The Mandatory Provident Fund (MPF) is a statutory retirement protection scheme for all employed persons in Hong Kong. The statutory contribution rate is calculated as 5% of the employee's income, with an additional 5% contribution required from the employer, making a total contribution rate of 10%. Contributions are usually made on a monthly basis.
1. Master Trust Scheme
- The most common MPF scheme
- Available to employees, self-employed individuals, and individuals transferring their accrued benefits from other schemes
2. Employer-Sponsored Scheme
- Available only to employees of a single employer or its associated companies
3. Industry Scheme
- Designed for employees in the catering and construction industries, particularly for employees on temporary contracts (engaged on a day-to-day basis or for a period of less than 60 days)
4. Consolidation of Personal MPF Accounts
- Consolidating MPF accounts allows easier management and retirement planning