Sixteen people in Hong Kong were arrested for allegedly defrauding HK$4.3 million from the Mandatory Provident Fund (MPF) using falsified medical certificates. The suspects, aged 29-63, included two alleged syndicate members who recruited MPF account holders and advertised services on social media.
China is expanding the use of its housing provident fund beyond home purchases to include renovations for older homes, adding elevators, and adapting homes for children and the elderly. Policies in cities like Shenyang, Anqing, Wuhu, and Xiamen now allow withdrawals for these purposes, alongside paying property management fees and purchasing parking spaces. The reforms also aim to include flexible employment workers in the system.
Hong Kong's MPFA is increasing efforts to detect fake medical certificates used for early MPF withdrawals after two medical groups reported suspected fraud to police. The authority is collaborating with medical bodies to deter such fabrications.
The Employees Provident Fund Organisation (EPFO) will automate final provident fund withdrawal claims and provident fund account transfers when members change employers, streamlining processes and reducing the need for manual forms.
The District Consumer Disputes Redressal Commission, Chandigarh, ordered EPFO to pay ₹50,000 compensation to Rajesh Garg for a nearly 10-year delay in transferring his provident fund (PF) accumulations, citing 'deficiency in service and unfair trade practice'.
