How do employers calculate the upper limit of MPF supply?
One article understands the latest MPF supply upper limitRefers to the amount that employers and employees can be provided in each supply period in the mandatory provident fund plan (MPF). According to the current laws, employers and employees each need to contribute 5%of their income.
According to the latest MPF supply upper limit, employers must make compulsory supply to employees based on their own funds, and deduct the contributions of employees from the employee's relevant income period (generally referring to the food period). The calculation of the amount of money is based on the employee's relevant income level. As far as the monthly salary employee is concerned, according to the current MPF supply limit, the highest supply is $ 1,500 /month. For self -employed people who are provided on a monthly or year -on -year, the current MPF supply upper limit
Overview of employees (except for temporary employees of industry planning members) below (except for the industry planning members), the current and current minimum and highest related income levels, as well as their applicable related supply period:
However, the amount of these contributions is limited to the lowest and highest level of income. Employees and employers must make 5%of the employee's income from the Joentelum account, respectively, and the amount of contributions is limited to the lowest and highest level of income.
Employees and employers with monthly salary
MPF supply upper limit
MPF supply upper limit
Self -employed by monthly or annual contributions
$ 1,500 per month or $ 18,000 per year
Relevant income refers to the amount that employers pay or pay employees in the form of money.· Including: any salary, salary, holiday allowance, expenses, commissions, redness, bonuses, contract remuneration, appreciation or allowance.
· Excluding: the deductible fee or long -term service deposit under the "Employment Regulations".
Monthly salary employeeGenerally speaking, the payment date is the 10th day of each month. For example, the confession of the food period in September shall be paid to the trustee on October 10 or before.
For the first supply of new employees, employers should pay the contribution to the trustee with the next supply date (10th of each month) after the employee's 60 -day month.
If the supply date is Saturday, public holiday or strong wind/black rainstorm warning day, the payment date will be postponed to the first Saturday, public holiday or strong wind/black rainstorm warning day.
Employer supply periodThe supply period generally refers to the food period. Employers' contributions should be calculated from the first day of employment employment.
Employee supply periodEmployees enjoy a period of exemption, that is, they do not need to make money for the first 30 days of the employment period, nor:
I. In the first incomplete food period after the exemption period (such as one month or less than one month); or
II. The month of the month of the employment (such as employee's food is more than one month).
In addition, because she was employed on July in July (the exemption period will extend to the end of the incomplete grain period after the 30th), there is no need to make a strong deposit money for July. Employers should only deduct the contribution period from Miss D's income period and pay the contribution to the trustee on September 10 or before.
Because the exemption period is not applicable to the employer, the contribution made by the employer for Miss D should be calculated from the first day of her employment (that is, June 5).
The payment settlement book clearly lists the income of each employee, and the amount of the amount of the employer and the employee. The trustee will distribute the contribution to the account of each employee according to the settlement letter.
The first day of Miss D's employment was June 5. Because she enjoys a period of exemption on the first 30th of her employment, the employer should not deduct the strong accumulation of money for the income from the 30th (June 5th to July 4th).
When will employers submit a payment settlement book?Employers must submit a payment settlement book to the trustee at the same time when paying a contribution to the trustee.
Form of submissionWritten: The trustee provides pre -printed payment settlement books so that employers do not need to prepare documents every month.
Electronic form: The trustee provides software to facilitate employers to prepare for payment settlement and submit through the Internet.
PrecautionsEven if the trustee does not provide pre -printed payment settlement books or computer software, employers must fill in the settlement book by themselves.
If the employee does not have an incoming interest in a month, is it still necessary to fill in it?Even if some employees do not have an income month, the payment settlement book needs to be filled in "$ 0", or fill out the information on the payment settlement book according to the instructions of individual trustee.
Monthly supply record
After the employer pays the contribution to the trustee every month, it should provide employees with a monthly supply record of the following information within seven working days:· Employees' related income amount
· The amount of contributions of employers and employees
· Volunteer contributions of employers and employees (if any)
· The date of payment to the trustee is paid to the trustee
Anniversary equity reportThe trustee of the Joentelum must provide employees with an anniversary equity report within three months after the end of each fiscal period.
Anniversary equity reports must include: the total amount of contributions paid by employees for employees, the value of the MPF value of the year and the end of the year, and account profit and loss.
The above is the current MPF supply limit. Please note that these regulations may be changed by law and policies. If you want to determine the latest provisions of the upper limit of contributions, it is recommended to consult a professional institution or refer to the announcement of the relevant departments of the Hong Kong government.