Unless you are exempted from the MPF system, you are required to enrol in an MPF scheme if you are aged 18 to aged below 65 and:
- You have been employed as a full-time or part-time employee for 60 days or more; or
- You have been employed as a “casual employee” in the catering or construction industries for less than 60 days
For further details of exemptions, please check the MPFA web site:www.mpfa.org.hk.
Both you and your employer are required to make regular MPF contributions, based on your relevant income as follows:
|Relevant Income||Employer’s mandatory contributions||Employee’s mandatory contributions|
|< HKD6,500||5% of relevant income||No contribution required|
|HKD6,500 - HKD25,000||5% of relevant income||5% of relevant income|
Note: Relevant income refers to any wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite or allowance (including housing allowance, or other housing benefit), expressed in monetary terms, paid by an employer to an employee, but excluding any severance or long-service payments under the Employment Ordinance.
As an employee, you should carefully select fund choices to ensure the investment portfolio meets your needs. You should:
- Consider your personal circumstances, including investment goals and risk tolerance;
- Understand the funds, including the investment strategies, risk levels and past net-of-fee fund performance; and
- Study relevant information, including principal brochures, fee tables and fund fact sheets.
Secondly, you should proactively check your MPF account and contribution status through the different channels provided by your trustee, including customer websites, service hotlines and annual benefit statements. Your employer is required to provide you with a pay-record within seven working days after contributions have been made.
MPF is a long-term investment and during the investment period, your circumstances, investment goals and risk preferences may change. You should regularly review your fund choices and adjust the investment portfolio as necessary.
When you change jobs, there are three options to manage your MPF accounts under the original schemes. You can:
- Transfer your MPF accrued benefits to a newly set-up personal account in a scheme of your own choice for continuous investment;
- Keep your MPF accrued benefits in a personal account in the original scheme for continuous investment; or
- Transfer your MPF accrued benefits to your contribution account in the scheme provided by your new employer.
Sun Life Rainbow MPF Scheme offers personal account services. You can consolidate your MPF accounts to enjoy a wide range of fund choices and professional customer services. Learn more …
To help achieve your retirement goals, you can consider making additional savings or investments. Sun Life Rainbow MPF Scheme - Special Private Account - is one of the solutions that you can consider to help you achieve your goals. Learn more …
Issues by Sun Life Hong Kong Limited