{"id":7656,"date":"2021-08-05T18:43:46","date_gmt":"2021-08-05T10:43:46","guid":{"rendered":"https:\/\/www.workstem.com\/?p=7656"},"modified":"2024-11-05T15:02:19","modified_gmt":"2024-11-05T07:02:19","slug":"mpf-calculation","status":"publish","type":"post","link":"https:\/\/www.workstem.com\/hk\/en\/blog\/mpf-calculation\/","title":{"rendered":"The Most Used Hong Kong MPF Calculation Formula"},"content":{"rendered":"<div class='post-index' id='post-index'><a href='###' id='post-index-close'><i class='fa fa-list'><\/i><\/a>\r\n\t\t\t\t<h3 class='post-index-title'>Chapter catalogue<\/h3>\r\n\t\t\t\t<div class='post-index-inner' id='post-index-inner'>\r\n\t\t\t\t<ol class='post-index-list'><li class=\"post-index-item\" data-tt=\"title-idx-0\" ><a href=\"###\"title=\"How to calculate MPF contributions\">How to calculate MPF contributions<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-1\" ><a href=\"###\"title=\"MPF schemes for self-employed person\">MPF schemes for self-employed person<\/a><\/li><\/ol>\r\n\t\t\t<\/div><\/div>\r\n\t\t\t<script>\r\n\t\t\t$(function(){\r\n\t\t\t\tvar contIdxHeight = $('#post-index-inner').height()+20;\r\n\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t$('#post-index-close').on('click',function(){\r\n\t\t\t\t\tif($('#post-index-inner').height()>20) {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',0);\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top',0);\r\n\t\t\t\t\t} else {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top','20px');\r\n\t\t\t\t\t}\r\n\t\t\t\t});\r\n\t\t\t\t$('.post-index-item').on('click',function(){\r\n\t\t\t\t\tvar tt=$(this).data('tt');\r\n\t\t\t\t\tscrollPosition(document.getElementById(tt));\r\n\t\t\t\t});\r\n\t\t\t});\t\r\n\t\t\t<\/script><div class='post-content-full'><p>Note for new boss\/HR: MPF contribution calculation, this article will teach you how to disassemble MPF calculation method and how to calculate contributions in detail, including casual, long-term and part-time employees ; We will also explain different matters needing attention such as different ages, whether to pay MPF contributions after 60 days of employment.<\/p>\n<p>In particular, many new start-ups owners fail to pay employee MPF regularly. Once the case is confirmed, MPFA has the right to levy a fine of HK$5,000 or 10% of the unpaid contributions on the employer! Failure to arrange MPF funds for employees is liable to a fine of HK$100,000 and imprisonment for up to six months upon first conviction!<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-19935 aligncenter\" src=\"https:\/\/www.workstem.com\/wp-content\/uploads\/2021\/08\/\u5f37\u7a4d\u91d1\uff08MPF\uff09\u7f70\u91d1-1024x768-1-min.png\" alt=\"fine\" width=\"790\" height=\"593\" srcset=\"https:\/\/www.workstem.com\/wp-content\/uploads\/2021\/08\/\u5f37\u7a4d\u91d1\uff08MPF\uff09\u7f70\u91d1-1024x768-1-min.png 1024w, https:\/\/www.workstem.com\/wp-content\/uploads\/2021\/08\/\u5f37\u7a4d\u91d1\uff08MPF\uff09\u7f70\u91d1-1024x768-1-min-300x225.png 300w, https:\/\/www.workstem.com\/wp-content\/uploads\/2021\/08\/\u5f37\u7a4d\u91d1\uff08MPF\uff09\u7f70\u91d1-1024x768-1-min-768x576.png 768w, https:\/\/www.workstem.com\/wp-content\/uploads\/2021\/08\/\u5f37\u7a4d\u91d1\uff08MPF\uff09\u7f70\u91d1-1024x768-1-min-624x468.png 624w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/><\/p>\n<h2 id=\"title-idx-0\" class=\"icon-anchor\">How to calculate MPF contributions<\/h2>\n<h3>1. In the period of 60 days, MPF calculation method of different cases (monthly salary)<\/h3>\n<p>For the calculation of contributions, both full-time and part-time employees are also divided on the basis of payment: monthly and non-monthly. The mandatory contributions of employers and employees are 5% of the relevant income, with no upper limit or lower limit. Keep in mind that the maximum mandatory contribution for either the employer or the employee is only HK$1,500 if the company has senior staff of HK$30,000 or more. The calculation method of monthly salary is simple:<\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">Monthly Relevant Income<\/span><\/td>\n<td><span style=\"font-weight: 400\">Employer\u2019s mandatory contributions<\/span><\/td>\n<td><span style=\"font-weight: 400\">Employee\u2019s mandatory contributions<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Less than HK$7,100<\/span><\/td>\n<td><span style=\"font-weight: 400\">Relevant income x 5%<\/span><\/td>\n<td><span style=\"font-weight: 400\">No contribution is required<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$7,100 &#8211; HK$30,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">Relevant income x 5%\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400\">Relevant income x 5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">More than HK$30,000\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$1,500<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$1,500<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Example<\/strong>: Chen Dawan (male) is a secretary. He joined the company on 2021\/02\/23 and was employed for 60 days on 2021\/04\/24. His monthly salary is HK$10,000.<\/p>\n<p>More than 60 days on the job: employer and employee contribution is 5% of relevant monthly income *<\/p>\n<p>Employer\u2019s contribution: HK$10,000*5%=HK$500;<\/p>\n<p>Employee\u2019s contribution: HK$10,000*5%=HK$500<\/p>\n<p>Just 60 days on the job: 4.24 is the day of the first 60 days on the job, so April will be calculated as the first 60 days<\/p>\n<p>Employer contribution: (April) HK$10,000*5%+ (March) HK$10,000*5%+ (6 days in February) +HK$10,000\/28*6*5%=HK$500+HK$500+HK$107=HK$1,107<\/p>\n<p>Employee contribution: HK$10,000*5%=500<\/p>\n<p>Less than 60 days on the job: Neither employer nor employee is required to contribute<\/p>\n<p>* If the employee Chen Dawen resigns before 2021\/04\/24, the employer and the employee do not need to make any contribution because the employee has been employed for less than 60 days<\/p>\n<h3>2. MPF Calculation method (monthly salary) for adults (18 years old and above) and retirees (65 years old and above)<\/h3>\n<p><strong>Example 1<\/strong>: Chen Erwen is an intern who joined the company on 2020\/02\/23 and reached the age of 18 on 2021\/03\/05. However, he left the company on 2021\/03\/04. Neither the employer nor the employee (Chen Erwen) need to contribute<\/p>\n<p><strong>Example 2<\/strong>: Chen Sanwen is a President assistant. He joined on 2021\/02\/23, reached the age of 18 on 2021\/03\/05, and was employed for 60 days on 2021\/04\/24. His monthly salary is HK$8,000.<\/p>\n<p>Just 18 years old: the employer does not need to make contributions in the current month (60 days after turning 18, you need to make contributions and add up MPF in the current month); Employee (Chen Sanwen) does not have to contribute (60 days after turning18)<\/p>\n<p>Already turning 18 years old and employed for more than 60 days: the employer and employee contribution is 5% of relevant monthly income *<\/p>\n<p>Employer\u2019s contribution: HK$8,000*5%=HK$400;<\/p>\n<p>Employee contribution: HK$8,000*5%=HK$400<\/p>\n<p>Just turning 18 years old and less than 60 days of employment: both employer and employee (Chen Sanwen) need to make contribution<\/p>\n<p><strong>Example 3<\/strong>: John is a sales manager. He joined on 2021\/02\/23, turned 65 on 2021\/03\/06, and left after 60 days on 2021\/04\/24. His monthly salary is HK$20,000.<\/p>\n<p>If the employee has just turned the age of 65 and left after 60 days of employment, the employee\u2019s contribution is 5% of the MPF relevant income of the month, and the employer\u2019s contribution is based on the working days pro rata<\/p>\n<p>Employer\u2019s contribution :(6 days in March) HK$20,000\/31*6*5%+ (6 days in February) +HK$20,000\/28*6*5%=HK$193.55+HK$214.29=HK$407.84<\/p>\n<p>Employee\u2019s contribution: HK$20000*5%=HK$1000<\/p>\n<p><strong>Example 4<\/strong>: David is a director. He joined on 2021\/01\/01, employed for 60 days on 2021\/03\/01, turned 65 on 2021\/3\/10, and left on 2021\/03\/20. His monthly salary is HK$30,000<\/p>\n<p>10 days after turning 65: both employer and employee are calculated on a pro rata according to the number of working days<\/p>\n<p>Employer\u2019s contribution: (January) HK$30000 + (February) HK$30000 * 5% + 10 days (March) HK$30000\/31 * 10 * 5% = HK$1500 + HK$1500 + HK$483.87 = HK$3483.87<\/p>\n<p>* No contribution is required for employees aged 65 under the <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.labour.gov.hk\/eng\/public\/wcp\/ConciseGuide\/02.pdf\" target=\"_blank\" rel=\"noopener\">Employment Ordinance<\/a><\/span>; No contribution is required for employees less than 60 days of employment<\/p>\n<h3>3. Calculation method of Non-monthly Salary (2 steps)<\/h3>\n<p>If the employee\u2019s salary is calculated on a daily or weekly basis, the employer should first calculate the relevant income upper and lower limits at the minimum of HK$280 and maximum of HK$1,000 per day, and then make contributions according to the upper and lower limits.<\/p>\n<p><strong>Example<\/strong>: Iris is a part-time cashier and her employer pays her weekly<\/p>\n<p>Iris\u2019s minimum income for one week is HK$1,960 (HK$280*7); HK$7000 (HK$1000*7)<\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">A week\u2019s relevant income<\/span><\/td>\n<td><span style=\"font-weight: 400\">Employer\u2019s Mandatory Contribution<\/span><\/td>\n<td><span style=\"font-weight: 400\">Employee\u2019s Mandatory Contribution<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Less than the minimum level (HK$1,960)<\/span><\/td>\n<td><span style=\"font-weight: 400\">Relevant income x 5%<\/span><\/td>\n<td><span style=\"font-weight: 400\">No contribution is required<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Between the minimum and maximum levels (HK$1,960 to HK$7,000)<\/span><\/td>\n<td><span style=\"font-weight: 400\">Relevant income x 5%<\/span><\/td>\n<td><span style=\"font-weight: 400\">Relevant income x 5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">More than the maximum level (HK$7,000)<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$350<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$350<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Assuming that Iris only worked for two days last week, her salary was HK$280 on Monday and HK$360 on Wednesday, Iris earned a total of HK$640<\/p>\n<p>Employer\u2019s contribution: HK$640*5%=HK$32; No contribution is required for Iris<\/p>\n<p><strong>* Temporary workers (Applicable to industry schemes) are paid on a daily basis and have different periods of employment. Therefore, they have their own unique contribution calculation method.<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">Monthly Relevant Income<\/span><\/td>\n<td><span style=\"font-weight: 400\">Employer\u2019s Mandatory Contribution<\/span><\/td>\n<td><span style=\"font-weight: 400\">Employee\u2019s Mandatory Contribution<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$280\u4ee5\u4e0b<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$10<\/span><\/td>\n<td><span style=\"font-weight: 400\">No contribution is required<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$280-HK$350<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$15<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$15<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$350-HK$450<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$20<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$450-HK$550<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$25<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$25<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$550-HK$650<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$30<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$30<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$650-HK$750<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$35<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$35<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$750-HK$850<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$40<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$40<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">HK$850-HK$950<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$45<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$45<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">More than HK$950<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$50<\/span><\/td>\n<td><span style=\"font-weight: 400\">HK$50<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"title-idx-1\" class=\"icon-anchor\">MPF schemes for self-employed person<\/h2>\n<p>As long as you are over the age of 18 and under the age of 65, and earn income through the generation of services or trading of goods, you are self-employed and you need to register yourself for an MPF scheme.<\/p>\n<p>In recent years, thanks to the convenience of online shopping, many people have started their own businesses. In the initial stage, in order to save costs, he did not hire employees, nor did he pay regular salary for himself. They simply withdraw part of their profits as income from time to time. In this way, it\u2019s easy to ignore MPF. However, you need to formalise your income by opening an MPF account for yourself as a self-employed person. The advantage is that if you buy a house\/car, you will be eligible for a bank mortgage only if you have a formal income document. It is also convenient to apply for different government funding schemes.<\/p>\n<p>The MPF scheme processing procedures for self-employed persons are similar to the enterprise\u2019s master trust scheme procedures. Self-employed persons are required to open an MPF self-employed person account with the trustee and complete the registration procedures within 60 days. The most special thing is that self-employed person can choose their own contribution deadline. For example, you can choose the 16th of each month as your contribution deadline, as long as you make contributions before the 16th of each month on time; You can also make annual contributions which are due on the last day of the financial year. Contributions are discretionary. If you earn more than <span style=\"font-weight: 400\">HK<\/span>$30,000 per month, the mandatory contribution is only HK$1,500. Of course, you can contribute more, which is an additional voluntary contribution. If someday the company becomes powerful enough for paying regular salaries and hiring employees, he could turn it into a master trust scheme and start the company\u2019s MPF scheme.<\/p>\n<p><strong>Note<\/strong>: ** Exempt persons are not required to join an MPF scheme, including domestic employees, self-employed hawkers,people covered by statutory pension or provident fund schemes, members of occupational retirement schemes which have been granted MPF exemption certificates, overseas persons who enter Hong Kong under section 11 of the Immigration Ordinance for the purpose of employment for not more than 13 months, or who are covered by overseas retirement schemes, and employees of the European Union Office of the European Commission in Hong Kong.<\/p>\n<p>To sum up, whether you are an employer or a self-employed person, you need to make <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/mpf\/\" target=\"_blank\" rel=\"noopener\">MPF contributions<\/a><\/span>. HR uses Excel to calculate the steps that are complicated and prone to errors. However, the HR system \u2014 the <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/payroll\/\" target=\"_blank\" rel=\"noopener\">payroll<\/a><\/span>\u00a0of <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/\" target=\"_blank\" rel=\"noopener\">Workstem<\/a><\/span> can automatically calculate payroll and automatically generate payslips, which can meet different salary types and pay periods, and achieve the whole process from calculation to payment for all employees in the company without worrying. The employer can also check the details of the monthly MPF settlement after payment.<\/p>\n<p><i><span style=\"font-weight: 400\">Read More:<\/span><\/i><br \/>\n<a href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/mpf-part-time-employees\/\"><i><span style=\"font-weight: 400\">Should Part-time Employees Also Enroll in the MPF Scheme?<\/span><\/i><\/a><br \/>\n<a href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/how-to-calculate-mpf-contributions-for-non-monthly-pay-employee\/\"><i><span style=\"font-weight: 400\">How to Calculate the Amount of MPF Contributions for Non-monthly-paid Employees?<\/span><\/i><\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Chapter catalogue How to calculate MPF contributionsMPF schemes for self-employed person Note for new boss\/HR: MPF contribution calculation, this article will teach you how to disassemble MPF calculation method and how to calculate contributions in detail, including casual, long-term and part-time employees ; We will also explain different matters needing attention such as different ages,&#8230;<\/p>\n","protected":false},"author":5,"featured_media":19937,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[272],"tags":[468,417,463],"class_list":["post-7656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-all-en","tag-mpf","tag-payroll"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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