MPFA proposes easing rules for early withdrawals

Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA) has issued a white paper suggesting the government allow early withdrawal of MPF savings to pay for terminal illnesses. The proposal is very modest in scope. The MPFA for now says it does not support adding flexibility to the MPF regime, such as allowing people to use the money before retirement for other medical treatments, unemployment benefits, purchasing a home or financing a child’s education. However, this is th…