View Poll Results: Should the Government allow people to withdraw money from their own MPF account?

Voters
15. You may not vote on this poll
  • Yes, one off amount of $100,000

    7 46.67%
  • Yes, one off amount of $50,000

    1 6.67%
  • Yes, $10,000 per month for six months

    0 0%
  • Yes, $5,000 per month for six months

    1 6.67%
  • No

    6 40.00%
  • None of the above; please specify

    2 13.33%
Multiple Choice Poll.
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Should the Government allow people to withdraw from their own MPF accounts?

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  1. #11

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Quote Originally Posted by Sage:
    One should definitely be allowed to withdraw from your MPF but with penalties (say repayment of tax breaks), And we should also not be restricted to shitty funds with enormous management fees in government preferred institutions, (to borrow from George)

    But the biggest scam of all is that companies can fund the entirety of your meagre redundancy payment by taking back all their MPF contributions from your account.

    A total disgrace.
    Yes, I think we can all agree that the MPF is a total fcuking joke.

  2. #12

    Join Date
    Aug 2020
    Posts
    535
    Original Post Deleted
    Say good bye to the HK dollar peg then.

    Kyle Bass has been saying this for years and I don't agree with him. But if HK's role as an intermediary between China and the West will be under pressure for years to come.

    If 1) China opens up towards the Western system, there will be less of a need for HK (think of JP Morgan salivating at the idea of getting into the Chinese asset mgmt business). If 2) China continues to play hardball, the West will see less of a need to play ball and focus on other markets or set up shop else (Singapore, etc.).

    The third possibility is maintaining the status quo which is highly unlikely. So in the event of 1 or 2, where do you think Hong Kong is going to get its revenue from with a ever shrinking base?
    Last edited by seirin; 21-09-2020 at 03:43 PM.

  3. #13

    Join Date
    Aug 2020
    Posts
    535
    Original Post Deleted
    The broaden tax base ship has sailed for the foreeseable future. The whole MPF scheme is a bit of sham scheme to begin with anyways with the employers originally being able to use their contribution towards any mandatory severance pay.

    It would be apt to include the government expenditures in this discussion because the MPF is really one of a few retirement safety nets anyone has in Hong Kong. I get the Keysian idea that the govt should step in during bad times and allowing people to tap the MPF could be a form of additional stimulus but that would be shifting the onus onto the private individual which is un-Keysian. What's one to do if an individual's MPF accounts are depleted? Beg the landlords for mercy?

  4. #14

    Join Date
    May 2020
    Posts
    227

    MPF is such a waste of money... it should at least try to be more flexible like the 401k where you are allowed to withdraw money and pay taxes.