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- MPFA approved the registration of BCT (MPF) Industry Choice and BEA (MPF) Industry Scheme
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MPFA approved the registration of BCT (MPF) Industry Choice and BEA (MPF) Industry Scheme
The MPFA has approved the registration of the BCT (MPF) Industry Choice and the BEA (MPF) Industry Scheme operated respectively by Bank Consortium Trust Company Limited (BCT) and Bank of East Asia (Trustees) Limited (BEAT) as MPF industry schemes for a period of 10 years from 1 December 2020 to 30 November 2030.
With the registration of the two existing MPF industry schemes ending in November this year, the MPFA earlier issued invitations to all approved MPF trustees to submit application for operating the industry schemes. The above registration approval was made after assessment of the applications received.
The MPF industry schemes were introduced for the construction and catering industries to provide convenient arrangements for both employers and employees to make MPF contributions, as the two industries have many casual employees1 with high mobility.
Employees in the catering and construction industries can open casual employee accounts with and obtain a “casual employee card” from both MPF industry schemes, making it convenient for their employers to make MPF contributions for them. Even if they change job later, as long as their new employers have joined one of the industry schemes, they need not open another MPF account. Employers can make MPF contributions for employees immediately.
The MPFA calls on casual employees in the two industries to open casual employee accounts under the MPF industry schemes. They can contact both trustees of the industry schemes or register via their e-platforms or mobile applications.
For more details of the MPF industry schemes, please refer the MPFA website: https://www.mpfa.org.hk/en/mpf-system/types-of-mpf-schemes/industry-schemes.
－Ends－
6 November 2020
1. An employee who is at least 18 but under 65 years of age, and is employed in the construction industry or the catering industry on a day-to-day basis or for a fixed period of less than 60 days.
With the registration of the two existing MPF industry schemes ending in November this year, the MPFA earlier issued invitations to all approved MPF trustees to submit application for operating the industry schemes. The above registration approval was made after assessment of the applications received.
The MPF industry schemes were introduced for the construction and catering industries to provide convenient arrangements for both employers and employees to make MPF contributions, as the two industries have many casual employees1 with high mobility.
Employees in the catering and construction industries can open casual employee accounts with and obtain a “casual employee card” from both MPF industry schemes, making it convenient for their employers to make MPF contributions for them. Even if they change job later, as long as their new employers have joined one of the industry schemes, they need not open another MPF account. Employers can make MPF contributions for employees immediately.
The MPFA calls on casual employees in the two industries to open casual employee accounts under the MPF industry schemes. They can contact both trustees of the industry schemes or register via their e-platforms or mobile applications.
For more details of the MPF industry schemes, please refer the MPFA website: https://www.mpfa.org.hk/en/mpf-system/types-of-mpf-schemes/industry-schemes.
－Ends－
6 November 2020
1. An employee who is at least 18 but under 65 years of age, and is employed in the construction industry or the catering industry on a day-to-day basis or for a fixed period of less than 60 days.
