What does MPF mean?

Mandatory Provident Fund (MPF) is a compulsory provident fund, which is a policy measure implemented by the China government and the Hongkong government from June 5438 to early February 2000. This is mainly a savings plan that Hong Kong employees must participate in. The establishment of the mandatory provident fund has two functions. One is to protect the retirement life of Hong Kong employees through the MPF scheme, and the other is conducive to the development of Hong Kong's financial market. Therefore, Hong Kong's MPF is similar to Chinese mainland's social security scheme.

Classification of MPF schemes

1, Comprehensive Trust Provident Fund: This is the most common MPF, allowing employees, business owners and employees to transfer their accumulated rights and interests. This kind of MPF allows different types of people to contribute, making the whole MPF scheme more efficient;

2. Employers operate MPF: This kind of MPF is limited to employees of employers or related companies. Relatively speaking, the group is larger and the cost can be effectively controlled;

3. Industry MPF: It is specially set up for catering and construction industries with relatively complicated personnel management, and there is no need to convert MPF when circulating between industries.