Is MPF mandatory in Hong Kong?

The system is mandatory for all employees in Hong Kong who have an employment contract of 60 days or more and applies also to the self-employed between ages 18 and 65. Those employed in the catering and construction sectors are generally exempt but they may be covered on a daily basis.

How many people are leaving Hong Kong now?

A total of 5,082 people departed Hong Kong on Sunday, the most since the city was hit with its most severe and far-reaching wave of Covid. That took last week’s tally to a net 22,965 departures from all ports.

How many MPF companies are there in Hong Kong?

14 providers
A total of 14 providers offer the MPF scheme, which is a compulsory retirement plan that covers 2.8 million employees in Hong Kong.

Is MPF safe?

MPF schemes are managed and maintained under trust by MPF trustees, who must meet stringent statutory criteria. MPF assets are under the safe custody of qualified custodians and are kept separate from those of employers, MPF trustees or other service providers.

Why is Hong Kong population decreasing?

Last year, Hong Kong experienced a population drop of 1.2 percent, its biggest since the government began keeping records in the 1960s. From July 2020, when China imposed a national security law, through the following July, more than 89,000 people left the city of 7.5 million, according to provisional government data.

How many immigrants are in Hong Kong?

This statistic shows the number of immigrants from mainland China living in Hong Kong in selected years from 1990 to 2020. In 2020, around 2.41 million Chinese from mainland China lived in Hong Kong.

How does MPF work in Hong Kong?

Your monthly contributions will be deducted directly from your salary into the MPF account on a monthly basis, and the contributions (both yours and your employer’s) will then be used to buy units in the funds you have personally chosen in your MPF scheme.

Who manages MPF?

The Mandatory Provident Fund Schemes Authority (“MPFA”) was established on September 17, 1998 to regulate, supervise and monitor the operation of the MPF System. The MPF System has come into operation since December 1, 2000. aged 18 to 64, unless exempt under the MPFSO, are covered by the MPF System.

Is MPF required?

Except for exempt persons, employees and self-employed persons aged 18 to 64 are required to join an MPF scheme under the MPFSO.

When to enrol an expat employee for MPF in Hong Kong?

Or if the employee does not belong to oversea retirement scheme and starts his/her employement in HK with a working visa less than 13-month, but with the working visa subsequently renewed beyond 13-month, then the expat employee must enrol to an MPF scheme starting from the 14th month.

Do expats have to register in MPF scheme?

The expatriate is covered by overseas retirement scheme The working visa of the expatriate is 13-month or less In What Situation Our Expat Employees Have to Registered in MPF Scheme? Expat employee must enrol in MPF scheme if he/she does not belong to any overseas retirement scheme and with his/her working visa longer than 13 months in duration.

What is the maximum contribution to the MPF scheme?

MPF scheme, subject to a maximum relevant income level for contribution purposes (currently, $30,000 per month or $1,000 per day). An employee whose income is less than the minimum level of relevant income (currently, $7,100 per month or $280 per day) is not required to contribute. However, his/her employer is still required to make mandatory

What is the Mandatory Provident Fund scheme in Hong Kong?

In August 1995, Hong Kong took a major step in enacting the Mandatory Provident Fund Schemes Ordinance (“MPFSO”) (Chapter 485, Laws of Hong Kong) to provide a formal system of retirement protection.