Latest Schedule for MPF Scheme and Trustee Onboarding to the eMPF Platform

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) (MPF offsetting arrangement). The Government has announced that the abolition of MPF offsetting arrangement will take effect on 1 May 2025.

Statutory Minimum Wage

Statutory Minimum Wage (SMW) has come into force since 1 May 2011. With effect from 1 May 2025, the SMW rate is raised to $41.2 per hour.

The monthly monetary cap on the requirement of employers recording the total number of hours worked by employees is also uprated to $17,200.