Who are exempt from MPF?
The following are exempt persons who are not required to join an MPF scheme:
- employees and self-employed persons who are under 18 or over 65 years of age.
- domestic employees.
- self-employed hawkers.
- people covered by statutory pension or provident fund schemes, such as civil servants and subsidized or grant school teachers.
What is MPF exempted ORSO scheme?
The MPF Exempted ORSO Schemes Register (“Register”) is a database of occupational retirement schemes (“ORSO Schemes”) for which exemption from MPF requirements has been granted by the Mandatory Provident Fund Schemes Authority (“MPFA”).
Is Provident Fund taxable in Hong Kong?
except the exempt persons under the Mandatory Provident Fund Schemes Ordinance are required to participate in an MPF Scheme. monthly contributions. ✧ The employer’s contributions to the MPF Scheme, when paid, do not constitute income of the employee for tax purposes.
Is MPF contribution taxable?
Initial or special contributions by employer to the MPF scheme are deductible under Profits Tax at an even rate over 5 years commencing in the year of payment. The employer has made regular and voluntary contributions for its employees to the MPF scheme for each year of assessment.
Can I withdraw Orso?
You can apply to withdraw your minimum MPF benefits on the following grounds: Retirement (i.e. you reach the retirement age of 65) Early retirement (i.e. you reach the age of 60 and have permanently ceased all employment and self-employment with no intention of becoming employed or self-employed again) Total incapacity.
Is MPF compulsory?
Employees and employers are both required to make mandatory contributions of 5% of the employee’s relevant income into the employee’s MPF account, subject to the minimum and maximum relevant income levels. Employers must make mandatory contributions for their employees with their own funds.
Is MPF taxed?
Upon withdrawal of MPF by scheme members, the sum derived from mandatory contributions is not taxable. Generally, when employees withdraw their MPF derived from voluntary contributions, only the voluntary contributions made by their employers may be taxable (depending on the circumstances and timing of the withdrawal).