Sunplex Consultants Limited

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• Abolition of MPF Offsetting Arrangement (to be implemented in 2025) The Legislative Council passed the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 on 9 June 2022 to abolish the use of the accrued benefits of employers' mandatory contributions under the Mandatory Provident Fund (MPF) System to offset severance payment (SP) and long service payment (LSP) (the MPF offsetting arrangement). The Government will implement the abolition of the MPF offsetting arrangement in tandem with the full operation of the eMPF Platform of the Mandatory Provident Fund Schemes Authority not later 2025.
• Statutory Minimum Wage (SMW) has come into force since 1 May 2011. With effect from 1 May 2023, the SMW rate is raised to $40 per hour. The monthly monetary cap on the requirement of employers recording the total number of hours worked by employees is also uprated to $16,300.

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