanced Fund): |
- |
|
3 December 2021 |
Affected Constituent Funds |
De-layering: |
---|---|
Effective Dates |
- |
Affected Constituent Funds |
|
Effective Dates |
5 November 2021 |
Affected Constituent Funds |
VC Equity Fund Restructuring (together with the Name Change and the De-layering of the VC Equity Funds): |
Effective Dates |
- |
Affected Constituent Funds |
|
Effective Dates |
12 November 2021 |
Affected Constituent Funds |
|
Effective Dates |
19 November 2021 |
Affected Constituent Funds |
|
Effective Dates |
26 November 2021 |
Affected Constituent Funds |
VC Balanced Fund Change (together with the Name Change of the ValueChoice Balanced Fund): |
Effective Dates |
- |
Affected Constituent Funds |
|
Effective Dates |
3 December 2021 |
With the above changes, the SuperTrust Plus will consist of a more comprehensive offering of Constituent Funds, with a suite of low-fee funds that are index-tracking or passively managed. We believe this can facilitate you to better differentiate the restructured funds from other active funds on our MPF platform, allowing you to make investment choices meeting your own investment styles, risk tolerance levels and personal circumstances. This, together with the de-layering change, can simplify the investment structure of the funds and enhance investment, administrative and operational efficiency.
On the other hand, during a recent review of the management fee breakdown among key operators, we decided to adjust the fee breakdown with effect from 1 July 2021. While the fee components among different stakeholders were re-jiggled, the total management fee level payable by members remains unchanged.
In addition, the statutory Annual Registration Fee has been effected from 1 October 2020 and we are liable for the payment of the fee starting from 1 July 2021. Please rest assured that the fee will be borne and shared among the key operators with no impact on you.
For further details of the above, please refer to the Notice to Scheme Participants, First Supplement to the MPF Scheme Brochure and frequently asked questions.
Guaranteed Interest Rate for the new financial year (30 June 2021)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2021 to 30 June 2022. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
The latest edition of the "HSBC Retirement Monitor" is published (25 June 2021)
The latest edition of "HSBC Retirement Monitor* (June 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
New feature will be brought to the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘Scheme’) (18 June 2021)
With effect from 21 June 2021, there will be an additional option available for scheme participants to withdraw their MPF Benefits, AVC Benefits and TVC Benefits on their 65th birthday or on early retirement on or after reaching age 60, so that, they can create a long-term and steady monthly income for better retirement planning.
At eligible scheme participants’ decision, they can apply the monthly regular withdrawal by submitting a valid INPR ‘Claim Form for Payment of MPF Accrued Benefits (Benefits) on Grounds of Attaining the Retirement Age of 65 or Early Retirement [FORM MPF(S) – W(R)]’ together with the appropriate supporting documents to the Administrator of the Scheme one time to receive the monthly regular withdrawal amount from the selected MPF account(s) under the Scheme as specified on the INPR until the selected MPF account(s) is terminated or such regular withdrawal instruction is amended or cancelled. Scheme participants can opt-in the method of payment by deposit directly or cheque. The regular withdrawal instruction(s) can be amended or cancelled at any time at scheme participants’ decision by submitting a valid INRW ‘Change of Regular Withdrawal Instruction Form’.
The above mentioned forms will be available at HSBC MPF website at www.hsbc.com.hk/mpf or designated branches or scheme participants may request copies of them by contacting the HSBC MPF Member Hotline +852 3128 0128.
To learn more about this new feature, please refer to the Frequently Asked Questions.
Good MPF Employers is now open for applications (27 April 2021)
The Hong Kong economy has been hit hard by the COVID-19 pandemic in the past year. Despite the uncertain outlook, many employers are still providing extra retirement protection for their employees. The Good MPF Employer Award, organised by the Mandatory Provident Fund Schemes Authority (MPFA), now in its seventh year, recognises employers that are committed to enhancing the retirement benefits of their employees. Since the inception of the Award, over 2,200 companies and organisations have been commended. A record 1,671 employers were recognised last year despite the pandemic, showing that many employers in Hong Kong are willing to go the extra mile to support the retirement benefits of their employees.
The 2020-21 Good MPF Employer Award is open for applications and nominations from 1 April to 30 June. Two special awards have been introduced to commend and encourage companies / organisations that have made continuous efforts to enhance the retirement protection of their employees. Employers who fulfil the relevant criteria will be presented with one or both of the following special awards:
- Good MPF Employer 5+ Years
Companies / organisations that received the Good MPF Employer Award for five consecutive years or more. - Best All-round MPF Employer
Companies / organisations that meet all of the following criteria:
(1) Received the Good MPF Employer Award for seven consecutive years;
(2) Offered more than one MPF scheme;
(3) Offered MPF voluntary contributions for some or all of their employees;
(4) Received the e-Contribution Award; and
(5) Received the MPF Support Award.
To apply for this year’s Award which covers the period from 1 April 2020 to 31 March 2021, companies / organisations can fill in and submit an application online on the Good MPF Employer Award website, or submit their application by email, fax or post. Employees are also welcome to nominate their employers for the Award by submitting a nomination form to the MPFA.
The results of 2020-21 Good MPF Employer Award will be announced in October 2021. The MPFA will present award certificates to the awardees, and the list of awardees will be uploaded to the MPFA website. In addition to being invited to attend activities organised by the MPFA and receiving the latest information from the MPFA, the awardees will be entitled to display the award logo on their websites, and in their promotional materials, advertisements and activities until 30 September 2022. They also have the opportunity to share their experience with the public through various channels.
Act now, Good MPF Employers!
The above information is provided by the Mandatory Provident Fund Schemes Authority.
Contribution arrangement in April 2021 (22 March 2021)
Easter long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline (12 April 2021). For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for ensure the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
The latest edition of the "HSBC Retirement Monitor" is published (8 March 2021)
The latest edition of "HSBC Retirement Monitor* (March 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for February 2021 (25 January 2021)
Chinese New Year long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure you allow sufficient time for ensure the remittance statements and/or cheques to reach HSBC MPF on or before the contribution deadline.
MPF news archives 2020
- The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
- The second tranche of Employment Support Scheme (31 August 2020)
- Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
- Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
- Guaranteed Interest Rate for the new financial year (30 June 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
- Supplement information of Employment Support Scheme (ESS) (20 May 2020)
- Employment Support Scheme (ESS) (13 May 2020)
- Contribution arrangement for Apr 2020 (28 April 2020)
- Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
- New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
- Implication of the Coronavirus - updated market insights (27 March 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
- HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
- New HSBC MPF mobile services! (15 January 2020)
The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
The latest edition of "HSBC Retirement Monitor* (December 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
The latest edition of "HSBC Retirement Monitor* (September 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The second tranche of Employment Support Scheme (31 August 2020)
The second tranche of the Employment Support Scheme (“ESS”) is open for application during 31 August – 13 September 2020. In order to enable employers to obtain the relevant information conveniently, we have prepared frequently asked questions and points-to-note about the second tranche of ESS for your reference.
For more details related to ESS, such as the eligibility and application process, you can contact the ESS hotline on 1836-122 or through email at enquiry@employmentsupport.hk.
Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
As informed by Hang Seng Investment Management Limited, Hang Seng Indexes Company Limited (‘HSIL’) will implement the following index changes (collectively, the ‘Index Changes’) to be effective from 7 September 2020 (the ‘Effective Date’) on the Hang Seng Index (the ‘HSI’) and/or the Hang Seng China Enterprises Index (the ‘HSCEI’):
- adding weighted voting right companies (‘WVRs’) and secondary-listed companies into the respective universe of the HSI and the HSCEI;
- updating the index methodology in respective of constituent weighting and freefloat shares;
- removing special requirement for H-shares companies inclusion to the HSI universe; and
- removing the additional eligibility criteria on Red-chips and P-chips for joining the HSCEI
For further information including the announcement and the offering documents of the underlying Hang Seng Index ETF and Hang Seng China Enterprises ETF (for which the Hang Seng Index Tracking Fund and Hang Seng China Enterprises Index Tracking Fund are directly investing into respectively), you may visit the Investment Manager’s website www.hangsenginvestment.com. Please be reminded that such revised offering documents will be available on or after the Effective Date.
In addition, HSIL announced the quarterly review results of HSI and HSCEI recently. For the details including the constituent movement and changes in sector allocation that will take effect from the Effective Date, you may visit HSIL’s website www.hsi.com.hk.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Guaranteed Interest Rate for the new financial year (30 June 2020)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2020 to 30 June 2021. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
The latest edition of "HSBC Retirement Monitor* (June 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Supplement information of Employment Support Scheme (ESS) (20 May 2020)
ESS - MPF
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Eligibility
Employers
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees or have contributed to MPF-Exempted ORSO scheme
- With an MPF scheme set up on or before 31 March 2020
Employees
- Relevant employees with fully paid employer mandatory contributions
- Aged 65 or above members with employer voluntary contributions
- With the MPF accounts set up on or before 31 March 2020
Self-employed person (“SEP”)
- With an active MPF accounts set up on or before 31 March 2020
Exclusions
- HKSAR, Statutory bodies, Public Organisations, Government-owned Companies, Subvented Organisations, etc
- Have applied for subsidies under Catering Business (Social Distancing) Subsidy Scheme
- Casual Employees
- Exempted members (including aged below 18 or Expatriate)
How to calculate the subsidy amount?
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy HKD7,500
Payment made in two tranches:
- 1st payment will be received in three to four weeks after application. Online applications via the official ESS portal will start on 25 May till 14 June 2020.
- 2nd payment (To be announced by the Policy Innovation and Coordination Office (“PICO”)).
The first tranche application details
Employers
- Online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- Employers submit to the ESS processing agent the online application form (including the undertaking, consent, authorisation and bank account information) via the official ESS portal.
- Employers can choose any one month between December 2019 to March 2020 as the “specified month” in his application as a reference point for calculating the amount of ESS subsidy which cannot be changed once chosen.
- Employees with default mandatory contributions, if applicable, (excluding surcharges) have to be settled on or before 7 May 2020 in order to be entitled to the subsidy.
- Processing agent vet and process application forms and request trustees to issue them the “MPF record certificate” of the “specified month” chosen by employers
- Processing agent calculate the subsidy amount and inform the Treasury to make payment to employers.
- Payment will be paid to the employer in a lump sum in three to four weeks after application which can subsidise their payment of staff wages from June to August 2020.
Self-employed person (“SEP”)
- online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- SEP submit online applications (including the undertaking, consent, authorisation and bank account information) to the ESS processing agent via the official ESS portal
- A one-off lump sum subsidy of HKD7,500 will be granted to SEPs in three to four weeks after application.
1st tranche |
Key dates |
---|---|
MPF accounts set up | On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Cutoff date of account status | 7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application |
1st tranche |
MPF accounts set up |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Cutoff date of account status |
Key dates | 7 May 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates |
In three to four weeks after application |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
ESS – ORSO
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job.
Employer Obligations:
- not to implement redundancy during the subsidy period and,
- to spend all the ESS subsidy on paying wages to their eligible employees and,
- to make a self-declaration to confirm that all information provided in the application is true, complete and accurate, including that the application covers only eligible employees
Eligibility
- Employers who have set up MPF-exempted ORSO schemes, including (i) ORSO registered schemes; or (ii) ORSO exempted schemes, (“ORSO schemes”) for their employees who have been members of the ORSO schemes on or before 31 March 2020 will be eligible to apply
- Eligible ORSO employers may apply for ESS in respect of their employees who are members of ORSO schemes with HKID, except for fully subvented staff in government funded organisations, dedicated (full-time) staff employed by outsourced service contractors/consultants of the Government or of statutory bodies mainly staffed by government employees to work for these contracts, and dedicated (full-time) staff engaged by organisations to provide services under various government funding schemes
Application
- Application for the 1st tranche will start from 25 May 2020 to 14 June 2020, subsidizing wages for June to August 2020. Application for the 2nd tranche will be announced by the Policy Innovation and Coordination Office (“PICO”)
- The ORSO employer shall submit to the processing agent the ESS application form, which should include the following information
○ Company name and address
○ business registration number or registration number under the Societies Ordinance or any other identifier where appropriate and a copy
○ ORSO registration/ exemption number(s)
○ MPF exemption number(s)
○ Name of ORSO scheme(s)
○ copy of the MPF exemption certificate(s)
○ name and contact information of the ORSO administrator(s)
○ actual remuneration of each ORSO employee in the “specified month”, and the headcount as at end March 2020 in an Excel template in the prescribed format that can be downloaded from the ESS application portal
○ bank account name and number of the employer, together with a copy of the bank statement showing the exact same details
○ details and contact information of the authorised signer
○ an undertaking and a self-declaration on the Employer obligations - The processing agent may schedule an appointment with the ORSO employer to conduct on-site checking to verify that the information reported in the templates are supported by appropriate documents. The ORSO employers must therefore keep all relevant documents (such as bank auto-pay payroll, pay list, or ORSO scheme contribution statement) which can provide solid evidence to the information reported in the application.
- To facilitate post-application auditing, the ORSO employers shall, for a period of two years commencing from the date of application for the ESS, keep true copies of the supporting documents submitted in making the application, as well as the latest annual return/actuarial certificate for ORSO registered scheme or the latest annual membership statement/documentary evidence for ORSO exempted scheme, and make them available for inspection by the Government or its agent within 14 days upon the latter’s request.
How to calculate the subsidy and when payment is made
- The ORSO employers can choose any one month from December 2019 to March 2020 as the “Specified month” for calculation of the subsidy amount.
- 50% of the actual remuneration paid to its ORSO employees in a “specified month”, with a cap at $18,000 per month.
- The maximum subsidy per employee per month is $9,000 if he earns $18,000 or more.
- Payment will be made in 2 tranches.
1st tranche |
Key dates |
---|---|
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
1st tranche |
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
Employment Support Scheme (ESS) (13 May 2020)
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Latest news
- Application for 1st tranche will start from 25 May 2020– application window is 3 weeks, subsidising wages for June to August 2020.
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees under MPF Ordinance definition, including the Age 65 or above employee who has MPF contribution accounts (with Employer Voluntary Contributions) are eligible to apply for ESS.
- All Self-employed person (“SEP”) with an MPF account set up on or before 31 Mar 2020 are eligible.
- Payment will be made in 2 tranches.
- MPF accounts that have already been set up on or before 31 March 2020 are eligible.
- It is expected that the release of subsidy for the 1st tranche will be around 3 to 4 weeks after submission of applications. The 1st tranche of payment could be received around end of June 2020.
- “Specified month” for the calculation of subsidy amount includes December 2019, i.e. Employer can choose from any one month from December 2019 to March 2020 for calculation of the subsidy amount.
- Self-employed person who has an MPF account on or before 31 March 2020 will be eligible for an one-off lump-sum subsidy of HKD 7,500.
How to calculate the subsidy and when payment is made
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at
HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy of HKD7,500.
Payment made in 2 tranches:
- 1st payment could be received around end of June 2020. Online applications via the official ESS portal will start on 25 May 2020.
- 2nd payment (To be announced by the Government).
1st tranche | Key dates |
---|---|
MPF accounts set up |
On or before 31 March 2020 |
Application opens | 25 May 2020 (for 3 weeks) |
Cutoff date of account status |
7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Payment date |
June 2020 (expected) |
1st tranche |
MPF accounts set up |
---|---|
Key dates | On or before 31 March 2020 |
1st tranche | Application opens |
Key dates | 25 May 2020 (for 3 weeks) |
1st tranche |
Cutoff date of account status |
Key dates |
7 May 2020 |
1st tranche | Specified month |
Key dates | Any one month from December 2019 to March 2020 |
1st tranche | Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Payment date |
Key dates | June 2020 (expected) |
*Key dates of 2nd tranche will be announced by the Government.
For details, please refer to the press release published by the Government.
Contribution arrangement for Apr 2020 (28 April 2020)
Long holidays is coming soon. There are only 6 business days (i.e. 4th, 5th, 6th, 7th, 8th and 11th) from the 1st day of the month to the contribution day (i.e. 11th May 2020). Employers are reminded to submit remittance statement and make contribution payment earlier, before the contribution day on 11th May 2020. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient time to ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
The 2019-20 Good MPF Employer Award, organized by the Mandatory Provident Fund Schemes Authority (MPFA), will be open for applications and nominations from 1 April to 30 June 2020. Launched in 2015, the annual Award aims to recognize employers that are committed to enhancing the retirement benefits of their employees. Now in its sixth year, the response from the businesses have been encouraging with nearly 1,800 companies and organizations being honoured as “Good MPF Employers”.
To specially commend employers that have made continuous efforts to enhance retirement protection of their employees, employers who fulfil the relevant requirements will be presented with one or both of the following NEW awards:
- Good MPF Employer 6 Years
Employers receiving the Good MPF Employer Award for six consecutive years. - Best All-round MPF Employer
Employers fulfilling ALL five criteria below:
(1) Received the Good MPF Employer 6 Years;
(2) Offered more than one MPF scheme;
(3) Offered MPF voluntary contributions for selected or all of their employees;
(4) Received the e-Contribution Award; and
(5) Received the MPF Support Award.
This year, the Award covers the period from 1 April 2019 to 31 March 2020. Employers wishing to apply for the Award can simply submit an application online on the MPFA’s Good MPF Employer Award website. Employers can also submit their applications by email, fax or post. Employees are also welcome to nominate their employers by submitting a nomination form.
The MPFA will present Award Certificates to the awardees, and upload the awardees list on the MPFA website with an aim to recognize these companies for their exemplary efforts. They will also be invited to MPFA events and will receive the latest MPFA updates. Awardees are also entitled to use the Award Logo on their website and promotional materials until 30 September 2021. The MPFA will also invite the awardees to share their experience with the public through various promotional channels!
Please apply now and be a Good MPF Employer for 2019-20! For more details, please refer to the MPFA’s Good MPF Employer Award website.
The above information is provided by the Mandatory Provident Fund Schemes Authority.
New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
With effect from 31 March 2020, the Principal Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus has been amended and renamed as the MPF Scheme Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘MPF Scheme Brochure’). This new MPF Scheme Brochure has been updated in several aspects with the key highlights as below:
(a) physical attributes: change into an A4-sized booklet with bigger font sizes;
(b) content:
i. expand the scope of risk disclosure by assigning ‘Risk class’ on top of existing ‘Risk rating’ and listing all the risk factors applicable to each Constituent Fund;
ii. adopt a one month notice period or, if the MPFA and/or the SFC may require a notice period of up to three months in case of any material changes to an investment objective or any other particular ;
iii. simplify the disclosure of the Hang Seng Index Tracking Fund and the Hang Seng China Enterprises Index Tracking Fund;
(c) writing style: update in an easy-to-understand and concise manner to enhance readability and clarity.
‘Risk class’ is a newly added 7-point risk classification scale applicable to all MPF constituent funds so as to facilitate scheme members to compare the risk level of constituent funds across different MPF schemes. It is based on the existing risk indicator information, ie. the annualised standard deviation of the monthly rates of return over the past three years of the Constituent Funds, which is already available on the Fund Fact Sheet. The existing ‘Risk rating’ information of the Constituent Funds will continue to be provided. It is defined using a 5-point risk scale and is derived based on a combination of quantitative and qualitative risk factors including price volatility, asset allocation and liquidity (with exception to DIS Constituent Funds with additional consideration based on the available historical data of the funds and the respective underlying indices of the industry recognised reference portfolio of the funds). For more details about the difference between ‘Risk class’ and ‘Risk rating’, please refer to ‘Glossary‘ under ‘Important information’ on the HSBC MPF website.
To learn more about the changes, please refer to the notice and the MPF Scheme Brochure.
Implication of the Coronavirus - updated market insights (27 March 2020)
To read about the latest analysis and view from our investment manager - HSBC Global Asset Management whilst the world is battling with the Coronavirus, please click here to visit their ‘News and insights’ dedicated page.
The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
The latest edition of "HSBC Retirement Monitor* (March 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
HSBC MPF won two recognitions from ‘2020 The MPF Awards’ by MPF Ratings Limited1. This demonstrates that the HSBC MPF scheme delivered outstanding performance across different aspects, including fund investment performance, management fees, customer service, member education, administration efficiency and good governance, etc The awards that HSBC MPF received are:
- MPF Ratings’2020 Gold Rated Scheme (for 4th consecutive year)
- MPF Ratings’2020 Good Governance (For the second time)
The above awards are the result from an independent assessment agency which undertook comprehensive and in-depth research and assessment on each of the MPF providers. Our achievement of the gold rating is a reflection of HSBC MPF scheme providing best-in-class offerings to our customers. Our MPF scheme has also been rated as ‘excellent’ on the facet of ‘Management fee competitiveness’ and ‘Fund Expense Ratio competitiveness’ respectively. HSBC MPF is one of the seven schemes in the market which achieved this rating on these two assessment criteria.
1 Source: MPF Ratings. ‘2020 The MPF Awards’ is organised by MPF Ratings Limited which is a foremost independent provider of pension research. This award is by MPF Ratings Limited, the award results and rating were based on their assessment criteria. For the awardee, assessment criteria/methodology, please refer to www.mpfratings.com.hk/ratings-and-awards/.
New HSBC MPF mobile banking services! (15 January 2020)
MPF features have been brought to HSBC HK Mobile Banking app! You can now manage your MPF account via the app. Download or update the latest version and experience the below key new features now:
- View MPF account balances and asset distribution
- Look over MPF constituent funds cumulative performance
- Straight through fund switching instruction
You can click here to learn more about the HSBC HK Mobile Banking app.
Latest ORSO news
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, Occupational Retirement Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority and/or Securities and Futures Commission shall prevail for any information on MPF and ORSO system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant brochure.
ORSO news archives 2020
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Update on the ORSO Amendment Bill for ORSO registered and exempted schemes (3 July 2020)
The ORSO Amendment Bill was passed by the Legislative Council on 17 June 2020, and became effective on 26 June 2020. The main objective of the ORSO Amendment Bill is to set up a registration framework for the Occupational Retirement Schemes (“ORSO Schemes”) to ensure they are properly regulated.
The new ORSO Amendment Bill will require employers to submit an annual written statement (for ORSO registered and exempted schemes), an annual return (for ORSO exempted schemes only) as well as notification of reportable events (for ORSO registered schemes only) to the Mandatory Provident Fund Schemes Authority (‘MPFA’). For more information on the new requirements, please visit the MPFA website > ORSO > Circulars > Occupational Retirement Schemes (Amendment) Bill 2019.
The MPFA had also invited employers to attend their upcoming Town Hall sessions (28th, 29th, 30th of July 2020) to facilitate employers to gain a better understanding of the new requirements under the new regulatory requirement. By 6th July 2020, employers will need to register and complete the ‘Reply Slip’ contained in the abovementioned Circular. We strongly encourage employers to register and attend the upcoming Town hall sessions.