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Upper/ Lower Income Limits for MPF Contribution Reported to Be Raised to $40K/ $10.5K
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The Mandatory Provident Fund Schemes Authority (MPFA) proposed raising the lower income limit for MPF contributions from the current $7,100 to $10,500, and the upper limit from $30,000 to $40,000, according to the Hong Kong Economic Journal. The proposal will be presented to the Labour Advisory Board (LAB) for consultation today. An MPFA spokesperson declined to comment. The monthly contribution cap for both employers and employees will increase from the current $1,500 to $2,000, meaning an additional $500 per month, the report added. Employees earning below the lower limit will not be required to contribute, while employers will continue to contribute 5%. AASTOCKS Financial News Website: www.aastocks.com |
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