FREE CONSULTATION
HONG KONG MPF SERVICES
Payroll Services, Bookkeeping, and other Accounting Outsourcing for Hong Kong Organisations
Qualified Staff
Our payroll specialists are leading experts in their respective fields.
Efficient Service
We make use of the advanced technology to ensure you get quality results at all times.
Custom Solutions
We provide payroll solutions that will perfectly suit any or all Hong Kong business needs.
Timely Support
We provide precise and accurate assistance to any HR or payroll queries you have.
FREE CONSULTATION
Let's talk about your payroll needs
WHY OUTSOURCE YOUR MPF OBLIGATIONS?
The Mandatory Provident Fund, also commonly referred to as MPF, is a compulsory saving scheme/retirement fund/pension fund for Hong Kong residents. The entire system becomes a requirement for all employees in Hong Kong with a work contract of 60 days or more. Based mostly on the salary and the employment period, a monthly contribution is required from both the employer and the employee to be paid to fund schemes provided by accredited private organisations.
The employer and the employee each contribute 5 per cent (a sum equal to 10%) of the salary of the employee whose earnings are above a certain threshold. Total contributions are capped at HK$1,500 a month. Hong Kong employees and their employers started contributing to the MPF scheme as early as 2000, but can only withdraw accumulated savings at the age of 65.
MPF Filing Services for Hong Kong companies
Undoubtedly, Hong Kong has indeed established an employer-friendly system over the years, along with uncomplicated tax rules as well as transparent MPF rules. Nevertheless, there are deadlines set to each one of these on either a monthly or an annual basis. Missing the deadline can mean serious penalties on the employer's end. This goes to prove that having an MPF expert handle and manage this side of the business is essential to making sure proper procedures are in place and every single legal obligation is met.
Since it is a must for all Hong Kong employees (with very few exemptions) to be enrolled in an approved MPF scheme, the employer has to set it up correctly with a registered MPF service provider. Just like payroll and everything that comes with it, setting up an MPF scheme for employees can become quite stressful easily, especially if said scheme is set up late or set up incorrectly to begin with.
Outsource, and focus on what you do best.
Our experts here can arrange all of these for you and will provide the necessary payroll calculation or MPF filling services with finesse and accuracy. One way to ensure that no time and energy goes into waste, an employer seeks to outsource the MPF obligations to payroll experts like us. We will ensure that all the necessary documents are prepared, all reports and filling are done and completed, give a prompt reminder to provide all the information needed, and we can also arrange the funds. Let us do all the leg work for you, and you are guaranteed to have a worry-free and stress-free business.
Leave the MPF requirements to us...
In terms of who chooses the MPF provider, it is solely the employer's say. Nevertheless, once an employee changes employers, the said employee's MPF assets are transferable. This means that once an employee changes jobs, they are then expected to join the MPF scheme provided by the new employer.
These MPF providers can have several investment options, which means employees have the option to build their own investment portfolio.
Employees may choose on the asset allocation among available funds from their providers, but may only do so for their retirement contribution. All these considered, it is no doubt that ensuring this gets taken care of is a major responsibility.