Account management 賬戶管理
You can go to MPFA (in person or online) to get a "Request Form for Personal Accounts Details - Scheme Member". The MPFA will provide your personal accounts information once you submit the completed form.
你可以直接或透過網上向積金局索取「查閱個人賬戶資料申請表格 – 計劃成員」表格。積金局會在收到填妥的表格後向你提供你的個人賬戶資料。
Note the following points: (1) You should review your asset allocation. This is because members often forget their fund choices and their needs may change as their investment horizon becomes shorter; (2) the income and expenditure of your account; (3) account balance and accruals; (4) contribution vesting scale; (5) gains and losses over the relevant financial period. Trustees also provide website addresses and telephone hotlines for members to check their accounts.
最重要是以下幾點：1. 你應先檢視資產分布。成員經常忘記買了哪些基金，而且隨着投資期愈來愈短，需要也有可能已出現改變；2. 你的賬戶收支；3. 賬戶結餘和累算權益總額；4. 有關供款的歸屬情況；以及 5. 在相關財政期內賬戶的盈虧。受託人亦會在周年權益報表上刊出網站及熱線電話，方便成員查核賬戶資料。
Members who have lost track of their MPF accounts may bring along their identity documents (e.g. HKID card) to the MPFA Office and retrieve such information from the authority's centralised database on the spot. Alternatively, they may download the Request Form For Personal Account Information (Form: PA-SM) from the MPFA website and post or fax the completed form with a copy of their HKID card to the authority. The authority will send a personal reply by mail.
Employers are not required to arrange MPF enrolment for their employees who have not been employed for more than 60 days, except for casual workers in construction and catering.
As you have joined the company for over 60 days, your employer should make the first-time contributions for you to a trustee on or before the 10th day after the last calendar day of the month on which the 60th day of employment falls.
For instance, if you were hired on April 4, the 60th day of employment should be June 2, which is within the contribution period of June. Therefore, your employer should make the first-time contribution, including the employer's and the employee's portions for you, on or before the 10th day of the following month, i.e., on or before July 10. In a case like this, it would be normal for the first-time contribution day to fall within the fourth month of employment.
If you are not employed by a company as an employee, you will be considered self-employed and therefore must register for MPF and make contributions as a self-employed person.
If you are an employee under a contract of employment and have been employed for 60 days or more, your employer must enrol you into an MPF scheme and make contributions on your behalf. You will, on the other hand, need to contribute to the employee portion. However, newly employed persons can enjoy an initial "contribution holiday" for the first 30 day of employment, while employers do not. If the employee's payroll period is weekly or monthly, they also do not need to make contributions for any incomplete payroll period that immediately follows the "contribution holiday".
With effect from November 1 2013, the daily minimum relevant income level for MPF members in the construction and catering industries has been revised from HK$250 to HK$280. In other words, if you earn less than HK$280 a day, you will not be required to make MPF contributions as an employee although your employer will have to contribute. Conversely, if you make HK$280 or more a day, both your employer and you will need to make corresponding contributions calculated under the new unified contribution scale.
Year-end double pay and bonuses are included as "relevant income" for both MPF contributions by employers and employees. Members with "relevant income" exceeding HK$30,000 have reached the monthly contribution ceiling and only need to make the maximum contribution of HK$1,500 for the month they get their bonus payouts. Conversely, those whose monthly salaries fall below the HK$30,000-mark can expect an increase in their contribution payments for the period during which the bonus or double pay are received.
No. People who have reached the age of 65 are exempt from the MPF. However, those wishing to make voluntary contributions may consult their trustees about such options.
As long as you are a Hong Kong resident employed by a Hong Kong company, your employer is required to put you under the protection of the MPF system regardless of your work locations.
If the students are employed as regular employees for a continuous period of not less than 60 days, the related company or organisation is required to enrol them into an MPF scheme within the first 60 days of employment and make mandatory contributions. However, students under the age of 18 or exempt persons are not required to have MPF arrangements.
However, if an employer in the construction or catering industry hires students as temporary employees, the employer must enroll such students in an MPF scheme and make contributions, whether they are a participant of an MPF Industry Scheme or Master Trust Scheme. The above 60 day employment rule is not applicable.
Yes. However, you need to be aware of the switch count limitations of your MPF scheme.
Q2. A friend has said that MPF charges have a direct bearing on the net returns and that I should consider and compare such charges by measuring the fund expense ratio. What is the fund expense ratio?
The fund expense ratio ("FER") reflects the total expenses incurred in a fund from the previous financial period expressed as a percentage of the period-end total assets. It can be regarded as a reference indication of the expenses. You can refer to a typical calculation as follows:
FER = (total expenses incurred during the previous financial period/fund asset value at the end of the period) X 100%
Calculated on the total expenses, the FER offers a more comprehensive view of the expenses rather than simply looking at the management and administration fees. However, as it is calculated with data from the previous financial period, you should note that the published FERs are by no means indicative of any current charges, fees, expenditure adjustments or rebates, if any. The FER is subject to annual reviews and is included in the fund fact sheet of a scheme.
For funds that have been set up for less than two years, it is not necessary to show a FER.
基金開支比率 = (上個財政期的基金總開支/期末基金資產值) X 100%
It depends, because guarantee conditions vary among different guaranteed funds. You should check the terms and conditions in the offering document of your scheme provider. Some guarantee conditions, like the 'minimum investment period', will affect the guaranteed return if you transfer assets to other funds or schemes within the specified period.
You can help employees transfer their assets by providing them with their existing MPF trustee name, scheme name and participation number, which is information they will need to complete the transfer forms. In addition, you can refer them to the MPFA website and this website for more information on ECA and the different providers before making a transfer. For more information, please click here.
Q2. I wish to transfer my mandatory contributions and the accrued benefits from my current employment account to an MPF trustee of my own choice. Which form should I fill in?
You should fill in the Employee Choice Arrangement ("ECA") – Transfer Election Form MPF(S) - P(P) (commonly known as the Transfer Election Form).
You can save yourself some hassle by having ready the original trustee's account number, your employer's ID number, the new trustee account number etc. before filling in the form. Also, bear in mind that your signature on the Transfer Election Form must match the record kept by the original trustee.
For more details of the MPF Employee Choice Arrangement, please click here to visit our ECA Corner or find out more from the 7th and 8th issues of the MPFeXPRESS.com magazine on the website.
MPF voluntary contributions may have an employer portion and a scheme member portion. While the former is non-transferable, the transferability of the latter depends on your scheme. You can obtain the relevant details from your trustee.
Meanwhile, you can withdraw "special voluntary contributions" any time if you have any, however, withdrawals may be subject to minimum redemption amounts and the number of annual withdrawals set by the trustee.
Q4. I recently shifted my MPF portfolio to another scheme provider via the MPF semi-portability scheme. How do I find out if my accrued benefits have been transferred properly?
The original scheme trustee is required to complete the transfer of a scheme member's accrued benefits and issue a transfer statement within 30 calendar days after receiving the request for transfer. The new trustee will in turn issue a written confirmation detailing the amount received from the original trustee.
As stipulated in the MPF legislation, you may withdraw your MPF benefits before the age of 65 under the particular circumstances below.
1) Early retirement at the age of 60
2) Permanent departure from Hong Kong
3) Total incapacity
4) Small balance account
If you are scheme member, you will be entitled to claim tax deduction for their mandatory contributions. However, voluntary contributions made by scheme members are not tax deductible.
If you are self-employed individual, you may include your mandatory MPF contributions as operating expenses for profits tax deduction. However, your voluntary contributions are not eligible for tax relief.
On the other hand, employers may claim deductions for their mandatory and voluntary contributions at a maximum cap of 15% of the scheme members' total salary.
Vesting rights determine a contributing member's entitlement of accrued benefits in accordance with a vesting schedule governed by the individual scheme rules. The vesting schedule will specify the percentage of the benefits an employee is entitled to based on scheme rules such as length of service. An ORSO scheme, for instance, usually comes with a vesting schedule that specifies an employee's entitlement of the employer's contribution in proportion with the years of service. Rules that govern a vesting schedule, for example, can require a minimum employment period of three years or the departing employee may walk away without any of the accrued benefits made by the employer. Likewise, such rules may entitle an employee to 50% of the benefits after five years of service etc.
In contrast, under the MPF legislation an employee is entitled to the entire mandatory contribution made by both the employee and the employer regardless of the length of service (offsetting of severance and long service payments aside). However, any voluntary contributions made by an employer other than the mandatory 5% are usually subject to a vesting schedule as stated in the governing rules.
The mandatory contributions made by an employer to an MPF scheme are fully and immediately vested as accrued benefits of the scheme member and retained by the custodian. As such, your accrued rights in the MPF scheme would not be affected by the closure of your employer's business. For further enquiries, please call MPFA hotline 2918 0102 or email to
由於僱主將強制性供款給予強積金計劃後，會全數及即時作為累算權益歸屬於計劃成員，並交由保管人保管，所以僱主結束生意對成員在強積金計劃的累算權益並不會造成影響。如有進一步查詢，請致電積金局熱線2918 0102或電郵至 email@example.com 。
If an employer has not made the required mandatory contributions, the MPF trustee should report it to the MPFA (not applicable to temporary employees). Under normal circumstances, the MPFA will take the following steps upon receiving the trustee's report:
- Impose a contribution surcharge on the employer
- Pursue the outstanding contributions and surcharges on behalf of the members
- Initiate civil proceedings to recover the default
- Pursue criminal prosecution against the non-complying employer
Meanwhile, if an employee believes his or her employer is not making mandatory contributions, he or she may file a formal complaint with the MPFA. All complaints will be dealt with in strict confidence.