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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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PRINTED FROM HONG KONG SCHOLARSHIP ONLINE (www.hongkong.universitypressscholarship.com). (c) Copyright Hong Kong University Press, 2022. An individual user may print out a PDF of a single chapter of a monograph in HKSO for personal use.date: 03 July 2022

Mandatory Provident Fund Needs Reform

Mandatory Provident Fund Needs Reform

(p.175) 18 Mandatory Provident Fund Needs Reform
Diversity and Occasional Anarchy

Yue Chim Richard Wong

Hong Kong University Press

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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