MPFA to roll out 'MPF Full Portability' phase one this year

The move covers employees hired from 1 May 2025.

The Mandatory Provident Fund Schemes Authority (MPFA) will implement Phase One of MPF “Full Portability” this year, covering employees whose employment commences on or after 1 May 2025, according to Financial Secretary Paul Chan.

“We will introduce an amendment bill in the first half of next year to extend the coverage to employees whose employment began before the above date,” Chan said in his 2026-27 Budget Speech.

In addition, the MPFA proposes to enhance the process of recovering default contributions from employers to better protect employees’ MPF benefits. It will also enhance the flexibility for trustees and relevant service providers in making MPF investments.  

"Upon completion of the MPFA's stakeholder consultation this year, the government will introduce an amendment bill," Chan added.

Separately, the Insurance Authority will enhance the risk-based capital regime for insurance companies by adjusting risk parameters for the general insurance business and providing capital relief for infrastructure investments. 

Chan said that the industry will be required to adopt a standardised checklist for the disclosure of capital adequacy and risk profile.

Moreover, the government will release the consultation outcome and specific measures next month to address the issue of excessive borrowing.