香港強積金為何如此令人垢病?|Why everyone blame the MPF scheme in Hong Kong?

今天想要跟大家分享一個每個香港打工仔都關心的問題，就是強制性公積金(簡稱強積金)。所謂的強積金主要的成份就是打工仔每月的強制性薪金供款，為退休後的生活作準備。在中國大概就是社會養老保險基金，在台灣大概就是勞工退休金。

Today, I would like to write a topic that every worker in Hong Kong cares so much about it, which is the Mandatory Provident Fund (in short term “MPF”). MPF basically is a mandatory contribution to a fund according to a certain percentage of your monthly income, which serve the purpose for the supporting of your living after your retirement. Which is something like the individual retirement arrangement in USA.

先讓我大概說一說香港強積金的制度吧。首先，每個月顧員跟顧主都向需要向顧員的強積金戶口供款顧員薪金的5% (上限為1500 港元)。所以，其實每個人強積金戶口的實際價值大概就是自己收入的10%。但這一筆錢需要待到顧員65歲退休後才能拿得到 (撇除死亡、移民等情況)。

Let me give you some brief information for the MPF scheme. First, every employee and employer have to contribute 5% of the monthly salary to the fund (Maximum HKD1500). So, basically the account value of the MPF would be 10% of your monthly income. But kindly please remember, you can only obtain the fund at your 65 years old when you retired (exclude the case of death or migration).

好了，這聽起來不錯啊，退休就可以拿來用。但你必需注意，強積金是一種基金，它可以升，也可以跌。而且它需要強積金公司去管理，而強積金公司會收取你管理費。所以，長久以來，強積金都出現了一種現象：收費高、回報低。而有一些人什至會把強積金說成強姦金，因為顧員根本沒有選擇，他們必需要被強積金公司收取高的管理費，卻收不到好的強積金回報。

It sounds nice, right? You can take your money when you retired. But you have to be reminded, MPF is a kind of fund, it can raise or drop. And it needs the fund company to maintain it, and the fund company will charge you maintenance fee. So, the MPF in Hong Kong have a phenomenon that “High maintenance fee, Low return". And some people even deprecate MPF as Rape Fund. As people was forced to be charge such a high maintenance fee, but could not receive a reasonable return.

到底香港強積金的管理費有多高呢? 根據國際退休計劃監管人組織在2014年更新的一份調查報告， 他們調查21個推行類似強積金制度的地區或國家，比較他們的基金收費，香港的收費之高排名第四，僅低於土耳其、捷克和塞爾維亞。但請注意，這三個國家推行的強積金制度都是自願供款計劃，並沒有強制的性質，因此收費較高亦可以理解。根據報告於的資料，2014年香港強積金的平均收費水平大約為1.79%，其餘大部分國家的收費，都低於1%。

Actually, how high is the maintenance fee for the MPF in Hong Kong? According to a update of report by International Organization of Pension Supervisors in 2014, they have investigated 21 locations all over the world which had the similar mandatory fund scheme, and compare their maintenance fee. Hong Kong rated the 4th highest charge location, just below Turkey, Czech Republic and Serbia. But please kindly reminded that in that 3 locations, the fund contribution is in voluntary nature, so it is more reasonable for such high charge. According to the report, Hong Kong average MPF maintenance fee was 1.79% in year 2014. And from the report, in most location, the maintenance charge is lower than 1%

別少看這1%跟1.79%的分別，因為當你每年在強積金戶口的積蓄都會“被收取”各種費用時，幾十年下來這0.79%的差距則很大。我為你計算了一下，假設我放了100元錢入強積金戶口，不算年回報，以每年收一次管理費計算，在40年後1%的手續費會讓本金只剩下66.9元; 1.79%旳手續費下會只剩48.6元，足足相差了27.3%。

Don’t look down the difference from that 1% and 1.79%, as your MPF account would be charged such fee annually. And if you count this 0.79% for several tens of years, it could be a great difference. I have made a simple calculation, assuming that I have 100 dollars in my MPF account; we exclude the annual return, and charge the maintenance fee annually. After 40 years, the remaining amount for the charge of 1% for 40 years would be 66.9 dollars; for charge of 1.79% for 40 years would be 48.6 dollars. The difference is about 27.3% after all.

我把報告中21個國家的強積金收費跟40年後剩餘的本金作了下面的表:

I have made a list for the maintenance fee of that 21 countries in the report and the remaining balancing after 40 years as below:

地方 (Location)	強積金收費(Annual Fee)	40年後剩下本金(Remaining account value after 40 years)
玻利維亞 (Bolivia)	0.39%	85.52982904
薩爾瓦多 (El Salvador)	0.49%	82.16163056
烏拉圭 (Uruguay)	0.51%	81.50368309
哥倫比亞 (Colombia)	0.53%	80.85087375
以色列 (Israel)	0.57%	79.56051334
智利 (Chile)	0.61%	78.29023994
墨西哥 (Mexico)	0.62%	77.97577437
秘魯 (Peru)	0.63%	77.66254045
阿根廷 (Argentina)	0.77%	73.40398778
波蘭 (Poland)	0.78%	73.10867417
斯洛伐克共和國 (Slovak Republic)	0.82%	71.93896052
多明尼加共和國 (Dominican Republic)	0.84%	71.36096657
馬其頓 (Macedonia)	0.88%	70.21853021
哥斯達黎加 (Costa Rica)	0.92%	69.09393332
克羅地亞 (Croatia)	0.98%	67.43989413
匈牙利 (Hungary)	1.00%	66.89717586
保加利亞 (Bulgaria)	1.20%	61.69895146
香港 (Hong Kong)	1.79%	48.55438322
塞爾維亞 (Serbia)	1.86%	47.18914904
捷克共和國 (Czech Republic)	1.92%	46.04879679
土耳其 (Turkey)	2.48%	36.62247611

而根據非正式數據(由於官方從不公佈)，在2000年到2015年，香港所有強積金公司已經起碼收取了超過700億的管理費了。所以有很多市民一直在說政府推行強積金根本就是要用普通市民的血汗錢去養著做基金的人。

According to unofficial information (as the Government never disclosed), from year 2000 to 2015, all Hong Kong MPF company have charged about 70 billion maintenance fee already. So, a lot of citizen said that the establishment of MPF was just using the income from the citizen to feed the fund industry.

好了，下一步讓我們來看一看強積金的回報吧。請參考下面香港強積金由2005到2015年的平均回報圖表:

And now, let’s look about the return rate of the MPF from year 2005 to 2015. Please refer to the below graph for the average MPF return from 2005 to 2015:

來源/Source: 明報/Ming Po

我沒有讀過財務學，所以就讓我用小學生的方法去算一算他的年平均值吧。我把由2005年到2015年的回報比率都加起來，然後除以11，得出的平均年回報是3.575%。好吧，3.575%到底算高還是低呢? 先讓我們去看一看社會的通脹率再做結論。跟據香港社會指標的資料，香港從2005年到2014年(由於沒有提供2015年數據)的通脹率如下：

I had not studied finance, so I just do some maths from primary school level. I add all the return rate from year 2005 to 2015 as the sum, and divide it by 11. And I got the average return rate as 3.575%. Alright, is 3.575% high or low? Let’s compare it with the inflection rate. According to the information from Hong Kong Social Indicators, the inflection rate of Hong Kong from year 2005 to 2014 are as below( As no information for year 2015 provided):

年份(Year)	通帳百分比(Infection Percentage)
2005	1
2006	2
2007	2
2008	4.3
2009	0.5
2010	2.4
2011	5.3
2012	4.1
2013	4.2
2014	4.4

我又用小學的數學去算了一下，結果得出2005年到2014年的平均通帳率為3.02%。讓我們來比較一下強積金的回報3.575%，所以以平均值來算，強積金的淨收益為0.555%。這個回報算多嗎?我認為這個大概比存SBD所賺的利息還要低吧…而且我們還要被收取1.79%的管理費呢…

And again, I use the primary school maths to calculate it, the average inflection rate from year 2005 to 2014 is about 3.02%. And let’s compare with the average MPF return rate 3.575%, the average net gain from our MPF would be 0.555%. Is it a high return? I bet it is less that the interest rate we can obtain by saving SBD…And remember we still need to be charged for the 1.79% maintenance fee…

所以以小弟的愚見，強積金真的差不多就是強姦金。也難怪很多香港市民一直都在批評這個政策，畢竟這是血汗錢，付就付了，但不見得有很好的回報。希望香港政府能好好的檢討一下現行的強積金政策，作出相應的修改吧。

So, in my own opinion, MPF is more or less the same as Rape Fund. And no wonder a lot of Hong Kong citizen blame such policy, as they earn their salary so hard to pay the fund, but it seems like they cannot obtain a good return. I hope the government can really take a look on the current policy and make the related amendment on it.

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