Two tips to make MPF management simpler

Without being aware, many employees may have accumulated quite a sizable amount in their MPF accounts. As of the end of 2019, the average accrued benefits held by each MPF member amounted to about HK$220,000. For those who began making MPF mandatory contributions in December 2000 when MPF was first launched, the average has amounted to over HK$400,000.

Regardless of the amount, all these benefits are part of our hard-earned money. By making monthly contributions until we retire, MPF is undoubtedly an important asset for employees, as much as it is a long-term investment. If managed wisely, MPF can help make our retirement more comfortable.

That said, some people find managing their MPF a daunting task and therefore avoid doing so altogether. Here are two practical MPF management tips that you can follow.

Many employees hold various MPF personal accounts following job changes. Yet, the more accounts there are, the more difficult it is to manage them. In the end, you may not even remember the amount in each account, or what funds you have invested in. To manage MPF efficiently, the first step is to consolidate your MPF accounts. You can transfer the MPF benefits from different personal accounts to your contribution account opened under your current employer or one of your existing personal accounts. To make MPF management easier, it is best not to have more than two MPF accounts. Find out more

While many have become used to managing finances online, such as using online banking, electronic wallets, online investing, etc., managing MPF online is just as simple and convenient. Simply log in to your MPF account through your trustee’s website or mobile phone app, you can instantly check the balance, contribution records, investment portfolio, transaction records and investment returns of your MPF. You can also update your personal information, switch funds, or adjust your investment portfolio and perform other tasks to manage your MPF anytime and anywhere. Moreover, the option to receive MPF information electronically, including MPF statements and fund fact sheets, helps reduce the use of paper and protect the environment. Find out more