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MPF
The MPF System is set up to help Hong Kongs workforce save up for their retirement. It is one of the three pillars for old age protection in Hong Kong, complementing a social safety net and private savings and insurance. The MPF system requires that employers and employees put 5% of the relevant employees income as mandatory contributions to the MPF trustees each month. The minimum and maximum level of relevant income for MPF contributions is HK $7,100 and HK $30,000 respectively. While the mandatory contributions for employers and employees are capped at HK $1,500. Employers, employees and self-employed people may choose to make additional tax-deductible MPF contributions. The tax relief cap of this type of contributions is HK $60,000.

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