The Financial Secretary of Hong Kong has approved the fees charged by the eMPF platform, reducing them from the current 0.37% of the Trillions of MPF scheme's assets under management to 0.29% starting from April 1 this year, a reduction of 21.6%. This will directly benefit all members of the Trillions of MPF scheme. The Chairman of Hong Kong's MPFA and eMPF Company, Diana Cesar, welcomed the measure, noting that since the eMPF platform started administering the Trillions of MPF scheme, administrative fees have been reduced from an average of 0.58% to the eMPF rate of 0.37%. With the further reduction to 0.29%, the administrative fees will be half of what trustees used to charge under the Trillions of MPF scheme. She further pointed out that the eMPF platform has been in operation for 22 months and the digital usage has been better than expected. With the significant growth in the Trillions of MPF assets and scale efficiencies, the cost savings have exceeded original expectations. Originally estimated to save HKD 30-40 billion over 10 years, this is now expected to be achieved in less than 10 years. Diana Cesar stated that the eMPF Company will continue to promote digital usage and strict cost control in order to create more cost savings for plan members. She urged all eMPF users to handle their Trillions of MPF accounts electronically to promote digitization and improve scale efficiencies. Members who have not yet registered for eMPF should do so as soon as possible to experience the electronic management of their Trillions of MPF accounts.