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The public consultation on the proposal to introduce an automatic mechanism for adjusting the minimum and maximum levels of relevant income (Min and Max RI Levels) conducted by the Mandatory Provident Fund Schemes Authority (MPFA) will close next Thursday (5 March). The MPFA reminds members of the public to share their views on the proposal before then.
 
Under the Mandatory Provident Fund Schemes Ordinance (Ordinance), the amount of mandatory contributions is subject to the Min and Max RI Levels, which are required to be reviewed at least once every four years.
 
The MPFA has proposed an automatic mechanism under which the Min and Max RI Levels will be determined at the same time every two years, in accordance with the proposed adjustment benchmarks and other components to be prescribed in the Ordinance. The MPFA expects that the proposed mechanism would keep contribution levels better aligned with the earnings distribution of the working population and economic conditions, and enhance the efficiency of the MPF System.
 
The Consultation Paper can be downloaded from the MPFA website, or obtained from MPFA offices.
 
Responses can be submitted online via the MPFA website. Interested parties can also fill in the form entitled “Response to Consultation Questions” (attached to the Consultation Paper) and return it to the MPFA by mail, fax or email.
 
– Ends –

25 February 2015