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HONG KONG, March 30 - Hong Kong residents leavingthe city for good withdrew a total of HK$1.704 billion ($219.18million) from their Mandatory Provident Fund (MPF) pensionaccounts in the third quarter of 2020, up 21.9% from the sameperiod a year ago.
A total of 8,100 claims were made during the third quarter.That was compared with 8,300 claims during the same period in2019, withdrawing HK$1.398 billion from the MPF.
For the first three quarters of 2020, 21,700 claimswithdrew an aggregate HK$3.989 billion from the MPF. During thesame period of 2019, 22,000 claims withdrew HK$3.41 billion,according to data from Mandatory Provident Fund SchemesAuthority released late on Tuesday. (https://bit.ly/3dmOMBg)
The authority said the number of claimants may not be equalto the number of claims because a member may be holding morethan one account under the MPF system. The authority did notprovide a reason for residents' departure.
The Hong Kong government has said the city has not seensignificant capital outflows since anti-government unrest firstbegan in 2019, when a now-shelved bill that would have allowedextraditions to mainland China was proposed.
Hong Kong residents leaving the city to move to Britaincould trigger capital outflows of HK$280 billion ($36 billion)this year from the Asian financial centre, according to a reportpublished by Bank of America in January. REUTERS