The government has proposed to raise the maximum monthly contribution to the Mandatory Provident Fund by a quarter to HK$1,250. This means about 514,000 people who earn HK$25,000 or more will have to pay an additional HK$250 a month from June next year. The government is also proposing to raise the minimum income threshold for mandatory contributions. From November this year, people who earn less than HK$6,500 per month will not need to contribute to the pension fund – up from the current level of HK$5,000. This will affect about 180,000 people. The government said the move was made in the wake of the implementation of the Statutory Minimum Wage.
Higher MPF contributions proposed