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MPFA Consults LAB on Proposed Upward Tweak of Upper/ Lower Limits of Contribution Income by $3,000: Sources
Recommend 7 Positive 4 Negative 3 |
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The Mandatory Provident Fund Schemes Authority (MPFA), having consulted representatives of both employers and employees recently, proposed initially that the minimum level of relevant income for MPF contributions will be increased from $7,100 to $10,100, and the maximum level be increased from $30,000 to $33,000, according to sources quoted by Ming Pao. If the proposal is implemented accordingly, i.e. employees earning a monthly income of less than $10,100 will not be required to make any MPF contributions, while their employers are required to make contributions of 5%. Meanwhile, the maximum monthly contribution limit for each of the employers and employees be increased from $1,500 to $1,650. Tam Kam Lin, Employee Representatives of Labor Advisory Board (LAB), said that the upper and lower limits have not been adjusted for many years and are seriously stagnated, and agreed that they should be adjusted upwards, adding that recent proposal is only a nominal increase. AAStocks Financial News |
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