Hong Kong gazettes MPF 'full portability' start date for new hires
Hong Kong has gazetted the commencement notice for the first phase of MPF 'full portability', effective December 21. New employees hired on or after May 1, 2025, may transfer employer contributions to self-selected schemes. The government will table the notice in LegCo on October 21.
The Hong Kong Special Administrative Region government published the commencement notice for the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 in the Gazette on Friday, October 16, 2026. The notice sets the implementation date for the first phase of the MPF 'full portability' initiative as December 21, 2026.
The Legislative Council passed the amending regulation on September 26, 2025, providing the legal basis for the first phase. Under the amended rules, employees who join the workforce on or after May 1, 2025, known as new hires, may transfer accrued benefits derived from their current employer's mandatory contributions from the employer's MPF scheme contribution account to a personal account in an MPF scheme of their own choice. Such transfers may occur once per calendar year, or more than once if the governing rules of the receiving scheme permit.
Financial Secretary for Financial Services and the Treasury Christopher Hui said the implementation fulfils the commitment made in the 2026 Policy Address to launch the first phase of 'full portability' within 2026. He said the measure will strengthen new employees' control over their MPF benefits, encourage more active management of MPF investments, promote market competition, and create further room for fee reductions.
Regarding the second phase, which will benefit all other employees, Mr Hui said the government is preparing relevant legislative proposals and will submit an amendment bill to the Legislative Council by mid-2027.
The government will table the commencement notice before the Legislative Council next Wednesday, October 21, for the 'tabling before enactment' procedure, which allows the legislature to review the subsidiary legislation before it takes effect.