Mandatory Provident Fund (MPF) is a compulsory provident fund, which was implemented by the China government in early February 2000. Mainly a compulsory savings plan for employees in Hong Kong. The establishment of the MPF has two functions: one is to protect the retirement life of Hong Kong employees through the MPF scheme, and the other is to promote the development of Hong Kong's financial market. Therefore, Hong Kong's MPF is similar to Chinese mainland's social security scheme.

Classification of MPF schemes

1, Comprehensive Trust Provident Fund: This is one of the most common MPF schemes. Can transfer the accumulated rights and interests of employees, business owners and employees. This kind of MPF allows different types of people to pay fees, making the whole MPF scheme more efficient;

2. Employers operate provident fund: this kind of provident fund is limited to employees of employers or related companies, and the group is relatively large, which can effectively control costs;

3. Industry MPF: It is specially established for catering construction industry with relatively complicated personnel management. Mutual circulation within the industry does not require mandatory provident fund conversion.