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In Hong Kong, the Mandatory Provident Fund Scheme Ordinance ("MPFSO") came into effect on 1 December 2000. This requires employers and employees to make mandatory contributions into a Mandatory Provident Fund ("MPF") Scheme. The mandatory contribution is 5% of relevant income, which is capped at HK$20,000 per month (i.e., the maximum amount of mandatory contribution is HK$1,000 each for the employer and employee).
Our services include:
MPF administration
- Calculating individual employee's relevant income and amount of contribution for each contribution period, deducting the appropriate mandatory contribution from the employee's relevant income, computing the employer's statutory contribution as well as additional voluntary contributions, if the employing entity elects to have a scheme which provides for benefits in excess of the MPF statutory minimum;
- Providing a remittance statement and arranging payment to the Trustee of the MPF scheme for the employer's and employee's MPF contributions; and
- Notifying the administrators of the commencement and cessation of employment of staff and changes in amounts of contributions (if applicable).
Occupation Retirement Scheme Ordinance ("ORSO")
- Advise on the Hong Kong salaries tax implications of the ORSO scheme and the associated employer reporting obligations;
- Consider the regulatory requirements under the ORSO associated with the scheme and how this would impact the salaries tax treatment of the scheme;
- Determine the feasibility for the scheme to obtain an exemption under the ORSO; and
- Assist the Company to make an application for an exempt certificate in respect of the scheme.
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