Hong Kong Government Gazette Announces Phase 1 of MPF Portability Territory-wide Takes Effect on December 21
The Hong Kong Special Administrative Region Government has published an effectiveness notice in the Government Gazette, stating that the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 will come into effect on December 21, marking the official launch of Phase 1 of MPF "territory-wide portability". New employees who joined on or after May 1 last year can transfer all accrued benefits derived from the employer's mandatory contributions under their current employment from the employer-chosen MPF scheme to a personal account in a self-elected MPF scheme. Transfers can be made once per calendar year, or more frequently if the governing rules of the transferring scheme permit.
Planning Note:Regarding liquidity arrangements for MPF benefits, new employees who joined after May 1 last year may wish to note the transfer rules for accrued benefits from employer contributions.