No delay in full implementation of eMPF platform: gov’t
This is despite an expected eight months setback in the platform’s delivery.
Secretary of Labour and Welfare Chris Sun said the target of completing all Mandatory Provident Fund (MPF) schemes and achieving the full implementation of the eMPF is still 2025.
Sun said the eight months delay in the delivery of the one-stop electronic platform will not affect its completion and implementation target.
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Sun added that abolishing the use of the accrued benefits of employers' mandatory contributions under the MPF System to offset the severance payment (SP) and long service payment (LSP) will formally take effect in 2025 by way of stipulation in subsidiary legislation.
To help the employers adapt to the policy change, the government will provide a 25-year, $33.2b subsidy.