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Mandatory Provident Fund Schemes Authority (MPFA) today (31 October 2008) reminds all employers and employees that the "Mandatory Provident Fund Schemes (Amendment) Ordinance 2008" (Ordinance) will take effect in full tomorrow (1 November). Employers must make MPF contributions for employees' previous contribution period on or before the 10th day of each month, as well as include housing allowance and benefit given to employees as their "relevant income" when calculating MPF contributions.

An MPFA spokesperson said, after commencement of the new Ordinance, the MPFA will take actions against non-compliant employers. An offender may also be prosecuted and is liable to a maximum fine of HK$100,000 and imprisonment for six months on first conviction.

Apart from being penalized a 5% surcharge of the outstanding contribution, an offender may also be charged a financial penalty of HK$5,000 or 10% of the amount of outstanding contributions (whichever is the greater).

The spokesperson added that in order to enhance employers' and employees' awareness of the amendments and remind them to take necessary complementary actions, the MPFA has produced advertisements and flyers with a slogan "A new page for the MPF to guarantee your future" to publicize the Ordinance through various channels. In addition, the MPFA has collaborated with employers' associations to promulgate the new requirements. The MPFA has also conducted briefings for employers on the details of the legislative amendments.

The MPFA reminds employees that they should also actively check their MPF accounts. If employees suspect that their employers have failed to make MPF contributions for them, they should report to the MPFA by calling the hotline 2918 0102 so that the MPFA can promptly follow up on their cases.

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Friday, 31 October 2008