Article below from the Standard. Indigo would like to remind you that under MPF rules you can withdraw any employee voluntary contributions made before retirement age with no consequence and also under ORSO you can make full withdrawal of all contributions made and retire at any age (subject to scheme rules & vesting).
Early MPF cash-out mulled.
Wednesday, May 19, 2010
The Mandatory Provident Fund Schemes Authority is considering suggestions to allow employees to withdraw contributions earlier than the retirement age of 65.
In view of its 10th anniversary, the authority said it is looking into perfecting the current regulations on allowing contributors to claim accrued benefits.
There are currently several grounds on which people can withdraw MPF, including reaching the retirement age of 65 or claiming it at the age of 60 after declaring they have permanently ceased employment. If they re- enter the workforce, they have to participate in an MPF scheme again.
Other grounds to claim benefits include total incapacity and permanent departure from Hong Kong. An MPFA source said views that have emerged over the years include whether employees can get their benefits before 65 without making a declaration.
Terminal illness is another ground that many believed should be added.
"However, it would not be that easy to define what is terminal illness," the source said.
An MPFA spokeswoman said no deadline has been set for the review and, since it is not required by the government, it is not obliged to submit a report if it found no changes were necessary. STAFF REPORTER