{"id":6078,"date":"2020-11-16T15:52:13","date_gmt":"2020-11-16T07:52:13","guid":{"rendered":"https:\/\/www.workstem.com\/?p=6078"},"modified":"2024-11-06T15:06:01","modified_gmt":"2024-11-06T07:06:01","slug":"mpf-relevant-income","status":"publish","type":"post","link":"https:\/\/www.workstem.com\/hk\/en\/blog\/mpf-relevant-income\/","title":{"rendered":"What Is Relevant Income?"},"content":{"rendered":"When making MPF contributions,\u00a0 “relevant income” is always mentioned. The most common one is the relevant income x 5% amount of mandatory contributions payable by the employer. Does the relevant income represent the salary paid by the employer?\r\n\r\nThe definition from Mandatory Provident Fund Schemes Authority refers to all monetary payments paid<\/a><\/span> or payable by an employer to an employee, including wages, salary, leave pay, fees, commissions, bonuses, gratuities, perquisites or allowances, but excluding severance payments or long service payments under the Employment Ordinance (Chapter 57, Laws of Hong Kong).\r\n\r\nIn other words, the salary, bonus, holiday allowance, housing allowance, and other common pay items received by an employee can also be counted as relevant income. However, if the company layoffs and pays the employee severance payment, or the long service payment received by the employee after leaving the company under certain conditions, these two pay items are not included in the relevant income. In addition, marriage allowance and bonuses for passing professional examinations are not included in the relevant income either.\r\n\r\nIt is necessary to know the income additions and deductions when paying the employees. For example, salary, allowance, commission, etc. are included in the net pay. But if an employee applies for no pay leave or sick leave for more than 4 consecutive days in the current month, it should be included in the deduction.\r\n\r\nThe MPF calculation function of Workstem<\/a><\/span> can automatically determine and calculate the minimum and maximum contribution amount according to the relevant income of employees. Once income additions and deductions have been set up, you don\u2019t need to worry about the mistakes anymore!\r\n\r\n\"The\r\n\r\nWith HR systems like Workstem<\/a><\/span> around, HR managers can work from anywhere without compromising the quality of their work or the welfare of their employees, even during these trying times.The Workstem system can also provides a full range of solutions to help you to management of other HR processes, such as Rostering<\/a><\/span>\u3001Attendance<\/a><\/span>\u3001Leave<\/a><\/span>, MPF and tax<\/a><\/span> return management, etc., help you can truly realize digital transformation and improve management efficiency and employee satisfaction.\r\n\r\nRead More:<\/strong><\/em>\r\n\r\nWho is Required to Join an MPF Scheme?<\/a><\/span>\r\n\r\nNon-\u201c418\u201d-rule Employees No Need to Enrol MPF Scheme?<\/a><\/span><\/em>\r\n
<\/div>\r\n ","protected":false},"excerpt":{"rendered":"

When making MPF contributions,\u00a0 “relevant income” is always mentioned. The most common one is the relevant income x 5% amount of mandatory contributions payable by the employer. Does the relevant income represent the salary paid by the employer? The definition from Mandatory Provident Fund Schemes Authority refers to all monetary payments paid or payable by…<\/p>\n","protected":false},"author":2,"featured_media":20718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[272],"tags":[468,417,463],"class_list":["post-6078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-all-en","tag-mpf","tag-payroll"],"yoast_head":"\nWhat Is Relevant Income? - Workstem<\/title>\n<meta name=\"description\" content=\"Does the relevant income represent the salary paid by the employer? 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