If you are an employee (full time or part-time), both you and your employer are required to make regular MPF contributions, based on your “Relevant Income” as follows:
Monthly Relevant Income (HKD)
Mandatory Contribution Amount (HKD)
Employer's Contributions
Employee's Contributions
Less than 7,100
Relevant income x 5%
Not required
7,100 - 30,000
Relevant income x 5%
Relevant income x 5%
More than 30,000
1,500
1,500
“Relevant Income” refers to all monetary payments which include any wages, salaries, leave pay, fees, commissions, bonuses, gratuities, perquisites or allowances, expressed in monetary terms, paid or payable by an employer to an employee, but excludes the severance payments or long service payments under the Employment Ordinance.
The mandatory contributions made and paid for an employee are fully and immediately vested in the employee MPF account, except for the MPF derived from the employer’s contributions for offsetting severance payments or long service payments.
If you are a self-employed person, you are required to make the MPF contributions as follows:
Relevant Income (HKD)
Self-employed Person’s Contributions (HKD)
Annual
Monthly Average
Less than 85,200
Less than 7,100
Not required
85,200 - 360,000
7,100 - 30,000
Relevant income x 5%
More than 360,000
More than 30,000
360,000 x 5% = 18,000 per year
OR
30,000 x 5% = 1,500 per month
Voluntary contributions
Employees, self-employed persons, employers or other eligible persons may choose to make voluntary contributions (“VC”) on top of the mandatory contributions, subject to the governing rules of a MPF scheme. There are three types of VC under My Choice Scheme:
How to Open an Account
Standard Voluntary Contributions
Tax Deductible Voluntary Contributions (“TVC”)
Special Voluntary Contributions
Your employer helps you open an account under the MPF scheme chosen by the company
You select your own MPF scheme and open an account on your own Contribution requirement:
Minimum amount of monthly contribution: HKD300
Minimum amount of lump sum contribution: HKD1,000
You select your own MPF scheme and open an account on your own Contribution requirement:
Minimum amount of monthly contribution: HKD300
Minimum amount of lump sum contribution: HKD1,000
Please refer to sections 6.3 - 6.5 of the MPF Scheme Brochure of My Choice Scheme for the details of the different types of VC. For any enquiries on VC, please contact us or visit our website to obtain the MPF Scheme Brochure, relevant forms for VC: www.bocpt.com/homepage/en/my-choice-mpf/my-choice-mpf-download-corner/
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BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme
IMPORTANT INFORMATION
You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of Constituent Funds, you are in doubt as to whether a certain Constituent Fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the Constituent Fund(s) most suitable for you taking into account your circumstances.
You should consider your own risk tolerance level and financial circumstances before investing in the MPF Default Investment Strategy (as defined in section 6.7 (MPF Default Investment Strategy)). You should note that the BOC-Prudential Core Accumulation Fund and the BOC-Prudential Age 65 Plus Fund may not be suitable for you, and there may be a risk mismatch between the BOC-Prudential Core Accumulation Fund and the BOC-Prudential Age 65 Plus Fund and your risk profile (the resulting portfolio risk may be greater than your risk preference). You should seek financial and/or professional advice if you are in doubt as to whether the MPF Default Investment Strategy is suitable for you, and make the investment decision most suitable for you taking into account your circumstances.
You should note that the implementation of the MPF Default Investment Strategy may have an impact on your MPF investments and accrued benefits. We recommend that you consult with the Trustee if you have doubts on how you are being affected.
Fees and charges of a MPF conservative fund can be deducted from either (i) the assets of the fund or (ii) members’ account by way of unit deduction. The BOC-Prudential MPF Conservative Fund uses method (i) and, therefore, unit prices/NAV/fund performance quoted have incorporated the impact of fees and charges.
If you are in doubt about the meaning or effect of the contents of the information in this website, you should seek independent professional advice.
My Choice Mandatory Provident Fund Scheme
IMPORTANT INFORMATION
You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of Constituent Funds, you are in doubt as to whether a certain Constituent Fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the Constituent Fund(s) most suitable for you taking into account your circumstances.
You should consider your own risk tolerance level and financial circumstances before investing in the MPF Default Investment Strategy (as defined in section 6.7 (MPF Default Investment Strategy)). You should note that the My Choice Core Accumulation Fund and the My Choice Age 65 Plus Fund may not be suitable for you, and there may be a risk mismatch between the My Choice Core Accumulation Fund and the My Choice Age 65 Plus Fund and your risk profile (the resulting portfolio risk may be greater than your risk preference). You should seek financial and/or professional advice if you are in doubt as to whether the MPF Default Investment Strategy is suitable for you, and make the investment decision most suitable for you taking into account your circumstances.
You should note that the implementation of the MPF Default Investment Strategy may have an impact on your MPF investments and accrued benefits. We recommend that you consult with the Trustee if you have doubts on how you are being affected.
Fees and charges of a MPF conservative fund can be deducted from either: (i) the assets of the fund; or (ii) members’ account by way of unit deduction. The My Choice MPF Conservative Fund uses method (i) and, therefore, unit prices/NAV/fund performance quoted have incorporated the impact of fees and charges.
If you are in doubt about the meaning or effect of the contents of the information in this website, you should seek independent professional advice.
