The Hong Kong Government presented to the Legislative Council yesterday the proposal to increase the minimum and maximum relevant income levels for MPF contributions, details of which are:
- The minimum relevant income would be raised from $5,000 to $6,500 per month with effect from 1 November 2011;
- The maximum relevant income would be increased from $20,000 to $25,000 per month with effect from 1 June 2012.
An additional 180,090 employees and self-employed persons would be excluded for making mandatory contributions under the former adjustment, while 514,000 employees and self-employed persons would be required to make additional mandatory contributions.
To view the Government's press release, please click the link below:
http://www.info.gov.hk/gia/general/201106/14/P201106140190.htm
For inquiries related to this Legal Update, please contact:
Duncan Abate (duncan.abate@mayerbrown.com)
Hong Tran (hong.tran@mayerbrown.com)
Learn more about our Hong Kong office and Employment & Benefits practice.
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January 052021