Employees, self-employed persons and exempted
expatriates aged under 18 or over 65 can join and make voluntary
contributions to MPF scheme.
In order for an expatriate to be exempt
from joining an MPF scheme, the period during which the person
is given permission to work in Hong Kong should not exceed 13
months.
Updated Legislation
Effective Date
HK$5,000 per month
1 February
2003
Updated
Legislation
Effective Date
Minimum
income level: HK$160 per day
1
February 2003
Updated
Legislation
Effective Date
Min./Max.
income level for a complete month:
1
February 2003
Updated
Legislation
Effective Date
HK$5,000
per month or HK$60,000 per year
1
February 2003
Updated
Legislation
Effective Date
Permit to invest
up to 100% in an index-tracking collective investment
scheme (ITCIS), subject to the following conditions:
the ITCIS must be authorised by
the SFC, or listed on a recognised stock exchange; and
the ITCIS must be approved by the
MPFA in accordance with the criteria set out in MPF Guidelines.
19
July 2002
Updated
Legislation
Effective Date
MPFA issues one payment notice stipulating
payment deadline.
A flat rate surcharge of 5% on amount
in arrears.
Apply to contribution
periods ending on or after 1 February 2003
Updated
Legislation
Effective Date
For employees paid once a month
or more frequently, their contributions for the first
incomplete payroll cycle immediately following the 30-day
contribution holiday will be waived.
For employees paid less than once
a month (e.g. paid quarterly), their contributions for
the first incomplete calendar month immediately following
the 30-day contribution holiday will be waived.
1
February 2003
Updated
Legislation
Effective Date
Contributions are still calculated
& deducted for each payroll period.
Contributions for all payroll periods
ending in a month can be remitted all together on or before
10th day of following calendar month.
1
February 2003
Updated
Legislation
Effective Date
Employer could arrange for the last
payment of the MPF contribution together with those of
other employees.
Notify the trustee of the last date
of employment of the employee concerned in the remittance
statement.
1
February 2003
Updated
Legislation
Effective Date
Member who is unemployed
before becoming totally incapacitated are now eligible
to claim for payment of accrued benefits.
Member may make statutory
declaration for benefit payment purpose under the following
circumstances:
-
unable to get a letter from his
last employer certifying the termination of that contract
of employment; or
-
unemployed for more than 7 years.
19
July 2002
Updated
Legislation
Effective Date
Trustee requires to publish notice
in newspapers once and supply information on lost members
to MPFA.
MPFA to introduce a central register
for public inspection.
1
February 2003
Updated
Legislation
Effective Date
Allocation of interest to each member's
account is not required.
Interest credited as scheme assets
or for defraying scheme expenses.
19
July 2002
Updated
Legislation
Effective Date
If the previous employer's Severance
Payment/Long Service Payment liability is assumed and
the previous period of employment is recognised by the
new employer, the new employer may elect to have the accrued
benefits transferred to a scheme nominated by him.
The 30-day contribution holiday
for employee does not apply anew.
19
July 2002
Updated
Legislation
Effective Date
Retain
"existing member" status under certain conditions
upon transfer within a group.
19
July 2002
Updated
Legislation
Effective Date
Statutory
documents can be sent via ordinary post except Membership Certificate
and Participation Certificate.
19
July 2002
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