MPF rise proposed

June 14, 2011

Mandatory Provident Fund contributions will rise later this year, under a move tabled by the Government at the Legislative Council today.
 
It wants to increase the monthly minimum income level from $5,000 to $6,500 from November, and the maximum level from $20,000 to $25,000 from June 1 next year.
 
Increasing the minimum level will exclude an additional 180,900 employees and self-employed people from making mandatory contributions, while raising the maximum level will require another 514,500 employees and self-employed people to make additional mandatory contributions.
 
The proposal is set out in the Mandatory Provident Fund Schemes Ordinance (Amendment of Schedule 2) Notice 2011 and the Mandatory Provident Fund Schemes Ordinance (Amendment of Schedule 3) Notice 2011.
 
The notices also seek to make corresponding amendments to the daily and annual minimum and maximum income levels.