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Diversity and Occasional AnarchyOn Deep Economic and Social Contradictions in Hong Kong$
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Yue Chim Richard Wong

Print publication date: 2013

Print ISBN-13: 9789888139446

Published to Hong Kong Scholarship Online: January 2014

DOI: 10.5790/hongkong/9789888139446.001.0001

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Mandatory Provident Fund Needs Reform

Mandatory Provident Fund Needs Reform

Chapter:
(p.175) 18 Mandatory Provident Fund Needs Reform
Source:
Diversity and Occasional Anarchy
Author(s):

Yue Chim Richard Wong

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888139446.003.0018

This chapter centres on social security systems and their merits and deficiencies. Singapore's Central Provident Fund is not common among social schemes in that it does not include redistribution features, and it yields merely negligible real returns after taking into account the inflation rate. The Chilean scheme managed to rebound swiftly following the attack of the global financial tsunami, and this can indeed be ascribed to keen competition among fund managers for the savings of workers. The regulations of Hong Kong's Mandatory Provident Fund (MPF) are by no means free from flaws, and they seriously impede effective competition. Employee fund portability is instrumental in triggering competition among fund management providers, and MPF administration has to be largely simplified as well.

Keywords:   Social security systems, Mandatory Provident Fund, Fund managers, Competition, Reform, Policies, Hong Kong, China, Economy

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