Sixteen people have been arrested in Hong Kong for allegedly using falsified medical certificates claiming loss of working ability or terminal illness to fraudulently withdraw HK$4.3 million (US$548,680) in Mandatory Provident Fund (MPF) savings. Police said on Thursday that the suspects comprised nine men and seven women, aged 29 to 63, who reported their occupations…
Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA) is stepping up efforts to detect fraudulent certificates used for early withdrawal of pension contributions after two medical groups reported suspected cases to police in recent weeks. Responding to an inquiry from the South China Morning Post, an authority spokesman said its online platform had recently identified…
The electronic platform of the Mandatory Provident Fund (eMPF) is expected to reach its fee cut target five years ahead of schedule and could save the scheme’s 4.75 million members HK$50 billion (US$6.4 billion) in less than 10 years, according to the chairwoman of the pension regulator. The Mandatory Provident Fund Schemes Authority (MPFA) revised…