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- Minimum level of relevant income for MPF contributions to increase to $7,100
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Minimum level of relevant income for MPF contributions to increase to $7,100
The minimum level of relevant income for MPF contributions will increase from tomorrow (1 November 2013) from $6,500 to $7,100 per month. For contribution periods (wage periods in general) starting on or after 1 November, employees whose monthly relevant income is less than $7,100 will not have to make the employee’s contributions, but employers will still need to make the employer’s contributions for their employees and to calculate the employee’s contributions according to the new minimum level of relevant income.
For contribution periods starting on or after 1 November this year:
For contribution periods starting on or after 1 November this year:
i. Monthly-paid employees and their employers are required to calculate the MPF contribution amount according to the following table:
Monthly relevant income | Amount of mandatory contributions | |
Employer’s contributions | Employee’s contributions | |
Less than $7,100 | Relevant income x 5% | Not required |
$7,100 to $25,000 | Relevant income x 5% | Relevant income x 5% |
More than $25,000 | $1,250 | $1,250 |
ii. Self-employed persons making monthly or yearly contributions should calculate the amount of their MPF contributions according to the following table:
Relevant income |
Amount of mandatory contributions |
|
Monthly | Yearly | |
Less than $7,100 | Less than $85,200 | Not required |
$7,100 to $25,000 | $85,200 to $300,000 | Relevant income x 5% |
More than $25,000 | More than $300,000 |
$1,250 monthly or $15,000 yearly |
For self-employed persons, their trustees will arrange for updating the contribution arrangements. Self-employed persons may contact their trustees direct for enquiries or if they have to update their reported relevant income.
For casual employees in the construction and catering industries under the MPF Industry Schemes, the daily minimum level of relevant income will be revised from $250 to $280 commencing 1 November. A new simplified contribution calculation method and contribution scale will also become effective on the same day.
Employees can call the MPF “Contribution Enquiry Line” at 183 3030 and be connected to the trustees to check whether their employers have contributed the right amount on time. Employers are reminded to ensure that MPF contributions are calculated according to the new minimum level of relevant income.
To get more information on the new minimum level of relevant income, please refer to the leaflets produced by the MPFA or visit the MPFA website. For enquiries, please call the MPFA hotline at 2918 0102.
The Legislative Council passed a resolution amending the minimum and maximum levels of relevant income for MPF contributions in July this year. It is estimated that with the operation of the new minimum level of relevant income, an additional 61,700 employees and self-employed persons will be excluded from making mandatory contributions. The maximum level of relevant income will be raised from $25,000 to $30,000 per month with effect from 1 June next year.
- Ends -
31 October 2013
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