Information Centre

A growing number of workers have opted for part-time jobs in pursuit of greater flexibility. While enjoying greater freedom at work, we must not overlook our MPF rights.

According to the law, employers are required to enrol both their full-time and part-time employees aged 18 to 64 who have been employed for a continuous 60 days or more in an MPF scheme within the first 60 days of employment. Employers and employees are both required to make mandatory contributions of 5% of the employee’s relevant income into the employee’s MPF account, subject to the minimum and maximum relevant income levels.

How should employees protect their MPF rights?

Employers are required to make regular and timely MPF contributions for their employees in accordance with the law. How can employees ensure that their MPF rights are well-protected? The MPF Schemes Ordinance requires employers to provide their employees with a payment record within seven working day after making a mandatory contribution. Usually, workers can check the relevant information on their pay slip. They can also contact their MPF trustee or use the digital tools provided by their trustee to check their account record, and ensure that the relevant contribution amount is accurate and has been deposited in full into their account. If there is any suspicion of a default contribution, employees should contact the MPFA immediately via the hotline 2918 0102 or email (mpfa@mpfa.org.hk), and the MPFA will follow up on their behalf.

Make additional MPF contributions to increase your retirement protection

Employees can also go one step further by making voluntary contributions in the contribution account of the MPF scheme chosen by their current employers. The MPFA also encourages employees to make tax-deductible voluntary contributions (TVC). The main feature of TVC is its flexibility, allowing scheme members to choose their preferred MPF scheme, and determine their contribution frequency and amount according to their personal financial situation and ability, under any economic conditions. In addition to increasing their retirement reserves, scheme members who make TVC can enjoy a tax deduction of up to a maximum of $60,000 per year (this is an aggregate limit for both TVC and qualifying deferred annuity policy premiums).

Everyone has different retirement needs. The most important thing is to understand your own needs, review your MPF investment portfolio regularly, and choose funds according to your own situation and needs, in order to plan ahead for your retirement life.