The one-stop platform, which came into operation in June last year, aims to streamline and automate the administrative work of MPF schemes.
Speaking on a radio programme, Cheng said the authority is undergoing the second phase of onboarding schemes to the platform, and all MPF accounts can be viewed on the site within this year.
“We had our first phase of onboarding from June to October last year, involving small-scale trustees. They have fewer employee and employer accounts. They account for two percent of the total number of accounts in the city,” he said.
“The second phase is from March to August, dealing with midsize trustees who have more accounts. After this phase, one-fourth of all accounts will be onboarded to the platform.”
The director said he expects the platform to help reduce administration costs and save up to HK$40 billion in the coming 10 years.
Meanwhile, Cheng said the authority is reviewing the maximum and minimum levels of MPF contributions, considering factors such as the socioeconomic situation and income distribution, and will hand in a report to the government next year.
