MPF at a glance
What is MPF?
MPF and you
The Mandatory Provident Fund (“MPF”) system was launched by the government of the Hong Kong Special Administrative Region (“HKSAR”) in December 2000. Regulated and monitored by the Mandatory Provident Fund Schemes Authority (“MPFA”), the system aims to provide retirement support for the Hong Kong workforce.
Who should enrol?
Except those exempted, all employees and self-employed persons aged 18 to aged below 65, and are normally residing and working in Hong Kong, are required to participate in an MPF scheme, including:
- Employees who have worked for 60 days or more (including full-time or part-time)
- Self-employed persons who earn an income from the production or trade of goods or services not in the capacity of an employee
- Casual employees who work in the catering or construction industries (even those who have worked fewer than 60 days)
Enrolment and mandatory contributions
According to the Mandatory Provident Fund Schemes Ordinance, your employer is responsible to enrol you in an MPF scheme. Both you and your employer are required to make contributions based on your monthly relevant income*.
Employer and employee
| Relevant income* | Employer’s Mandatory Contribution | Employee’s Mandatory Contribution |
|---|---|---|
| Less than HK$7,100 a month | 5% | No contribution required |
| HK$7,100 – HK$30,000 a month | 5% | 5% |
| More than HK$30,000 a month | HK$1,500 | HK$1,500 |
* Relevant income refers to any wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite or allowance (including housing allowance or other housing benefits), expressed in monetary terms, paid or payable by an employer (directly or indirectly) to their employees. It does not include any severance payments and long service payments under the Employment Ordinance.
Self-employed person
If you are a self-employed person, and you are aged 18 to aged below 65, and are normally residing and working in Hong Kong, you must enrol yourself in an MPF scheme. You are required to make mandatory contributions if you earn not less than the minimum relevant income level (i.e. currently HK$7,100 a month or HK$85,200 a year).
Self-employed person's relevant income |
Mandatory Contribution |
|
|---|---|---|
| Per month | Per year | |
| Less than HK$7,100 | Less than HK$ 85,200 |
No contribution required |
| HK$7,100 – HK$30,000 |
HK$85,200 – HK$360,000 |
5% |
| More than HK$30,000 |
More than HK$360,000 |
HK$1,500 a month or HK$18,000 a year |
Withdrawal of Benefits
When you reach the retirement age of 65, you can withdraw your MPF accrued benefits or retain it in your account for continuous investment according to your personal circumstances. You may elect to withdraw your MPF accrued benefits earlier under the following circumstances:
- early retirement at the age 60; or
- permanent departure from Hong Kong; or
- total incapacity; or
- terminal illness; or
- death; or
- small balance account of less than HK$5,000, no contributions made in the past 12 months, and declared not to become employed or self-employed.
Monthly Summary
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Online platform for personal account application/consolidation
Warning: Investment involves risks. Please refer to the MPF Scheme Brochure and Key Scheme Information Document (KSID) for details including risk factors, fees and charges of the scheme.
Manulife MPF Overview
Offers you a wide range of constituent funds for an investment portfolio that can be tailored to individual needs and risk appetites, backed by all-round MPF services. You can select from a comprehensive MPF platform offering 29 different constituent funds, ranging from equity funds (international, regional, single-market and sector), bond funds (international, regional and single-market), mixed assets funds (lifestyle and target date), guaranteed funds to money market fund. Besides, the Default Investment Strategy (“DIS”) is also one of the available investment choices for you as required by the legislative requirement.
Warning: Investment involves risks. Please refer to the MPF Scheme Brochure and Key Scheme Information Document (KSID) for details including risk factors, fees and charges of the scheme.
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