1 million Hong Kong employees to get ‘full portability’ of MPF funds in December

About 1 million employees in Hong Kong will be allowed to move their entire Mandatory Provident Fund (MPF) balance to a different provider once a year under the “full portability” arrangement, effective from December 21 for the first phase of implementation. The Mandatory Provident Fund Schemes Authority, which manages the city’s mandatory pension plans, said on Sunday that the “full portability” arrangement would be carried out in two phases to ensure a smooth and orderly implementation. In a...