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MPF in Hong Kong
The Mandatory Provident Fund (MPF) was introduced by the Government of the Hong Kong Special Administrative Region (HKSAR) and launched in December 2000. It was provided to assist in the provision of retirement benefit for the workforce. MPF is an employment-based retirement protection system. Apart from exempt persons, employees (regular and casual) and self-employed persons who are aged 18 and under 65 are required to join an MPF scheme.
Employees and employers are both required under the MPF legislation to make mandatory contributions into the employee’s MPF account, subject to the minimum and maximum relevant income levels. Employers and employees can also make voluntary contributions.
Generally, employers need to prepare a Remittance Statement (RS) to show the contribution amount that includes employee’s relevant income, mandatory contributions and voluntary contributions made by both the employer and employee for each contribution period. Trustees shall follow the instruction on the RS allocate the contribution payment into the account of each employee. Currently, for each contribution period, employers are required to submit the RS to MPF trustees and make contributions for their employees on or before each contribution day.
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