Hong Kong pension scheme going digital will save members US$5 billion in fees over 10 years

//Hong Kong pension scheme going digital will save members US$5 billion in fees over 10 years

Hong Kong pension scheme going digital will save members US$5 billion in fees over 10 years

The switch to a digital platform for Hong Kong’s compulsory retirement scheme will save the 4.5 million members as much as HK$40 billion (US$5.14 billion) over 10 years, according to the head of the pension regulator.Hong Kong’s lawmakers last month approved legislation for the city to set up a centralised platform called eMPF for the 13 Mandatory Provident Fund providers to manage all administrative work for the compulsory retirement fund schemes.The project, which will cost taxpayers HK$4.9…

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By | 2021-11-22T01:30:25+00:00 November 22nd, 2021|Business|Comments Off on Hong Kong pension scheme going digital will save members US$5 billion in fees over 10 years