Date
22 November 2017
The surge in voluntary MPF contributions shows that many employees recognize the importance of investing for their retirement. Photo: Bloomberg
The surge in voluntary MPF contributions shows that many employees recognize the importance of investing for their retirement. Photo: Bloomberg

MPF voluntary contributions up 358% at HK$3.12 bln

Voluntary contributions by employees to the Mandatory Provident Fund have risen 3.58 times in less than nine years, the Hong Kong Economic Journal reported on Tuesday.

The amount reached HK$3.12 billion (US$402.17 million) in the second quarter of this year, compared with HK$682 million in the last quarter of 2005, the report said, citing a newsletter published by the MPF Schemes Authority.

The voluntary contributions accounted for 22 percent of the overall MPF contributions, up from 10 percent in 2005.

During the same period, mandatory contributions surged 87 percent to HK$11.14 billion.

The surge in voluntary MPF contributions shows that many employees recognize the importance of boosting their investment for their retirement, according to the newsletter.

Voluntary contributions include special voluntary contributions, which allow employees to choose the party to whom the funds are entrusted.

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