MPF full portability to start by end of year

The first phase of the Mandatory Provident Fund's full portability will launch on December 21.

The MPFA said it would cover 1 million employees.

MPFA Chairwoman Ayesha Macpherson Lau wrote in a blog that the first phase applied to employees who started a new job on or after May 1 last year.

They could transfer their current employer's contributions in full to a self-selected personal account.

Lau said this would cover 1 million employees, adding the number would steadily increase as more graduates enter the workforce.

She noted the second phase involves employees who started their current roles before May 1, 2025.

As their employer contributions could still be offset upon resignation, legislative amendments were required to meet statutory operational needs.