Frequently Ask Questions: Employee

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1 Frequently Ask Questions: Employee 1. Can the member withdraw the accrued benefits from his/her account in the MPF if he or she needs money? Ans: The member can only withdraw the accrued benefits under one of the following conditions: i. Has attained the retirement age of 65; ii.early Retirement (i.e., scheme member reaches the age of 60 and has permanently ceased all employement/self-employement) iii. Total incapacity iv. Death v. Permanent Departure from Hong Kong vi. Small Balance Account (If the MPF account balance is less than HK$5, and no MPF contributions were made in the past 12 months) 2. Are Directors of Limited Companies required to join the MPF scheme? Ans: If the appointment of the director is under an employment contract and receive remuneration as an employee, he/she is covered by the MPF Scheme. On the other hand, if the director is not the employee and only receives director s fees as an office hold, he/she does not have to be enrolled in an MPF Scheme. 3. What kind of information or documents will the member receive after joining the MASS MPF Scheme? Ans: After we have received the member enrolment form, the member will be sent his/her Member Certificate, Login User ID and Password for both the Phone Easy Service Line and Internet Enquiry System which will help the member to check details of his/her contribution, asset balance, fund price etc. Moreover, each member will receive an Annual Benefit Statement within 3 months after the end of each financial year. 4. Can the member switch funds after selecting the investment porfolio? Ans: MASS MPF Scheme imposes no restrictions on fund switching. Scheme members may adjust the invetment porfolio at any time. Moreover, scheme members can perform fund switching through our Internet Enquiry System, Phone Easy Service Line or by completing the Fund Swiching Form. No administration charge is incurred by the fund-switching process.

2 5. How can the member track the accrued benefits in his/her MPF account? Ans: The scheme member can log on to Internet Enquiry System or Phone Easy Service Line to check the asset balance, contribution record, fund price etc. by using his/her Login User ID and Password. 6. How can accrued benefits be trasnsferred from one scheme to another? Ans : The scheme member should complete a Fund Transfer Form and submit to the new scheme trustee. In order to avoid any delay in transfer process, please enter the correct scheme numbers for both transferer and transferee trustees with the correct signature on the form. 7. How can the member check that the accrued benefits have been transferred properly? Ans: The previous scheme trustee is required to ensure that the accrued benefits are properly transferred within 30 days after receiving the transfer request and will issue a transfer statement stating the particulars of the transfer. The trustee of the new scheme will also send a confirmation stating the amount received from the previous scheme. 8. How are the accrued benefits withdrawn when the member attains retirement age? Ans: If the scheme member has attained the age of 65, he or she can submit a completed Claim Form for Payment of Accrued Benefits together with a copy of his/her identity card to MPF Department. If all information is correct, the accrued benefits can be arranged to be paid to the member within 30 days. 9. May a member defer the withdrawal of accrued benefits at age 65 due to the economic recession? Ans: The member may defer the withdrawal of accrued benefits and wait until the recovery of the economy.

3 Frequently Ask Questions: Employer 1. What kind of documents will the employer receive after enrolling employees in the MASS MPF Scheme? Ans: After submitting the application form with all supporting documents, the employer will receive a Notice of Acceptance within 30 days. We will report employer s participation details to MPFA. Upon receipt of this information, the MPFA will issue a Participation Certificate and forward it to the trustee directly. After we receive the Participation Certificate, we will forward it to employer by registered mail. Employer is required to display the Participation Certificate in the office. 2. If the monthly income of the employee fluctuates, does that mean the mandatory contribution for the employee also fluctuates? Ans: Yes. Mandatory contributions to be paid for the employee for a certain contribution period are based on the income of the employee during that period. If the income of the employee fluctuates between different contribution periods, then the mandatory contributions will fluctuate correspondingly. Under the MPFSO, it is the employer's responsibility to ensure the calculations of the income and contributions of an employee are accurate. 3. Should the year-end bonus or double pay be included in the relevant income for MPF contributions? Ans: Yes. Under the Guidelines, relevant income includes wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite or allowance, paid by an employer directly or indirectly to an employee under a contract. 4. Should the Employer inform employees of the amount of mandatory contributions made for them? Ans : The employer is required to provide a monthly pay-record to each employee within seven working days after the mandatory contribution is made. Information in the pay-record should include the employee's relevant income, the amount of contributions made and the date the contributions were paid to the scheme.

4 5. How are contributions for new employees calculated under the new law after February 01, 2003? Ans: For NEW employees with monthly or more-frequent payroll cycles, e.g., weekly or bi-monthly, the employee s contribution for the first incomplete payroll cycle immediately following the 30-day contribution holiday will be waived. Employer s contributions will continue to start from the first day of employment. Example: Mr. Ho begins his employment on 15 Feb 2003 with monthly payroll cycle. Mr. Ho can enjoy a 30-day contribution holiday (i.e., from Feb 15 to Mar 16) and he does not need to make a contribution for the first incomplete payroll cycle (i.e., Mar 17 to Mar 31) immediately following the 30-day contribution holiday. Hence, Mr. Ho starts his contribution on 01 April. Mr. Ho s contribution is waived for the first incomplete payroll cycle after the 30-day contribution holiday Mr. Ho enjoys a 30-day contribution holiday 15 Feb 28 Feb 17 Mar 31 Mar Employment Begins 31 st Day 6. If the employer is not satisfied with the performance of the MPF scheme, can the employer change schemes? Ans : Yes. The Employer has the right to switch to another MPF scheme and transfer the accrued benefits of the employees into that scheme. To start the transfer process, the employer should simply provide a written notice to the trustee of the new scheme. Upon receipt of the application, the new trustee will complete the transfer from the existing trustee.

5 7. What should the employer do if the employee ceases employment? Ans : When an employee ceases employment, the employer must give a written notice to the trustee of the scheme concerned no later than the 10th day after the month in which the employee concerned ceases employment. The employer may use the remittance statement to inform the trustee of the employee's cessation of employment and the date of cessation.. 8. What happens if the employer delays the payment of mandatory contributions for employees? Ans: According to the MPF Ordinance, an employer must submit the contributions to the trustee within 10 days after the end of the contribution period. If the employer cannot make the contribution on time, a surcharge will be incurred. The following is the calculation of the surcharge: Surcharge = Total Contribution (Employer + Employee) X 5% Frequently Ask Questions: Self-Employed Person 1. When should a self-employed person pay mandatory contributions? Ans: A self-employed person may choose to contribute on a monthly or yearly basis. On the other hand, the trustee will provide the Definition of Relevant Income for Self-Employed Person for the next financial year. The self-employed person should inform the scheme trustee of his/her election at least 30 days before the end of each financial year of the scheme. 2. How are the accrued benefits handled on ceasing to be Self-Employed? Ans: If the person ceases to be Self-Employed or becomes an employee, the member needs to inform the trustee and submit the termination notice. He/She may elect to retain the accrued benefits in the existing scheme or transfer the accrued benefits to the scheme in which the new employer is participating. Before the transfer takes place, the member needs to fill in an election form and submit it to the new employer or his/her trustee.

6 3. How should the Definition of Relevant Income for a Self-Employed Person be completed? Ans: There are four choices in the Definition of Relevant Income for Self-Employed Person to select. If the Self-Employed Person receives the most recent notice of assessment issued by the Commissioner of Inland Revenue, he should use assessable profits as the relevant income for mandatory contribution purposes. (Note: Self-Employed Person should submit the notice of assessment of for the contribution in 2004) If the Self-Employed Person does not produce evidence of his relevant income, he may: i. make mandatory contributions based on the maximum level of relevant income (i.e. mandatory contribution will be HK$1,000 a month or HK$12,000 a year). (Note: If you choose this option, you are not required to provide evidence of relevant income.) OR ii. declare his relevant income as an amount equal to his assessable profits for the preceding year of assessment calculated in accordance with Part IV of the Inland Revenue Ordinance under the following three circumstances: 1. The issue date of the most recent notice of assessment is more than two years from the date on which the notice is presented as evidence of relevant income; or 2. The latest tax assessment is objected by the Self-Employed Person or is under appeal; or 3. The evidence produced by the Self-Employed Person to the trustee of the MPF scheme concerned in relation to his relevant income does not consist of, or include, his most recent notice of assessment. iii. take the prevailing basic allowance within the meaning of Section 28 of the Inland Revenue Ordinance as his relevant income if the Self-Employed Person satisfies the trustee of the scheme concerned that he us unable to provide evidence of relevant income.

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