Hongkongers Leaving Permanently Withdraw $269 Million From Mandatory Provident Fund

HK authorities reject BN(O) passport for MPF withdrawal claims, many emigrants fail to withdraw funds

In the second quarter of 2022, the number of claims for MPF funds withdrawal on grounds of permanent departure from Hong Kong is 8,600, an increase of 14.7 percent quarter-on-quarter. Sung Pi-lung/The Epoch Times

The Mandatory Provident Fund (MPF), is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. It was implemented in December 2000. Most employees between 18 and 64 and their employers are required to make monthly contributions to the mandatory provident fund scheme.

Scheme members may withdraw their MPF before reaching age 65, only under circumstances of early retirement, permanent departure from Hong Kong, total incapacity, terminal illness, small financial balance, and death. For permanent departures, the applicant must prove he or she is eligible to enter and stay long-term in the target country.

MPF Withdrawals Increased

Recently, the Mandatory Provident Schemes Authority (MPFA) released its latest quarterly report of the MPF Schemes Statistical Digest up to June 2022. In the second quarter of 2022, the number of claims for withdrawals from MPF based on permanent departure from Hong Kong was 8,600, an increase of 14.7 percent quarter-on-quarter and a year-on-year increase of 7.5 percent.