MPF satisfaction index rises to 56.6 in December 2023

Members who are knowledgeable of MPF risks and returns recorded a higher satisfaction score.

The Mandatory Provident Fund (MPF) received a rating of 56.6 in December 2023, significantly higher than the 51.5 rating in January 2023, according to Mercer's MPF Satisfaction Index (MPFSI) 2023.

The monthly index surveys over 2,000 employees in Hong Kong at different life stages to get their insights towards MPF and retirement.

The survey revealed that members with greater understanding of MPF and its risks and returns recorded a satisfaction score of 61.5, compared to 51 for those less knowledgeable.

Similarly, members who comprehend the risks and returns within the MPF system showed a satisfaction score of 65.3, while those who struggle to grasp these concepts recorded a score of 47.5.

Meanwhile, 28% of the respondents review their MPF portfolio less than once a year or have never reviewed their MPF portfolio while 49% claim their employers do not discuss MPF-related matters with them.

In addition, 56% want their MPF provider to reduce their management fees, which affects the returns on their investments over the long term.
  
“When employees seek MPF-related advice, the Human Resources department is often considered one of the least preferred sources of support, based on the survey findings. It is more common for members to seek help from family, friends and colleagues. Therefore, more work needs to be done by employers to uplift members’ MPF knowledge level and provide different channels for employees to get assistance,” Freddie Cheng, MPF Business Leader at Mercer Hong Kong said.