Mercer today released the latest findings of its Mercer Mandatory Provident Fund Satisfaction Index (MPF SI). The monthly index, the first of its kind in measuring the satisfaction levels of Hongkongers towards the MPF system, recorded a rating of 52.6 in July 2018, up from 47.3 in June.
The index rose 5.3 points in July, largely offsetting the drop recorded in June, while MPF satisfaction levels have hovered consistently around 50 out of 100 over time.
“Compared to June, in July an additional 10% of respondents reported that they consider themselves knowledgeable about the MPF system. With this increase in MPF scheme member levels of knowledge, the MPF satisfaction level has rebounded,” said Billy Wong, Mercer’s Health & MPF Business Leader, Hong Kong.
Potential uplift in relevant income and maximum contribution level
The Mandatory Provident Fund Schemes Authority (MPFA) has proposed an increase in both the income limits and the maximum level of MPF contributions, according to media reports. It has been suggested that the maximum MPF contribution be raised from HK$1,500 to HK$2,400 per month.
Although some of the city’s better-off workers will be required to contribute HK$900 more into their MPF account each month, according to the new proposal, 56.4% of respondents said that the uplift in relevant income and maximum contribution level will have no impact on their satisfaction level towards the MPF system. 25.7% of respondents said their satisfaction level might improve in light of the new move.
Higher knowledge levels result in greater positivity
Interestingly, of the respondents that consider themselves knowledgeable about the MPF system, 39.3% believe that they will be more satisfied with the MPF system with the uplift in relevant income and maximum contribution level. Meanwhile, only 8.9% of respondents in the low MPF knowledge group believe that their satisfaction level will improve.
“Respondents’ knowledge level about MPF can substantially affect their attitudes towards these planned changes. People with higher knowledge levels about MPF are believed to support the system playing a more significant role in retirement protection by increasing mandatory contributions,” said Mr Wong.
Note to editors
The Mercer MPF SI was conducted by Nielsen to track the satisfaction level of MPF members. The survey interviews more than 2000 respondents per year who are among the working population with MPF and whose monthly personal income is not less than HKD 7,100 (minimum threshold eligible for MPF membership). The survey was conducted through methods of online self-completion (age 20 – 54) and offline street intercept (age 55 or above).
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