What is HK MPF?
The Mandatory Provident Fund (Chinese: 強制性公積金), often abbreviated as MPF (強積金), is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong.
What is the difference between Orso and MPF?
ORSO differs from MPF schemes schemes that ORSO is employers’ voluntary setup for their employee to provide retirement benefits for their employees. Since the launch of the MPF System in 2000, MPFA has exempted a number of existing ORSO schemes that are qualified with the relevant requirements.
How much is MPF HK?
How to calculate contributions? Employees and employers are both required to make mandatory contributions of 5% of the employee’s relevant income into the employee’s MPF account, subject to the minimum and maximum relevant income levels.
How do you find the MPF?
You may check your MPF account balance in the following ways:
- Manulife Online Service: Log in to Manulife customer website.
- Phone: Call our Smart Call hotline (852) 2108 1313.
- Member Benefit Statement: Log in to Manulife customer website to view your e-Member Benefit Statement.
Can I take out my MPF?
According to the MPFSO, scheme members can withdraw their MPF only when they reach the age of 65. Early withdrawal of MPF is allowed under certain specific circumstances, including early retirement, permanent departure from Hong Kong, total incapacity, terminal illness, small balance or death.
How does MPF in HK work?
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.
Do foreigners pay MPF in Hong Kong?
Expatriates are exempt persons if: They enter Hong Kong to work for less than 13 months, or. They are covered by an overseas retirement scheme….Mandatory Provident Fund Schemes (MPF)
| Monthly relevant income (HKD) | Employer contribution | Employee/self-employed contribution |
|---|---|---|
| 6,500 – 25,000 | 5% | 5% |
How do I check my MPF HK?
How do I check my MPF account balances?
- Logon to HSBC Internet Banking (Personal Customers)
- Logon to HSBC HK Mobile Banking app.
- Call the HSBC MPF Member Hotline on +852 3128 0128 (Please refer to the section ‘HSBC MPF Member Hotline’ in Member Service Guide for the user’s guide)
What happens to MPF when you leave Hong Kong?
Scheme members may withdraw their MPF in a lump sum or by instalments. Scheme members are required to make a statutory declaration that they have departed or will depart from Hong Kong to reside elsewhere with no intention of returning for employment or to resettle in Hong Kong as a permanent resident.
