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Mandatory Provident Fund Schemes Authority CODE ON DISCLOSURE FOR MPH INVESTMENT FUNDS Sixth Edition February 2016 Hong Kong Table of Contents Page EXPLANATORY NOTES .........................................................................................................

How to fill out mandatory provident fund schemes

How to fill out mandatory provident fund schemes:

1. Obtain the necessary form: Contact the relevant provident fund scheme provider or download the application form from their website.
2. Provide personal information: Fill in your personal details such as your full name, HKID number, and contact information accurately.
3. Nominate beneficiaries: Indicate the beneficiaries who will receive your accrued benefits in the event of your death. Provide their full names, relationship to you, and their HKID numbers.
4. Choose investment options: Decide on your investment preferences for your contributions. You may have a choice between different investment funds offered by the scheme provider. Evaluate the risks and returns associated with each fund before making a selection.
5. Decide on contribution amount: Determine how much you want to contribute to your mandatory provident fund. There may be a minimum and maximum limit, so ensure you stay within those ranges.
6. Select contribution frequency: Decide whether you want to make contributions on a monthly, quarterly, or annual basis. Ensure you understand any payment deadlines or late payment penalties.
7. Understand administrative fees: Familiarize yourself with any administrative fees charged by the scheme provider. These fees may be deducted from your contributions or the investment returns earned.
8. Consider voluntary contributions: Evaluate whether you want to make additional voluntary contributions to your mandatory provident fund. These contributions can help boost your retirement savings.

Who needs mandatory provident fund schemes:

1. Employees: Mandatory provident fund schemes are compulsory for all employees aged 18 to 65 who work in Hong Kong, with few exceptions.
2. Self-employed individuals: If you are self-employed and meet the income requirements, you also need to enroll in a mandatory provident fund scheme.
3. Exempt persons: Some individuals, such as civil servants, are exempt from mandatory provident fund schemes. However, they may have equivalent retirement schemes or may choose to join voluntarily.
4. Non-residents: Non-residents who are employed and earn income in Hong Kong may also be required to join a mandatory provident fund scheme.
5. Domestic helpers: Foreign domestic helpers who meet certain income and employment criteria must also enroll in a mandatory provident fund scheme.

It is important to consult the official guidelines and seek advice from professionals to ensure complete and accurate compliance with mandatory provident fund schemes.

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What is mandatory provident fund schemes?

Mandatory Provident Fund (MPF) schemes are retirement savings schemes in Hong Kong that require both employers and employees to make contributions towards a fund for the employee's retirement benefits.

Who is required to file mandatory provident fund schemes?

Employers in Hong Kong are required to file mandatory provident fund schemes for their employees who are enrolled in the MPF scheme.

How to fill out mandatory provident fund schemes?

Employers can fill out mandatory provident fund schemes by accurately reporting the employee's relevant information, contribution amounts, and ensuring timely submission to the MPF authority.

What is the purpose of mandatory provident fund schemes?

The purpose of mandatory provident fund schemes is to ensure that employees have a retirement savings fund that they can rely on when they retire from the workforce.

What information must be reported on mandatory provident fund schemes?

Information such as employee details, contribution amounts, employer information, and any other relevant data must be reported on mandatory provident fund schemes.

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