To switch all or some of the units from one fund or funds and then re-allocate the redeemed amounts to another fund or across any of the funds. The investment allocation of your new contributions (including but not limited to future transferred amounts) will remain unchanged.
Any payments made to an employee relating to an earlier period arising from a salary adjustment or a time lag for ascertaining the payment amount.
Bid price is the transaction price for redeeming units in a constituent fund after fees and charges are deducted from the net asset value per unit of the fund (if applicable).
Employees who are engaged in the construction or catering industries, and are employed on a day-to-day basis or for a short-term fixed period of less than 60 days, and aged between 18 and 65.
A mechanism to distinguish between employees with different benefits in respect of the employer's additional voluntary contributions.
The day by which an employer is required to pay mandatory contributions for their employees (or by which a self-employed person must make his/her mandatory contributions) to the trustee of the relevant MPF scheme.
Default Investment Strategy (‘DIS’)
A ready-made investment arrangement mainly designed for those members who are not interested or do not wish to make an investment choice, and is also available as an investment choice itself, for members who find it suitable for their own circumstances. For those members who do not make an investment choice, their contributions and accrued benefits transferred from another Registered Scheme will be invested in accordance with the DIS.
The DIS aims to balance the long term effects of risk and return through investing in two constituent funds, namely the Core Accumulation Fund and the Age 65 Plus Fund, according to the pre-set allocation percentages at different ages. The DIS will manage investment risk exposure by automatically reducing the exposure to higher risk assets and correspondingly increasing the exposure to lower risk assets as the member gets older.
For further details of the DIS, please refer to the relevant ‘Principal Brochure’.
A member who is between the ages of 60 and 64, and has permanently ceased employment or self-employment.
Employees are those:
The statutory level of contributions set by the MPF legislation.
Maximum level of relevant income
The statutory maximum level of relevant income set by the MPF legislation for the purpose of calculating mandatory contributions.
Employees (other than casual employees) aged between 18 and 65 and employed for 60 days or more under a continuous contract of employment.
ORSO* scheme is a voluntary retirement scheme established by employers as part of their employee benefit programme.
* Occupational Retirement Schemes Ordinance
Offer price is the transaction price for acquiring units in a constituent fund inclusive of fees and charges marked up on the net asset value per unit of the fund (if applicable).
A mechanism for grouping employees who share same common characteristics such as member type, payroll frequency, payment arrangement, working location or contact person.
A member departs from Hong Kong permanently if the member departs from Hong Kong to reside elsewhere with no intention of returning for employment or to resettle in Hong Kong as a permanent resident. A member is entitled to be paid accrued benefits on the ground of permanent departure from Hong Kong only once in a lifetime , except as permitted by the Mandatory Provident Fund Schemes (General) Regulation.
For non-casual employees – 60 days
For casual employees under master trust schemes – 10 days
For self-employed persons – 60 days
An individual account held in a member's name to preserve his/her accrued benefits accumulated from any previous employment or self-employment, and his/her accrued beneftis transferred from his/her own employee’s mandatory contributions made under the current employment.
To change the investment allocation of your existing investments and new contributions (including but not limited to future transferred amounts). Necessary units will be redeemed to rebalance the portfolio of your existing investments.
Prescribed savings rate
A rate prescribed by Mandatory Provident Fund Schemes Authority on a monthly basis as the interest rate payable in respect of a Hong Kong dollar savings account or the average of the interest rates payable by different authorised financial institutions on Hong Kong dollar savings accounts. If the investment return of an MPF Conservative Fund does not exceed the prescribed savings rate in a month, no administrative expense is allowed to be deducted from the fund for that month.
If you are an employee, this includes wages, salaries, leave pay, housing allowances, housing benefits, fees, commissions, bonuses, gratuities, perquisites, or allowances expressed in monetary terms, paid or payable by an employer (directly or indirectly) to you, and in consideration of your employment contract, but excluding long service payments or severance payments.
If you are a self-employed person, your relevant income is defined as the assessable profits stated in your most recent Notice of Assessment.
A statement detailing employees' relevant income, mandatory and, if any, voluntary contributions for each contribution period. It must be submitted to the trustee with each contribution payment.
Only available if employer's voluntary contributions are made and/or employer's ORSO* balances were transferred to the MPF scheme and they are subject to a vesting scale. Any benefits not entitled to employees upon employment termination will be treated as unvested benefits and transferred to this account. The funds in this account belong to employers.
Self-employed person is a sole proprietor or a partner in a business, or someone who works for himself/herself and is not employed as an employee.
To make a claim for this reason the member's accrued benefits must not exceed HKD5,000, and he/she is required to make a statutory declaration that:
A member who is permanently unfit to perform the kind of work that he/she was performing before becoming totally incapacitated.
A member who has an illness that is likely to reduce the life expectancy of the member to 12 months or less.
Any benefits employees are not entitled to upon termination of employment.
Any contributions above the mandatory contributions.
|Hang Seng MPF Hotline||MPF Specialists at Designated Branches|
|Existing MPF Customers||Service hours:Mon - Fri,9 am to 5 pm|
|- Employers: 2288 6822|
|- Members/Self-employed persons:2213 2213|
|- HKSARG Employees:2269 2269|
|Non-existing MPF Customers|
|- Enquiries/Apply for Hang Seng MPF:2997 2838|