Information Centre

There have been an increasing number of young people opt to become freelancers or even slashies in recent years in order to pursue their interest. Despite unstable income, they do enjoy high level of freedom and autonomyat work. As both freelancers and slashies are self-employed persons (SEPs), they are also covered by the MPF System.  

SEPs aged above 18 but under 65 have the legal obligation to enrol themselves into an MPF scheme and make mandatory contributions, subject to the minimum and maximum relevant income levels, to the scheme. 

Within 60 days from the day of becoming SEPs, they have to open an MPF SEP account by choosing an MPF trustee and an MPF scheme, completing relevant application forms, as well as indicating their investment portfolio, relevant income and the contribution period. 

For contribution arrangement, SEPs can choose to contribute on a monthly or yearly basis. As the financial year of individual MPF schemes may vary, SEPs should inform their trustees of their contribution arrangement of the current financial year.

While SEPs do not have employee benefits or MPF contributions provided by employers,  they should make good use of the MPF as a means to invest for their retirement. Apart from making mandatory contributions, they may even consider making tax deductible voluntary contributions (TVC) to save more for retirement and enjoy tax deduction.

More importantly, TVC offers freelancers and slashies flexibility as they can increase, decrease, stop or resume contributions anytime according to their individual needs or financial situation.

To ensure you are e enjoying a high level of autonomy without worrying about retirement, SEPs should plan early and manage their MPF proactively.