For more information about MPF payment for employees of Hong Kong companies, please contact us: 18101649652/021-58763186-8008
After the establishment of the Hong Kong company, bank opening and recruitment, the company needs to pay salaries to employees. In Mainland China, employees are required to pay social insurance, and in Hong Kong, employees are required to pay MPF. Why do they need to pay MPF? How to pay?
The MPF
MPF is the abbreviation for Mandatory Provident Fund. The mandatory provident fund in Hong Kong is a retirement savings scheme. A policy officially implemented by the Hong Kong Government on December 1st, 2000, which obliges all employees in Hong Kong to set up investment funds for retirement purposes and supervised by the Mandatory Provident Fund Schemes Authority of Hong Kong.
How to pay MPF?
Both employees and employers covered by the MPF system are required to make regular contributions to MPF scheme. Each contribution is equal to 5% of the employee's relevant income and is subject to a minimum and maximum relevant income level. For monthly employees, the minimum and maximum relevant income levels are $7,100 and $30,000 respectively.
The required documents
1. Copy of BR+CR of Hong Kong company;
2. Information related to company account (including bank name, bank branch name, account number, company name in bank records, type and number of supporting documents);
3. Copy of the employee's credentials, mailing address (like home address, for letters to be sent), date of employment and salary;
4. Salary period: such as the date of each month;
5. Employer application Form;
6. Employee application Form;
7. Copy of credentials and position of the document authorized signatory.
If you need anything, please contact Shanghai Tannet.
Address: Room F, 15F, World Plaza, 855 South Pudong Road, Pudong, Shanghai.
Previous：What Materials Are Needed For The Extension Of Work Vsa For Foreigners in Shanghai?
Next：Why Should Hong Kong Companies Issue No Operation Report