MPF Ratings and EPHK join forces to conduct MPF survey
20 November 2013
Category: News, Asia, Hong Kong
By David Macfarlane
MPF Ratings and the Employers’ Federation of Hong Kong (EFHK) are collaborating on Hong Kong’s first independent survey of employers to understand the expectations they have of the Mandatory Provident Fund (MPF) scheme. The survey will go out by the end of this week (November 22) and the findings will be released in early 2014.
Instead of focusing strictly on fees and performance, the survey will examine services expected and provided and focus on the concept of value for money. Collaboration between MPF Ratings and EFHK provides an outstanding cross-section of employers by size, industry and corporate heritage (local/international/multinational). Given MPF Ratings’ independence and EFHK’s commitment to pension planning and policy, the project makes for a natural partnership.
Francis Chung, chief executive officer at MPF Ratings Limited, says: “MPF Ratings is an independent pensions research group providing informed opinions in the marketplace. We try to understand what schemes do and what they deliver, and at the same time actually comprehend what employers are looking for. We look to identify any common threads or mismatches of expectation, which actually helps us understand where standards can be lifted in the marketplace.”
He continues: “We think the survey will be invaluable for a number of reasons. Firstly, because it’s never been done before, so it’s unprecedented in the marketplace. Secondly, like in any sort of business that one conducts, understanding what the customer actually wants and what the business is prepared to deliver ultimately lifts the quality of any product. So understanding what we have learned about MPF schemes, and marrying that up with what the employers and customers in general are looking for will result in a very powerful expectation survey.”
Louis Pong, CEO at EFHK, adds: “The EFHK was one of the very first bodies to advocate the MPF being set up in Hong Kong. Since inception, we have been monitoring the development of it and think it is very important for the whole of society in Hong Kong. When we heard about this project we decided we had to be involved – it will be very interesting to look at it from the employers’ perspective.”
Mr. Chung explains that by comparing and contrasting data collected from schemes with that of the employers in a strictly confidential manner, “It will enable us to understand where the servicing gaps currently reside.”
He points out that the survey will provide invaluable data/feedback to help the industry at large bridge expectations, lift standards and frame future policies. “We are confident of gathering quality data across a diverse section of the Hong Kong employer segment,” he says.