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HK sees record high MPF early withdrawals by permanent departures

Data from the Mandatory Provident Fund Schemes Authority showed that the amount of early withdrawals from the Mandatory Provident Fund (MPF) for permanent departure from Hong Kong reached HKD2.2bn (USD282m) as of Q3 this year, a new high in nearly two years. The amount also represents a quarter-on-quarter growth of 23.8%, or an increase of 1.65% year-on-year. The data further showed that in Q3 of this year, there were 8,700 applications for early withdrawal of MPF on the grounds of permanent departure, a figure 1.2% higher than the same quarter last year, but approximately 7% less than the corresponding period in 2021. As of the end of September, the total assets of the MPF amounted to HKD1.09tr, an increase of 1.23 times compared to a decade ago. Total MPF contributions reached HKD21.31bn in Q3 of 2023.


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