Hong Kong\u2019s workers and employers may have to each pay up to HK$2,000 (US$255) a month or 33 per cent more than the present level into the Mandatory Provident Fund, as the pension regulator proposed to raise the contribution threshold, which has remained unchanged for 13 years.<\/p>\n
The Federation of Hong Kong Industries, one of the city\u2019s largest business chambers, revealed on Sunday evening the Mandatory Provident Fund Authority (MPFA) had consulted its leaders and proposed increasing the minimum and maximum income levels for contributions to HK$10,000 and HK$40,000, respectively.<\/p>\n
While expressing its support for increasing the minimum threshold, the federation expressed reservations over the proposed increase of the latter due to the uncertain global economic outlook and the uneven pace of recovery across various industries in Hong Kong.<\/p>\n
\u201cTherefore, we strongly recommend that the MPFA act prudently and postpone the relevant adjustments until the economic environment has fully stabilised, or implement them in phases to reduce the immediate impact on business operating costs and cash flow,\u201d it said.<\/p>\n
Ayesha Macpherson Lau, chairwoman of the MPFA, said in her blog earlier in the day the body had consulted various stakeholder groups since February on adjusting the minimum and maximum income levels used to determine contributions.<\/p>\n
She hinted at a possible increase in the thresholds, noting that the prolonged lack of adjustments had left pension fund contributions out of touch with the cost of living.<\/p>\n","protected":false},"excerpt":{"rendered":"Hong Kong\u2019s workers and employers may have to each pay up to HK$2,000 (US$255) a month or 33…\n","protected":false},"author":2,"featured_media":511412,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[231957,28,5425,231961,231960,231956,143048,231955,147,530,231959,231962,231958],"class_list":["post-511411","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-ayesha-macpherson-lau","tag-business","tag-hong-kong","tag-labour-unions","tag-mandatory-provident-fund","tag-mandatory-provident-fund-authority","tag-mpf","tag-mpfa","tag-personal-finance","tag-personalfinance","tag-retirement-protection","tag-stakeholder-groups","tag-tax-deductible-voluntary-contributions"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/511411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=511411"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/511411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/511412"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=511411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=511411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=511411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}