Mandatory Provident Fund (MPF)
   
Introduction:
According to the MPF ordinance,Those who are between 18 and 64 year-old, be employed for or over 60 days regardless of full-time, part-time or self-employed, have to take part in the MPF scheme. Employers who fail to comply will lead to a fine or prosecution.


   
Contribution:
 

Employer has to contribute 5% for employee start from first day of employment.;Employee has to contribute 5% of his salary after commencing employment for 30 days by deducting from his salary.
(Employee does not need to contribute for that month, if the first month after 30 days employment is not a full month. Nevertheless, employer is obligated to contribute for employee starting from the first day of employment.

Maximum mandatory amount for both employer and employee: HK$15,000 / yr or HK$1,250 / mth.

Examples:

Monthly Income (S)
S < $6,500
$6,500≦ S ≦$25,000
S >$25,000
Mandatory for employer
5%
5%
$1,250
Mandatory for employee
Waived
5%
$1,250
Mandatory for self-employed
Waived
5%
$1,250

   
Taking out of contributions:
  One may take out contribution at 65 year-old, or at the following situation:
  1. Early retirement after 60-year-old;
  2. Leaving Hong Kong permanently;
  3. Totally loss of working capacities;
  4. Passing away (Take-out by relatives);or
  5. Total contributions are HK$5,000 ,and not contributed for the past 12 months.

   
Waiver conditions for joining MPF scheme:
  1. Reaching 64 year-old at 1 December of current year;
  2. Domestic helpers;
  3. Civil service who are entitled to enjoy Gov't retirement fund;
  4. Foreigner who works in Hong Kong for less than 12 months or already joining retirement scheme overseas;
  5. Being employed for less than 60 days;
  6. Already joined a another scheme under the "Occupational retirement Scheme Ordinance";
  7. Self-employed hawkers.


  Copyright © 2013. Sino Accounting & Corporate Service. All Rights Reserved. SEO by Kinghis.com
  蝡砍 | 蝡砍 | 砍豢蝡 | 砍貉酉 | 閮餃砍 | 啣砍貉酉 | company formation | company set up | set up company | company formation | company registration | 閮餃砍
  company registration / company formation / company set up / set up company