- Latest MPF news
- MPF news archives 2021
- MPF news archives 2020
- MPF news archives 2019
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- ORSO news archives 2020
Contribution arrangement in April 2021 (22 March 2021)
Easter long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline (12 April 2021). For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for ensure the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority shall prevail for any information on MPF system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant MPF Scheme Brochure.
Contribution arrangement in April 2021 (22 March 2021)
Easter long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline (12 April 2021). For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for ensure the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
General notice to MPF scheme participants regarding the Executive Order 13959 (11 March 2021)
HSBC Provident Fund Trustee (Hong Kong) Limited (the “Trustee of the HSBC MPF scheme”) is committed to observing applicable legal and regulatory requirements. In respect of the Executive Order 13959 (as amended) signed by the former President of the United States of America "Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies" (“Executive Order”), because the prohibitions under the Executive Order apply to the activities of United States persons (as per the Executive Order), at this time the Trustee of the HSBC MPF scheme does not view the Executive Order as impacting its abilities to continue to hold or invest in the securities targeted by the Executive Order prohibitions (“impacted securities”) in the MPF scheme as a matter of US sanctions law. United States persons, however, may be prohibited under US law from engaging in certain transactions with the MPF scheme as a result.
MPF scheme participants (“Participants”) who fall under the category of United States person should, however, take note that some of our constituent funds, particularly those with the investment objective and exposure to investments in Asian, China and Hong Kong markets, may result in having an investment exposure to the impacted securities and therefore may not be appropriate for United States persons to invest in as a result of the Executive Order. Participants may wish to visit the United States Department of Treasury website for additional information and are reminded to perform your own due diligence and seek professional advice where necessary for taking appropriate action to avoid violation of any applicable laws and regulations (including the Executive Order).
Issued by The Hongkong and Shanghai Banking Corporation Limited and HSBC Provident Fund Trustee (Hong Kong) Limited
Note: Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the Scheme Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus.
The latest edition of the "HSBC Retirement Monitor" is published (8 March 2021)
The latest edition of "HSBC Retirement Monitor* (March 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for February 2021 (25 January 2021)
Chinese New Year long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure you allow sufficient time for ensure the remittance statements and/or cheques to reach HSBC MPF on or before the contribution deadline.
- The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
- The second tranche of Employment Support Scheme (31 August 2020)
- Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
- Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
- Guaranteed Interest Rate for the new financial year (30 June 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
- Supplement information of Employment Support Scheme (ESS) (20 May 2020)
- Employment Support Scheme (ESS) (13 May 2020)
- Contribution arrangement for Apr 2020 (28 April 2020)
- Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
- New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
- Implication of the Coronavirus - updated market insights (27 March 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
- HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
- New HSBC MPF mobile services! (15 January 2020)
The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
The latest edition of "HSBC Retirement Monitor* (December 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
The latest edition of "HSBC Retirement Monitor* (September 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The second tranche of Employment Support Scheme (31 August 2020)
The second tranche of the Employment Support Scheme (“ESS”) is open for application during 31 August – 13 September 2020. In order to enable employers to obtain the relevant information conveniently, we have prepared frequently asked questions and points-to-note about the second tranche of ESS for your reference.
For more details related to ESS, such as the eligibility and application process, you can contact the ESS hotline on 1836-122 or through email at enquiry@employmentsupport.hk.
Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
As informed by Hang Seng Investment Management Limited, Hang Seng Indexes Company Limited (‘HSIL’) will implement the following index changes (collectively, the ‘Index Changes’) to be effective from 7 September 2020 (the ‘Effective Date’) on the Hang Seng Index (the ‘HSI’) and/or the Hang Seng China Enterprises Index (the ‘HSCEI’):
- adding weighted voting right companies (‘WVRs’) and secondary-listed companies into the respective universe of the HSI and the HSCEI;
- updating the index methodology in respective of constituent weighting and freefloat shares;
- removing special requirement for H-shares companies inclusion to the HSI universe; and
- removing the additional eligibility criteria on Red-chips and P-chips for joining the HSCEI
For further information including the announcement and the offering documents of the underlying Hang Seng Index ETF and Hang Seng China Enterprises ETF (for which the Hang Seng Index Tracking Fund and Hang Seng China Enterprises Index Tracking Fund are directly investing into respectively), you may visit the Investment Manager’s website www.hangsenginvestment.com. Please be reminded that such revised offering documents will be available on or after the Effective Date.
In addition, HSIL announced the quarterly review results of HSI and HSCEI recently. For the details including the constituent movement and changes in sector allocation that will take effect from the Effective Date, you may visit HSIL’s website www.hsi.com.hk.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Guaranteed Interest Rate for the new financial year (30 June 2020)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2020 to 30 June 2021. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
The latest edition of "HSBC Retirement Monitor* (June 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Supplement information of Employment Support Scheme (ESS) (20 May 2020)
ESS - MPF
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Eligibility
Employers
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees or have contributed to MPF-Exempted ORSO scheme
- With an MPF scheme set up on or before 31 March 2020
Employees
- Relevant employees with fully paid employer mandatory contributions
- Aged 65 or above members with employer voluntary contributions
- With the MPF accounts set up on or before 31 March 2020
Self-employed person (“SEP”)
- With an active MPF accounts set up on or before 31 March 2020
Exclusions
- HKSAR, Statutory bodies, Public Organisations, Government-owned Companies, Subvented Organisations, etc
- Have applied for subsidies under Catering Business (Social Distancing) Subsidy Scheme
- Casual Employees
- Exempted members (including aged below 18 or Expatriate)
How to calculate the subsidy amount?
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy HKD7,500
Payment made in two tranches:
- 1st payment will be received in three to four weeks after application. Online applications via the official ESS portal will start on 25 May till 14 June 2020.
- 2nd payment (To be announced by the Policy Innovation and Coordination Office (“PICO”)).
The first tranche application details
Employers
- Online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- Employers submit to the ESS processing agent the online application form (including the undertaking, consent, authorisation and bank account information) via the official ESS portal.
- Employers can choose any one month between December 2019 to March 2020 as the “specified month” in his application as a reference point for calculating the amount of ESS subsidy which cannot be changed once chosen.
- Employees with default mandatory contributions, if applicable, (excluding surcharges) have to be settled on or before 7 May 2020 in order to be entitled to the subsidy.
- Processing agent vet and process application forms and request trustees to issue them the “MPF record certificate” of the “specified month” chosen by employers
- Processing agent calculate the subsidy amount and inform the Treasury to make payment to employers.
- Payment will be paid to the employer in a lump sum in three to four weeks after application which can subsidise their payment of staff wages from June to August 2020.
Self-employed person (“SEP”)
- online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- SEP submit online applications (including the undertaking, consent, authorisation and bank account information) to the ESS processing agent via the official ESS portal
- A one-off lump sum subsidy of HKD7,500 will be granted to SEPs in three to four weeks after application.
1st tranche |
Key dates |
---|---|
MPF accounts set up | On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Cutoff date of account status | 7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application |
1st tranche |
MPF accounts set up |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Cutoff date of account status |
Key dates | 7 May 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates |
In three to four weeks after application |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
ESS – ORSO
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job.
Employer Obligations:
- not to implement redundancy during the subsidy period and,
- to spend all the ESS subsidy on paying wages to their eligible employees and,
- to make a self-declaration to confirm that all information provided in the application is true, complete and accurate, including that the application covers only eligible employees
Eligibility
- Employers who have set up MPF-exempted ORSO schemes, including (i) ORSO registered schemes; or (ii) ORSO exempted schemes, (“ORSO schemes”) for their employees who have been members of the ORSO schemes on or before 31 March 2020 will be eligible to apply
- Eligible ORSO employers may apply for ESS in respect of their employees who are members of ORSO schemes with HKID, except for fully subvented staff in government funded organisations, dedicated (full-time) staff employed by outsourced service contractors/consultants of the Government or of statutory bodies mainly staffed by government employees to work for these contracts, and dedicated (full-time) staff engaged by organisations to provide services under various government funding schemes
Application
- Application for the 1st tranche will start from 25 May 2020 to 14 June 2020, subsidizing wages for June to August 2020. Application for the 2nd tranche will be announced by the Policy Innovation and Coordination Office (“PICO”)
- The ORSO employer shall submit to the processing agent the ESS application form, which should include the following information
○ Company name and address
○ business registration number or registration number under the Societies Ordinance or any other identifier where appropriate and a copy
○ ORSO registration/ exemption number(s)
○ MPF exemption number(s)
○ Name of ORSO scheme(s)
○ copy of the MPF exemption certificate(s)
○ name and contact information of the ORSO administrator(s)
○ actual remuneration of each ORSO employee in the “specified month”, and the headcount as at end March 2020 in an Excel template in the prescribed format that can be downloaded from the ESS application portal
○ bank account name and number of the employer, together with a copy of the bank statement showing the exact same details
○ details and contact information of the authorised signer
○ an undertaking and a self-declaration on the Employer obligations - The processing agent may schedule an appointment with the ORSO employer to conduct on-site checking to verify that the information reported in the templates are supported by appropriate documents. The ORSO employers must therefore keep all relevant documents (such as bank auto-pay payroll, pay list, or ORSO scheme contribution statement) which can provide solid evidence to the information reported in the application.
- To facilitate post-application auditing, the ORSO employers shall, for a period of two years commencing from the date of application for the ESS, keep true copies of the supporting documents submitted in making the application, as well as the latest annual return/actuarial certificate for ORSO registered scheme or the latest annual membership statement/documentary evidence for ORSO exempted scheme, and make them available for inspection by the Government or its agent within 14 days upon the latter’s request.
How to calculate the subsidy and when payment is made
- The ORSO employers can choose any one month from December 2019 to March 2020 as the “Specified month” for calculation of the subsidy amount.
- 50% of the actual remuneration paid to its ORSO employees in a “specified month”, with a cap at $18,000 per month.
- The maximum subsidy per employee per month is $9,000 if he earns $18,000 or more.
- Payment will be made in 2 tranches.
1st tranche |
Key dates |
---|---|
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
1st tranche |
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
Employment Support Scheme (ESS) (13 May 2020)
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Latest news
- Application for 1st tranche will start from 25 May 2020– application window is 3 weeks, subsidising wages for June to August 2020.
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees under MPF Ordinance definition, including the Age 65 or above employee who has MPF contribution accounts (with Employer Voluntary Contributions) are eligible to apply for ESS.
- All Self-employed person (“SEP”) with an MPF account set up on or before 31 Mar 2020 are eligible.
- Payment will be made in 2 tranches.
- MPF accounts that have already been set up on or before 31 March 2020 are eligible.
- It is expected that the release of subsidy for the 1st tranche will be around 3 to 4 weeks after submission of applications. The 1st tranche of payment could be received around end of June 2020.
- “Specified month” for the calculation of subsidy amount includes December 2019, i.e. Employer can choose from any one month from December 2019 to March 2020 for calculation of the subsidy amount.
- Self-employed person who has an MPF account on or before 31 March 2020 will be eligible for an one-off lump-sum subsidy of HKD 7,500.
How to calculate the subsidy and when payment is made
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at
HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy of HKD7,500.
Payment made in 2 tranches:
- 1st payment could be received around end of June 2020. Online applications via the official ESS portal will start on 25 May 2020.
- 2nd payment (To be announced by the Government).
1st tranche | Key dates |
---|---|
MPF accounts set up |
On or before 31 March 2020 |
Application opens | 25 May 2020 (for 3 weeks) |
Cutoff date of account status |
7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Payment date |
June 2020 (expected) |
1st tranche |
MPF accounts set up |
---|---|
Key dates | On or before 31 March 2020 |
1st tranche | Application opens |
Key dates | 25 May 2020 (for 3 weeks) |
1st tranche |
Cutoff date of account status |
Key dates |
7 May 2020 |
1st tranche | Specified month |
Key dates | Any one month from December 2019 to March 2020 |
1st tranche | Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Payment date |
Key dates | June 2020 (expected) |
*Key dates of 2nd tranche will be announced by the Government.
For details, please refer to the press release published by the Government.
Contribution arrangement for Apr 2020 (28 April 2020)
Long holidays is coming soon. There are only 6 business days (i.e. 4th, 5th, 6th, 7th, 8th and 11th) from the 1st day of the month to the contribution day (i.e. 11th May 2020). Employers are reminded to submit remittance statement and make contribution payment earlier, before the contribution day on 11th May 2020. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient time to ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
The 2019-20 Good MPF Employer Award, organized by the Mandatory Provident Fund Schemes Authority (MPFA), will be open for applications and nominations from 1 April to 30 June 2020. Launched in 2015, the annual Award aims to recognize employers that are committed to enhancing the retirement benefits of their employees. Now in its sixth year, the response from the businesses have been encouraging with nearly 1,800 companies and organizations being honoured as “Good MPF Employers”.
To specially commend employers that have made continuous efforts to enhance retirement protection of their employees, employers who fulfil the relevant requirements will be presented with one or both of the following NEW awards:
- Good MPF Employer 6 Years
Employers receiving the Good MPF Employer Award for six consecutive years. - Best All-round MPF Employer
Employers fulfilling ALL five criteria below:
(1) Received the Good MPF Employer 6 Years;
(2) Offered more than one MPF scheme;
(3) Offered MPF voluntary contributions for selected or all of their employees;
(4) Received the e-Contribution Award; and
(5) Received the MPF Support Award.
This year, the Award covers the period from 1 April 2019 to 31 March 2020. Employers wishing to apply for the Award can simply submit an application online on the MPFA’s Good MPF Employer Award website. Employers can also submit their applications by email, fax or post. Employees are also welcome to nominate their employers by submitting a nomination form.
The MPFA will present Award Certificates to the awardees, and upload the awardees list on the MPFA website with an aim to recognize these companies for their exemplary efforts. They will also be invited to MPFA events and will receive the latest MPFA updates. Awardees are also entitled to use the Award Logo on their website and promotional materials until 30 September 2021. The MPFA will also invite the awardees to share their experience with the public through various promotional channels!
Please apply now and be a Good MPF Employer for 2019-20! For more details, please refer to the MPFA’s Good MPF Employer Award website.
The above information is provided by the Mandatory Provident Fund Schemes Authority.
New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
With effect from 31 March 2020, the Principal Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus has been amended and renamed as the MPF Scheme Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘MPF Scheme Brochure’). This new MPF Scheme Brochure has been updated in several aspects with the key highlights as below:
(a) physical attributes: change into an A4-sized booklet with bigger font sizes;
(b) content:
i. expand the scope of risk disclosure by assigning ‘Risk class’ on top of existing ‘Risk rating’ and listing all the risk factors applicable to each Constituent Fund;
ii. adopt a one month notice period or, if the MPFA and/or the SFC may require a notice period of up to three months in case of any material changes to an investment objective or any other particular ;
iii. simplify the disclosure of the Hang Seng Index Tracking Fund and the Hang Seng China Enterprises Index Tracking Fund;
(c) writing style: update in an easy-to-understand and concise manner to enhance readability and clarity.
‘Risk class’ is a newly added 7-point risk classification scale applicable to all MPF constituent funds so as to facilitate scheme members to compare the risk level of constituent funds across different MPF schemes. It is based on the existing risk indicator information, ie. the annualised standard deviation of the monthly rates of return over the past three years of the Constituent Funds, which is already available on the Fund Fact Sheet. The existing ‘Risk rating’ information of the Constituent Funds will continue to be provided. It is defined using a 5-point risk scale and is derived based on a combination of quantitative and qualitative risk factors including price volatility, asset allocation and liquidity (with exception to DIS Constituent Funds with additional consideration based on the available historical data of the funds and the respective underlying indices of the industry recognised reference portfolio of the funds). For more details about the difference between ‘Risk class’ and ‘Risk rating’, please refer to ‘Glossary‘ under ‘Important information’ on the HSBC MPF website.
To learn more about the changes, please refer to the notice and the MPF Scheme Brochure.
Implication of the Coronavirus - updated market insights (27 March 2020)
To read about the latest analysis and view from our investment manager - HSBC Global Asset Management whilst the world is battling with the Coronavirus, please click here to visit their ‘News and insights’ dedicated page.
The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
The latest edition of "HSBC Retirement Monitor* (March 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
HSBC MPF won two recognitions from ‘2020 The MPF Awards’ by MPF Ratings Limited1. This demonstrates that the HSBC MPF scheme delivered outstanding performance across different aspects, including fund investment performance, management fees, customer service, member education, administration efficiency and good governance, etc The awards that HSBC MPF received are:
- MPF Ratings’2020 Gold Rated Scheme (for 4th consecutive year)
- MPF Ratings’2020 Good Governance (For the second time)
The above awards are the result from an independent assessment agency which undertook comprehensive and in-depth research and assessment on each of the MPF providers. Our achievement of the gold rating is a reflection of HSBC MPF scheme providing best-in-class offerings to our customers. Our MPF scheme has also been rated as ‘excellent’ on the facet of ‘Management fee competitiveness’ and ‘Fund Expense Ratio competitiveness’ respectively. HSBC MPF is one of the seven schemes in the market which achieved this rating on these two assessment criteria.
1 Source: MPF Ratings. ‘2020 The MPF Awards’ is organised by MPF Ratings Limited which is a foremost independent provider of pension research. This award is by MPF Ratings Limited, the award results and rating were based on their assessment criteria. For the awardee, assessment criteria/methodology, please refer to www.mpfratings.com.hk/ratings-and-awards/.
New HSBC MPF mobile banking services! (15 January 2020)
MPF features have been brought to HSBC HK Mobile Banking app! You can now manage your MPF account via the app. Download or update the latest version and experience the below key new features now:
- View MPF account balances and asset distribution
- Look over MPF constituent funds cumulative performance
- Straight through fund switching instruction
You can click here to learn more about the HSBC HK Mobile Banking app.
- Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on cut-off arrangement for new member account setup (17 December 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (2 December 2019)
- Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on the changes in tax legislation (27 November 2019)
- New Retirement Planner - plan better by answering 6 simple questions!(18 October 2019)
- HSBC 'MPF/ORSO' webpages have moved (27 September 2019)
- Contribution arrangement for September 2019 (24 September 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (2 September 2019)
- The latest issue of the ‘Member Information’ is published (16 August 2019)
- The HSBC Mandatory Provident Fund – ValueChoice (the ‘HSBC ValueChoice‘) has been merged into the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘HSBC SuperTrust Plus‘) (1 July 2019)
- Temporary suspension on some of the MPF services due to the HSBC MPF scheme mergers (3 June 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (3 June 2019)
- Contribution arrangement for May 2019 (30 May 2019)
- Notice and supplement to 'Principal Brochure' to the HSBC Mandatory Provident Fund - ValueChoice in relation to the changes to the Hang Seng China Enterprises Index (24 May 2019)
- Unveiling our HSBC MPF WeChat Official Account (17 May 2019)
- MPFA Good MPF Employer Award 2018-19 is now for application (14 May 2019)
- Notices to Scheme Participants in relation to various changes to HSBC MPF Schemes (30 April 2019)
- Unveiling our new MPF publications (12 April 2019)
- Free seminar on Consolidation of HSBC MPF Schemes (3 April 2019)
- Supplements to 'Principal Brochure' for HSBC MPF schemes in relation to the tax deductible voluntary contributions (1 April 2019)
- Update on the HSBC Mandatory Provident Fund – ValueChoice will be merged into the HSBC Mandatory Provident Fund - SuperTrust Plus (25 March 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (4 March 2019)
- Update of risk rating for Hang Seng Index Tracking Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice (28 February 2019)
- Contribution arrangement for January 2019 (23 January 2019)
Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on cut-off arrangement for new member account setup (17 December 2019)
Starting from 1 January 2020, HSBC Mandatory Provident Fund – SuperTrust Plus will become reporting financial institution under Inland Revenue Ordinance (Cap. 112) (‘the Ordinance’). To comply with the Ordinance, when enrolling MPF scheme/accounts, members have to provide tax residency self-certification for new member account setup on or after 1 January 2020.
As such, member application forms have been updated for members to provide tax residency self-certification and are now ready for download on the HSBC MPF website. You are highly recommended to have your request/instruction submitted by using updated form(s) from now on.
If a valid request/instruction using the old version of form is submitted after the below cut-off dates, according to the time required for the relevant request/instruction to be processed in the normal business manner, such request/instruction may be processed on or after 1 January 2020 and follow up action may be required because of missing/incomplete tax residency self-certification, which will have adverse effect on the member account opening/contribution processing.
Request/Instruction |
Received on or before |
---|---|
New Member Account Setup via Member Application Form |
20 December 2019 |
New Member Account Setup via Contribution Submission |
Via paper form: 20 December 2019 Via electronic channel (other than Business Internet Banking and HR software): 24 December 2019 Via electronic channel (Business Internet Banking and HR software): 30 December 2019# |
Request/Instruction |
New Member Account Setup via Member Application Form |
---|---|
Received on or before |
20 December 2019 |
Request/Instruction |
New Member Account Setup via Contribution Submission |
Received on or before |
Via paper form: 20 December 2019 Via electronic channel (other than Business Internet Banking and HR software): 24 December 2019 Via electronic channel (Business Internet Banking and HR software): 30 December 2019# |
# with earliest DDA date on or before 31 December 2019
The respective cut-off dates in the table above were determined by reference to the time required for the relevant request/instruction to be processed in the normal business manner.
The latest edition of the "HSBC Retirement Monitor" is published (2 December 2019)
The latest edition of "HSBC Retirement Monitor* (December 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on the changes in tax legislation (27 November 2019)
Automatic Exchange of Financial Account Information (‘AEOI’) in tax matters will take effect on 1 January 2020. HSBC Mandatory Provident Fund - SuperTrust Plus, which is a Hong Kong financial institution for AEOI purposes, will be required to identify its scheme participants’ tax residency and will disclose the information to the Hong Kong Inland Revenue Department only if it is legally obliged to do so.
For further details in relation to the AEOI, please refer to the notice to scheme participants, supplement to the ‘Principal Brochure’ and the ‘Frequently Asked Questions’.
Likewise, relevant forms will be amended to reflect the changes and will be posted on the HSBC MPF website in or around mid-December 2019.
New Retirement Planner - plan better by answering 6 simple questions! (18 October 2019)
HSBC MPF has launched a new Retirement Planner which serves as a DIY tool for you to better plan for your retirement.
The major improvements of this new calculator over the old one are:
- Better interface and simpler to use - answer 6 questions and the calculator will provide projected retirement outcomes for you;
- Simple to understand – the results are shown as a range of projected outcomes under different scenarios rather than a single deterministic number;
- Ability to adjust on the fly - on the result page, you can adjust the input parameters, such as retirement age, monthly saving, etc. and the results will be updated instantly - you can easily adjust your plan to achieve the desired projected outcome;
- Cater for different risk appetite – the new calculator allows you to specify your risk appetite to drive the underlying investment assumption for the projected outcomes.
Check out the new Retirement Planner by clicking here and start planning for your desired retirement life!
HSBC 'MPF/ORSO' webpages have moved (27 September 2019)
Starting from 30 September 2019, the webpages of HSBC 'MPF/ORSO' will be moved from the ‘Insurance’ section of the HSBC’s website to the ‘Banking’ section of the website. If you would like to visit the HSBC 'MPF/ORSO' webpages through the homepage of HSBC website, please select ‘Explore MPF/ORSO service’ under the ‘Banking’ section. The web address (URL) of the webpages remain unchanged, and you can continue visiting the HSBC 'MPF/ORSO' webpages via the web address www.hsbc.com.hk/mpf.
Contribution arrangement for September 2019 (24 September 2019)
Long holidays is coming soon. There are only 6 business days (i.e. 2nd,3rd, 4th, 8th, 9th and 10th of October) from the first day of the month to the contribution day (i.e. 10 October 2019). Employers are reminded to submit remittance statement and make contribution payment before the contribution day that commence on 10th October 2019. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient mail delivery time. Ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
The latest edition of the "HSBC Retirement Monitor" is published (2 September 2019)
The latest edition of "HSBC Retirement Monitor* (September 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest edition of the "HSBC Retirement Monitor" is published (2 September 2019)
The latest edition of "HSBC Retirement Monitor* (September 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest issue of the ‘Member Information’ is published (16 August 2019)
The August 2019 Edition of ‘Member Information’ is now available on HSBC MPF website. In this edition, we would like to share with you updates of HSBC MPF including:
- MPF awards
- Merger of HSBC MPF schemes and reduction in management fees
- HSBC MPF WeChat Official Account
- Unveiling our new MPF publications
- Tax Deductible Voluntary Contributions (TVC)
- Keep your contact details updated with us
- Upgraded MPF Fund Platform helps scheme members select value-for-money funds
- Guaranteed interest rate
For details, please click here for the latest ‘Member Information’.
The HSBC Mandatory Provident Fund – ValueChoice (the ‘HSBC ValueChoice‘) has been merged into the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘HSBC SuperTrust Plus‘) (1 July 2019)
The HSBC Mandatory Provident Fund – ValueChoice (the ‘HSBC ValueChoice‘) has been merged into the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘HSBC SuperTrust Plus‘) with effect from 1 July 2019. Six new constituent funds were launched to the HSBC SuperTrust Plus by replicating the corresponding constituent funds in the HSBC ValueChoice and increasing the total number of fund choices in the HSBC SuperTrust Plus from 14 to 20.
The management fees of the North American Equity Fund and the European Equity Fund under the HSBC SuperTrust Plus have been reduced from 1.35% per annum of Net Asset Value to 1.30% per annum of Net Asset Value from 1 July 2019 onwards as well.
For the details of the above, please refer to the supplement to the ‘Principal Brochure’.
Moreover, the Guaranteed Interest Rate for the Guaranteed Fund available under HSBC SuperTrust Plus is 0.15% per annum in the scheme financial period from 1 July 2019 to 30 June 2020. Please refer to the below for full details of the guarantee features and Guarantee Conditions:
- 'Guarantee features' section under 'Guaranteed Fund' in Part II – Fund Structure of the HSBC SuperTrust Plus ‘Principal Brochure’ issued on 1 November 2018; and
- First Supplement to the HSBC SuperTrust Plus ‘Principal Brochure’ issued on 1 April 2019.
You may like to take this opportunity to review your investment option instruction and make the most suitable investment options that fit your circumstances.
Temporary suspension on some of the MPF services due to the HSBC MPF scheme mergers (3 June 2019)
With effect from 1 July 2019, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be merged into the HSBC Mandatory Provident Fund – SuperTrust Plus ("SuperTrust Plus").
For ValueChoice members: To facilitate the merger exercise, dealing instruction and enquiry through the HSBC Personal Internet Banking and interactive voice response system will be suspended temporarily from 4pm 27 June 2019 till 11:59pm 1 July 2019 (excluding enquiry of "Portfolio Projection on MPF Benefits" on HSBC Personal Internet Banking).
For SuperTrust Plus members: The relevant services on HSBC Personal Internet Banking and interactive voice response system will not be affected.
For details of the HSBC MPF scheme mergers, please refer to the scheme participants’ notice and frequently asked questions.
The latest edition of the "HSBC Retirement Monitor" is published (3 June 2019)
The latest edition of "HSBC Retirement Monitor* (June 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for May 2019 (30 May 2019)
Long holidays is coming soon. There are only 5 business days (i.e. 3rd, 4th, 5th, 6th and 10th of Jun) from the first day of the month to the contribution day (i.e. 10 June 2019). Employers are reminded to submit remittance statement and make contribution payment before the contribution day that commence on 10th June 2019. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient mail delivery time. Ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
Notice and supplement to 'Principal Brochure' to the HSBC Mandatory Provident Fund - ValueChoice in relation to the changes to the Hang Seng China Enterprises Index (24 May 2019)
Hang Seng Indexes Company Limited has announced to enhance the Hang Seng China Enterprises Index (the ‘Relevant Index’) starting from 17 June 2019, changes include the limit on the number of Red-chip and P-chip constituents of the Relevant Index will be removed. .
Currently, the investment objective of the Hang Seng China Enterprises Index Tracking Fund (the ‘Relevant Constituent Fund’) and its underlying fund, i.e. Hang Seng China Enterprises Index ETF is to match as closely as practicable the performance of the Relevant Index. Notwithstanding the mentioned index enhancements, there will be no change in the investment objective and policy to the Relevant Constituent Fund.
For details of the index enhancements, please refer to the notice to scheme participants and the supplement to the 'Principal Brochure'.
Unveiling our HSBC MPF WeChat Official Account (17 May 2019)
HSBC MPF brings you a brand new self-service experience by extending our service to WeChat platform. Key highlights of our WeChat account includes:
- Virtual Assistant ‘Emma’ to provide answers for general enquiry anytime, anywhere
- Easy access to HSBC MPF information and latest updates
- Tips on MPF account management and retirement planning
- Available on both Android and iPhone platforms
Act now! Search WeChat ID “HSBCMPF” to follow our HSBC MPF WeChat Official Account! For further details, please refer to HSBC MPF WeChat Official Account dedicated page.
MPFA Good MPF Employer Award 2018-19 is now for application (14 May 2019)
The Mandatory Provident Fund Schemes Authority ('MPFA') organises an annual Good MPF Employer Award to promote and foster employers' compliance with MPF legislation, encourage employers to provide better retirement benefits for their employees and recognise employers who are exemplary in enhancing the retirement benefits of their employees. Awardees will receive Award certificate from the MPFA and be entitled to use the Award logo. Awardees' names will be published on the MPFA website for public's reference.
Good MPF Employer Award is marking fifth anniversary this year, in addition to the existing “e-Contribution Award” and “MPF Support Award”, two new awards will be introduced this year. Employers who fulfil the relevant requirements will be presented with one or both of the following awards:
- Good MPF Employer 5 Years Award
Employers who have received a Good MPF Employer Award for five consecutive years - MPF Excellent Employer
Of the employers eligible for the Good MPF Employer 5 Years Award, those who have offered more than one Mandatory Provident Fund (MPF) scheme and MPF voluntary contributions for all of their employees during the 2018-19 financial year
The Good MPF Employer Award 2018-19 is now open for application and nomination, interested employers should submit the completed application form to the MPFA no later than 30 June 2019. Employees may also nominate their employers for the Award. For details on the privileges, eligibility and application of the Award, please visit the MPFA's Good MPF Employer Award website at www.mpfa.org.hk/goodMPFemployer.
Notices to Scheme Participants in relation to various changes to HSBC MPF Schemes (30 April 2019)
HSBC MPF always strive to deliver high level of MPF products and services at all times, therefore, we are pleased to announce that there are several initiatives have been / will be effected.
- The tax deductible voluntary contributions (‘TVC’) has been effected on 1 April 2019. MPF voluntary contributions made in a TVC account set up by members of the HSBC Master Trusts can enjoy certain tax concessions designed to enable members to meet the long-term saving objective for retirement protection.
- The management fees of the North American Equity Fund and the European Equity Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus (‘HSBC SuperTrust Plus’) will be reduced from 1.35% pa of NAV to 1.30% pa of NAV from 1 July 2019 onwards.
- Subject to the HSBC Mandatory Provident Fund – ValueChoice being successfully merged with the HSBC SuperTrust Plus from 1 July 2019, six new Constituent Funds will be established under the HSBC SuperTrust Plus with effect from the same date.
For the details of the above, please click TVC, Management Fee Reduction and New Constituent Funds for the notices to scheme participants.
Unveiling our new MPF publications (12 April 2019)
HSBC MPF strives to provide the best customer experience therefore we have revamped the MPF publications. The new publications take effect from 1 April 2019, aim at using simple and easy-to-understand language to introduce HSBC MPF product and service offerings. What’s more, the new publications also included information of the recently launched Tax Deductible Voluntary Contribution.
The new publications listed below are now available in designated HSBC branches and on HSBC MPF website, you can click here to check them out!
Employer Service Guide – an administrative and service handbook for our employers
Member Service Guide – a servicing handbook for our members to get the most from the services provided by HSBC MPF
HSBC MPF Overview – an introduction on the MPF schemes to all participants
Service Channel Guide – a step-by-step guide to direct our members how to engage different service channels
Free seminar on Consolidation of HSBC MPF Schemes (3 April 2019)
Subject to relevant regulatory approval, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be consolidated into the HSBC Mandatory Provident Fund - SuperTrust Plus ("SuperTrust Plus") with effect from 1 July 2019 (“the Merger”). If you would like to learn more about the scheme consolidation, a seminar will be held at 1:45pm on 18 May 2019 at the Hong Kong Convention and Exhibition Centre. To register your attendance, please enter into our event information page, then click on the ‘Register Now’ button, and select Seminar 2 (‘S2’) to confirm your attendance. Seats are limited and available on a first-come-first-served basis. We look forward in seeing you there.
Note: each person is eligible to register for a maximum of one Seminar and one workshop.
Supplements to 'Principal Brochure' for HSBC MPF schemes in relation to the tax deductible voluntary contributions (1 April 2019)
The tax deductible voluntary contributions (‘TVC’) takes effect on 1 April 2019. MPF voluntary contributions made in a TVC account set up by members of the HSBC Master Trusts can enjoy certain tax concessions designed to enable Members to meet the long-term saving objective for retirement protection.
For further details, please visit our designated TVC webpage. You may also click here for the supplement to the 'Principal Brochure' and the ‘Frequently Asked Questions’ in relation to the TVC.
Update on the HSBC Mandatory Provident Fund – ValueChoice will be merged into the HSBC Mandatory Provident Fund - SuperTrust Plus (25 March 2019)
Subject to relevant regulatory approval, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be merged into the HSBC Mandatory Provident Fund - SuperTrust Plus ("SuperTrust Plus") with effect from 1 July 2019 (“the Merger”). Six new constituent funds will be added to the SuperTrust Plus by replicating the corresponding constituent funds in the ValueChoice and increasing the total number of fund choices to 20. After the Merger, these six new constituent funds and five of the existing matching constituent funds in HSBC MPF SuperTrust Plus will share the same name, investment objective and policy, fee level and fees and charges structure as the existing 11 constituent funds in HSBC MPF ValueChoice.
For further details, please refer to the scheme participants’ notice and frequently asked questions
The latest edition of the "HSBC Retirement Monitor" is published (4 March 2019)
The latest edition of "HSBC Retirement Monitor* (March 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.
Update of risk rating for Hang Seng Index Tracking Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice (28 February 2019)
Regular review is conducted on the risk ratings for the constituent funds under the HSBC Mandatory Provident Fund schemes and the latest risk rating review has been completed. Due to the continuous rise in volatility in the Hong Kong equity market over recent years, with effect from 1 March 2019, the risk rating for Hang Seng Index Tracking Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice will be raised from ‘4’ to ‘5’.
The risk ratings for other constituent funds under the HSBC Mandatory Provident Fund schemes remain unchanged. To obtain the latest information on risk ratings, please refer to the latest ‘Monthly Fund Performance Summary’ and/or ‘Fund Fact Sheet’. Should you have any queries, please contact our HSBC MPF Member Hotline on (852) 3128 0128.
Please note that the above risk ratings are provided for reference only and should not be regarded as investment advice.
Contribution arrangement for January 2019 (23 January 2019)
Due to the upcoming Chinese New Year long holidays, there are only 4 business days (i.e. 1st, 4th, 8th and 11th) before the deadline for January 2019 contribution, i.e. 11th February 2019. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority shall prevail for any information on MPF system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investments involve risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant 'Principal Brochure'.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, Occupational Retirement Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority and/or Securities and Futures Commission shall prevail for any information on MPF and ORSO system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant brochure.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Update on the ORSO Amendment Bill for ORSO registered and exempted schemes (3 July 2020)
The ORSO Amendment Bill was passed by the Legislative Council on 17 June 2020, and became effective on 26 June 2020. The main objective of the ORSO Amendment Bill is to set up a registration framework for the Occupational Retirement Schemes (“ORSO Schemes”) to ensure they are properly regulated.
The new ORSO Amendment Bill will require employers to submit an annual written statement (for ORSO registered and exempted schemes), an annual return (for ORSO exempted schemes only) as well as notification of reportable events (for ORSO registered schemes only) to the Mandatory Provident Fund Schemes Authority (‘MPFA’). For more information on the new requirements, please visit the MPFA website > ORSO > Circulars > Occupational Retirement Schemes (Amendment) Bill 2019.
The MPFA had also invited employers to attend their upcoming Town Hall sessions (28th, 29th, 30th of July 2020) to facilitate employers to gain a better understanding of the new requirements under the new regulatory requirement. By 6th July 2020, employers will need to register and complete the ‘Reply Slip’ contained in the abovementioned Circular. We strongly encourage employers to register and attend the upcoming Town hall sessions.
Latest MPF news
Contribution arrangement in April 2021 (22 March 2021)
Easter long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline (12 April 2021). For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for ensure the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority shall prevail for any information on MPF system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant MPF Scheme Brochure.
MPF news archives 2021
Contribution arrangement in April 2021 (22 March 2021)
Easter long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline (12 April 2021). For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for ensure the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
General notice to MPF scheme participants regarding the Executive Order 13959 (11 March 2021)
HSBC Provident Fund Trustee (Hong Kong) Limited (the “Trustee of the HSBC MPF scheme”) is committed to observing applicable legal and regulatory requirements. In respect of the Executive Order 13959 (as amended) signed by the former President of the United States of America "Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies" (“Executive Order”), because the prohibitions under the Executive Order apply to the activities of United States persons (as per the Executive Order), at this time the Trustee of the HSBC MPF scheme does not view the Executive Order as impacting its abilities to continue to hold or invest in the securities targeted by the Executive Order prohibitions (“impacted securities”) in the MPF scheme as a matter of US sanctions law. United States persons, however, may be prohibited under US law from engaging in certain transactions with the MPF scheme as a result.
MPF scheme participants (“Participants”) who fall under the category of United States person should, however, take note that some of our constituent funds, particularly those with the investment objective and exposure to investments in Asian, China and Hong Kong markets, may result in having an investment exposure to the impacted securities and therefore may not be appropriate for United States persons to invest in as a result of the Executive Order. Participants may wish to visit the United States Department of Treasury website for additional information and are reminded to perform your own due diligence and seek professional advice where necessary for taking appropriate action to avoid violation of any applicable laws and regulations (including the Executive Order).
Issued by The Hongkong and Shanghai Banking Corporation Limited and HSBC Provident Fund Trustee (Hong Kong) Limited
Note: Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the Scheme Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus.
The latest edition of the "HSBC Retirement Monitor" is published (8 March 2021)
The latest edition of "HSBC Retirement Monitor* (March 2021) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for February 2021 (25 January 2021)
Chinese New Year long holiday is coming soon. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statements and/or cheques by mail, please ensure you allow sufficient time for ensure the remittance statements and/or cheques to reach HSBC MPF on or before the contribution deadline.
MPF news archives 2020
- The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
- The second tranche of Employment Support Scheme (31 August 2020)
- Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
- Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
- Guaranteed Interest Rate for the new financial year (30 June 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
- Supplement information of Employment Support Scheme (ESS) (20 May 2020)
- Employment Support Scheme (ESS) (13 May 2020)
- Contribution arrangement for Apr 2020 (28 April 2020)
- Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
- New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
- Implication of the Coronavirus - updated market insights (27 March 2020)
- The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
- HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
- New HSBC MPF mobile services! (15 January 2020)
The latest edition of the "HSBC Retirement Monitor" is published (2 December 2020)
The latest edition of "HSBC Retirement Monitor* (December 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest edition of the "HSBC Retirement Monitor" is published (1 September 2020)
The latest edition of "HSBC Retirement Monitor* (September 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The second tranche of Employment Support Scheme (31 August 2020)
The second tranche of the Employment Support Scheme (“ESS”) is open for application during 31 August – 13 September 2020. In order to enable employers to obtain the relevant information conveniently, we have prepared frequently asked questions and points-to-note about the second tranche of ESS for your reference.
For more details related to ESS, such as the eligibility and application process, you can contact the ESS hotline on 1836-122 or through email at enquiry@employmentsupport.hk.
Changes to the Hang Seng Index and the Hang Seng China Enterprises Index (26 August 2020)
As informed by Hang Seng Investment Management Limited, Hang Seng Indexes Company Limited (‘HSIL’) will implement the following index changes (collectively, the ‘Index Changes’) to be effective from 7 September 2020 (the ‘Effective Date’) on the Hang Seng Index (the ‘HSI’) and/or the Hang Seng China Enterprises Index (the ‘HSCEI’):
- adding weighted voting right companies (‘WVRs’) and secondary-listed companies into the respective universe of the HSI and the HSCEI;
- updating the index methodology in respective of constituent weighting and freefloat shares;
- removing special requirement for H-shares companies inclusion to the HSI universe; and
- removing the additional eligibility criteria on Red-chips and P-chips for joining the HSCEI
For further information including the announcement and the offering documents of the underlying Hang Seng Index ETF and Hang Seng China Enterprises ETF (for which the Hang Seng Index Tracking Fund and Hang Seng China Enterprises Index Tracking Fund are directly investing into respectively), you may visit the Investment Manager’s website www.hangsenginvestment.com. Please be reminded that such revised offering documents will be available on or after the Effective Date.
In addition, HSIL announced the quarterly review results of HSI and HSCEI recently. For the details including the constituent movement and changes in sector allocation that will take effect from the Effective Date, you may visit HSIL’s website www.hsi.com.hk.
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Guaranteed Interest Rate for the new financial year (30 June 2020)
The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2020 to 30 June 2021. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
The latest edition of the "HSBC Retirement Monitor" is published (1 June 2020)
The latest edition of "HSBC Retirement Monitor* (June 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Supplement information of Employment Support Scheme (ESS) (20 May 2020)
ESS - MPF
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Eligibility
Employers
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees or have contributed to MPF-Exempted ORSO scheme
- With an MPF scheme set up on or before 31 March 2020
Employees
- Relevant employees with fully paid employer mandatory contributions
- Aged 65 or above members with employer voluntary contributions
- With the MPF accounts set up on or before 31 March 2020
Self-employed person (“SEP”)
- With an active MPF accounts set up on or before 31 March 2020
Exclusions
- HKSAR, Statutory bodies, Public Organisations, Government-owned Companies, Subvented Organisations, etc
- Have applied for subsidies under Catering Business (Social Distancing) Subsidy Scheme
- Casual Employees
- Exempted members (including aged below 18 or Expatriate)
How to calculate the subsidy amount?
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy HKD7,500
Payment made in two tranches:
- 1st payment will be received in three to four weeks after application. Online applications via the official ESS portal will start on 25 May till 14 June 2020.
- 2nd payment (To be announced by the Policy Innovation and Coordination Office (“PICO”)).
The first tranche application details
Employers
- Online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- Employers submit to the ESS processing agent the online application form (including the undertaking, consent, authorisation and bank account information) via the official ESS portal.
- Employers can choose any one month between December 2019 to March 2020 as the “specified month” in his application as a reference point for calculating the amount of ESS subsidy which cannot be changed once chosen.
- Employees with default mandatory contributions, if applicable, (excluding surcharges) have to be settled on or before 7 May 2020 in order to be entitled to the subsidy.
- Processing agent vet and process application forms and request trustees to issue them the “MPF record certificate” of the “specified month” chosen by employers
- Processing agent calculate the subsidy amount and inform the Treasury to make payment to employers.
- Payment will be paid to the employer in a lump sum in three to four weeks after application which can subsidise their payment of staff wages from June to August 2020.
Self-employed person (“SEP”)
- online applications via the official ESS portal will start on 25 May till 14 June 2020 (3 weeks).
- SEP submit online applications (including the undertaking, consent, authorisation and bank account information) to the ESS processing agent via the official ESS portal
- A one-off lump sum subsidy of HKD7,500 will be granted to SEPs in three to four weeks after application.
1st tranche |
Key dates |
---|---|
MPF accounts set up | On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Cutoff date of account status | 7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application |
1st tranche |
MPF accounts set up |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Cutoff date of account status |
Key dates | 7 May 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates |
In three to four weeks after application |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
ESS – ORSO
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job.
Employer Obligations:
- not to implement redundancy during the subsidy period and,
- to spend all the ESS subsidy on paying wages to their eligible employees and,
- to make a self-declaration to confirm that all information provided in the application is true, complete and accurate, including that the application covers only eligible employees
Eligibility
- Employers who have set up MPF-exempted ORSO schemes, including (i) ORSO registered schemes; or (ii) ORSO exempted schemes, (“ORSO schemes”) for their employees who have been members of the ORSO schemes on or before 31 March 2020 will be eligible to apply
- Eligible ORSO employers may apply for ESS in respect of their employees who are members of ORSO schemes with HKID, except for fully subvented staff in government funded organisations, dedicated (full-time) staff employed by outsourced service contractors/consultants of the Government or of statutory bodies mainly staffed by government employees to work for these contracts, and dedicated (full-time) staff engaged by organisations to provide services under various government funding schemes
Application
- Application for the 1st tranche will start from 25 May 2020 to 14 June 2020, subsidizing wages for June to August 2020. Application for the 2nd tranche will be announced by the Policy Innovation and Coordination Office (“PICO”)
- The ORSO employer shall submit to the processing agent the ESS application form, which should include the following information
○ Company name and address
○ business registration number or registration number under the Societies Ordinance or any other identifier where appropriate and a copy
○ ORSO registration/ exemption number(s)
○ MPF exemption number(s)
○ Name of ORSO scheme(s)
○ copy of the MPF exemption certificate(s)
○ name and contact information of the ORSO administrator(s)
○ actual remuneration of each ORSO employee in the “specified month”, and the headcount as at end March 2020 in an Excel template in the prescribed format that can be downloaded from the ESS application portal
○ bank account name and number of the employer, together with a copy of the bank statement showing the exact same details
○ details and contact information of the authorised signer
○ an undertaking and a self-declaration on the Employer obligations - The processing agent may schedule an appointment with the ORSO employer to conduct on-site checking to verify that the information reported in the templates are supported by appropriate documents. The ORSO employers must therefore keep all relevant documents (such as bank auto-pay payroll, pay list, or ORSO scheme contribution statement) which can provide solid evidence to the information reported in the application.
- To facilitate post-application auditing, the ORSO employers shall, for a period of two years commencing from the date of application for the ESS, keep true copies of the supporting documents submitted in making the application, as well as the latest annual return/actuarial certificate for ORSO registered scheme or the latest annual membership statement/documentary evidence for ORSO exempted scheme, and make them available for inspection by the Government or its agent within 14 days upon the latter’s request.
How to calculate the subsidy and when payment is made
- The ORSO employers can choose any one month from December 2019 to March 2020 as the “Specified month” for calculation of the subsidy amount.
- 50% of the actual remuneration paid to its ORSO employees in a “specified month”, with a cap at $18,000 per month.
- The maximum subsidy per employee per month is $9,000 if he earns $18,000 or more.
- Payment will be made in 2 tranches.
1st tranche |
Key dates |
---|---|
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
On or before 31 March 2020 |
Application opens |
25 May 2020 to 14 June 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Expected payment date | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
1st tranche |
Employers who have set up MPF-exempted ORSO schemes, for their employees who have been members of the ORSO schemes |
---|---|
Key dates |
On or before 31 March 2020 |
1st tranche |
Application opens |
Key dates |
25 May 2020 to 14 June 2020 |
1st tranche |
Specified month |
Key dates |
Any one month from December 2019 to March 2020 |
1st tranche |
Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Expected payment date |
Key dates | In three to four weeks after application, applications involving the ORSO schemes may require longer processing time |
*Key dates of 2nd tranche will be announced by the PICO.
Claw back and penalty
- For the purpose of headcount checking, March 2020 is used as a “reference month”
- For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
- If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.
Enquiry
If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:
ESS enquiry Email: enquiry@employmentsupport.hk; or
ESS Telephone hotline: 1836-122
The service hours of the ESS hotline are:
Monday to Friday - 9am to 6pm
During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.
If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows
- Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
- Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
- Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan
Service Hours of ESS Help Desks:
- During application period (25 May to 14 June 2020):
Monday to Sunday: 9 am – 6 pm - After the application period:
Monday to Friday: 9 am - 6 pm
Employment Support Scheme (ESS) (13 May 2020)
The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.
Latest news
- Application for 1st tranche will start from 25 May 2020– application window is 3 weeks, subsidising wages for June to August 2020.
- All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees under MPF Ordinance definition, including the Age 65 or above employee who has MPF contribution accounts (with Employer Voluntary Contributions) are eligible to apply for ESS.
- All Self-employed person (“SEP”) with an MPF account set up on or before 31 Mar 2020 are eligible.
- Payment will be made in 2 tranches.
- MPF accounts that have already been set up on or before 31 March 2020 are eligible.
- It is expected that the release of subsidy for the 1st tranche will be around 3 to 4 weeks after submission of applications. The 1st tranche of payment could be received around end of June 2020.
- “Specified month” for the calculation of subsidy amount includes December 2019, i.e. Employer can choose from any one month from December 2019 to March 2020 for calculation of the subsidy amount.
- Self-employed person who has an MPF account on or before 31 March 2020 will be eligible for an one-off lump-sum subsidy of HKD 7,500.
How to calculate the subsidy and when payment is made
Relevant Employees
- 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
- Maximum subsidy per employee per month is HKD9,000
- Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
Employees Aged 65 or above
- 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at
HKD9,000 per month
Self-employed Person (“SEP”)
- a one-off lump-sum subsidy of HKD7,500.
Payment made in 2 tranches:
- 1st payment could be received around end of June 2020. Online applications via the official ESS portal will start on 25 May 2020.
- 2nd payment (To be announced by the Government).
1st tranche | Key dates |
---|---|
MPF accounts set up |
On or before 31 March 2020 |
Application opens | 25 May 2020 (for 3 weeks) |
Cutoff date of account status |
7 May 2020 |
Specified month | Any one month from December 2019 to March 2020 |
Reference month of headcount check | 31 March 2020 |
Payment date |
June 2020 (expected) |
1st tranche |
MPF accounts set up |
---|---|
Key dates | On or before 31 March 2020 |
1st tranche | Application opens |
Key dates | 25 May 2020 (for 3 weeks) |
1st tranche |
Cutoff date of account status |
Key dates |
7 May 2020 |
1st tranche | Specified month |
Key dates | Any one month from December 2019 to March 2020 |
1st tranche | Reference month of headcount check |
Key dates | 31 March 2020 |
1st tranche |
Payment date |
Key dates | June 2020 (expected) |
*Key dates of 2nd tranche will be announced by the Government.
For details, please refer to the press release published by the Government.
Contribution arrangement for Apr 2020 (28 April 2020)
Long holidays is coming soon. There are only 6 business days (i.e. 4th, 5th, 6th, 7th, 8th and 11th) from the 1st day of the month to the contribution day (i.e. 11th May 2020). Employers are reminded to submit remittance statement and make contribution payment earlier, before the contribution day on 11th May 2020. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient time to ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
Good MPF Employer Award 2019-20 open for applications from 1 April (16 April 2020)
The 2019-20 Good MPF Employer Award, organized by the Mandatory Provident Fund Schemes Authority (MPFA), will be open for applications and nominations from 1 April to 30 June 2020. Launched in 2015, the annual Award aims to recognize employers that are committed to enhancing the retirement benefits of their employees. Now in its sixth year, the response from the businesses have been encouraging with nearly 1,800 companies and organizations being honoured as “Good MPF Employers”.
To specially commend employers that have made continuous efforts to enhance retirement protection of their employees, employers who fulfil the relevant requirements will be presented with one or both of the following NEW awards:
- Good MPF Employer 6 Years
Employers receiving the Good MPF Employer Award for six consecutive years. - Best All-round MPF Employer
Employers fulfilling ALL five criteria below:
(1) Received the Good MPF Employer 6 Years;
(2) Offered more than one MPF scheme;
(3) Offered MPF voluntary contributions for selected or all of their employees;
(4) Received the e-Contribution Award; and
(5) Received the MPF Support Award.
This year, the Award covers the period from 1 April 2019 to 31 March 2020. Employers wishing to apply for the Award can simply submit an application online on the MPFA’s Good MPF Employer Award website. Employers can also submit their applications by email, fax or post. Employees are also welcome to nominate their employers by submitting a nomination form.
The MPFA will present Award Certificates to the awardees, and upload the awardees list on the MPFA website with an aim to recognize these companies for their exemplary efforts. They will also be invited to MPFA events and will receive the latest MPFA updates. Awardees are also entitled to use the Award Logo on their website and promotional materials until 30 September 2021. The MPFA will also invite the awardees to share their experience with the public through various promotional channels!
Please apply now and be a Good MPF Employer for 2019-20! For more details, please refer to the MPFA’s Good MPF Employer Award website.
The above information is provided by the Mandatory Provident Fund Schemes Authority.
New MPF Scheme Brochure – Improve customer experience to a higher level (30 March 2020)
With effect from 31 March 2020, the Principal Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus has been amended and renamed as the MPF Scheme Brochure of HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘MPF Scheme Brochure’). This new MPF Scheme Brochure has been updated in several aspects with the key highlights as below:
(a) physical attributes: change into an A4-sized booklet with bigger font sizes;
(b) content:
i. expand the scope of risk disclosure by assigning ‘Risk class’ on top of existing ‘Risk rating’ and listing all the risk factors applicable to each Constituent Fund;
ii. adopt a one month notice period or, if the MPFA and/or the SFC may require a notice period of up to three months in case of any material changes to an investment objective or any other particular ;
iii. simplify the disclosure of the Hang Seng Index Tracking Fund and the Hang Seng China Enterprises Index Tracking Fund;
(c) writing style: update in an easy-to-understand and concise manner to enhance readability and clarity.
‘Risk class’ is a newly added 7-point risk classification scale applicable to all MPF constituent funds so as to facilitate scheme members to compare the risk level of constituent funds across different MPF schemes. It is based on the existing risk indicator information, ie. the annualised standard deviation of the monthly rates of return over the past three years of the Constituent Funds, which is already available on the Fund Fact Sheet. The existing ‘Risk rating’ information of the Constituent Funds will continue to be provided. It is defined using a 5-point risk scale and is derived based on a combination of quantitative and qualitative risk factors including price volatility, asset allocation and liquidity (with exception to DIS Constituent Funds with additional consideration based on the available historical data of the funds and the respective underlying indices of the industry recognised reference portfolio of the funds). For more details about the difference between ‘Risk class’ and ‘Risk rating’, please refer to ‘Glossary‘ under ‘Important information’ on the HSBC MPF website.
To learn more about the changes, please refer to the notice and the MPF Scheme Brochure.
Implication of the Coronavirus - updated market insights (27 March 2020)
To read about the latest analysis and view from our investment manager - HSBC Global Asset Management whilst the world is battling with the Coronavirus, please click here to visit their ‘News and insights’ dedicated page.
The latest edition of the "HSBC Retirement Monitor" is published (9 March 2020)
The latest edition of "HSBC Retirement Monitor* (March 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
HSBC MPF recognised as a gold rated scheme by MPF Ratings for the 4th consecutive year (4 March 2020)
HSBC MPF won two recognitions from ‘2020 The MPF Awards’ by MPF Ratings Limited1. This demonstrates that the HSBC MPF scheme delivered outstanding performance across different aspects, including fund investment performance, management fees, customer service, member education, administration efficiency and good governance, etc The awards that HSBC MPF received are:
- MPF Ratings’2020 Gold Rated Scheme (for 4th consecutive year)
- MPF Ratings’2020 Good Governance (For the second time)
The above awards are the result from an independent assessment agency which undertook comprehensive and in-depth research and assessment on each of the MPF providers. Our achievement of the gold rating is a reflection of HSBC MPF scheme providing best-in-class offerings to our customers. Our MPF scheme has also been rated as ‘excellent’ on the facet of ‘Management fee competitiveness’ and ‘Fund Expense Ratio competitiveness’ respectively. HSBC MPF is one of the seven schemes in the market which achieved this rating on these two assessment criteria.
1 Source: MPF Ratings. ‘2020 The MPF Awards’ is organised by MPF Ratings Limited which is a foremost independent provider of pension research. This award is by MPF Ratings Limited, the award results and rating were based on their assessment criteria. For the awardee, assessment criteria/methodology, please refer to www.mpfratings.com.hk/ratings-and-awards/.
New HSBC MPF mobile banking services! (15 January 2020)
MPF features have been brought to HSBC HK Mobile Banking app! You can now manage your MPF account via the app. Download or update the latest version and experience the below key new features now:
- View MPF account balances and asset distribution
- Look over MPF constituent funds cumulative performance
- Straight through fund switching instruction
You can click here to learn more about the HSBC HK Mobile Banking app.
MPF news archives 2019
- Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on cut-off arrangement for new member account setup (17 December 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (2 December 2019)
- Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on the changes in tax legislation (27 November 2019)
- New Retirement Planner - plan better by answering 6 simple questions!(18 October 2019)
- HSBC 'MPF/ORSO' webpages have moved (27 September 2019)
- Contribution arrangement for September 2019 (24 September 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (2 September 2019)
- The latest issue of the ‘Member Information’ is published (16 August 2019)
- The HSBC Mandatory Provident Fund – ValueChoice (the ‘HSBC ValueChoice‘) has been merged into the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘HSBC SuperTrust Plus‘) (1 July 2019)
- Temporary suspension on some of the MPF services due to the HSBC MPF scheme mergers (3 June 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (3 June 2019)
- Contribution arrangement for May 2019 (30 May 2019)
- Notice and supplement to 'Principal Brochure' to the HSBC Mandatory Provident Fund - ValueChoice in relation to the changes to the Hang Seng China Enterprises Index (24 May 2019)
- Unveiling our HSBC MPF WeChat Official Account (17 May 2019)
- MPFA Good MPF Employer Award 2018-19 is now for application (14 May 2019)
- Notices to Scheme Participants in relation to various changes to HSBC MPF Schemes (30 April 2019)
- Unveiling our new MPF publications (12 April 2019)
- Free seminar on Consolidation of HSBC MPF Schemes (3 April 2019)
- Supplements to 'Principal Brochure' for HSBC MPF schemes in relation to the tax deductible voluntary contributions (1 April 2019)
- Update on the HSBC Mandatory Provident Fund – ValueChoice will be merged into the HSBC Mandatory Provident Fund - SuperTrust Plus (25 March 2019)
- The latest edition of the "HSBC Retirement Monitor" is published (4 March 2019)
- Update of risk rating for Hang Seng Index Tracking Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice (28 February 2019)
- Contribution arrangement for January 2019 (23 January 2019)
Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on cut-off arrangement for new member account setup (17 December 2019)
Starting from 1 January 2020, HSBC Mandatory Provident Fund – SuperTrust Plus will become reporting financial institution under Inland Revenue Ordinance (Cap. 112) (‘the Ordinance’). To comply with the Ordinance, when enrolling MPF scheme/accounts, members have to provide tax residency self-certification for new member account setup on or after 1 January 2020.
As such, member application forms have been updated for members to provide tax residency self-certification and are now ready for download on the HSBC MPF website. You are highly recommended to have your request/instruction submitted by using updated form(s) from now on.
If a valid request/instruction using the old version of form is submitted after the below cut-off dates, according to the time required for the relevant request/instruction to be processed in the normal business manner, such request/instruction may be processed on or after 1 January 2020 and follow up action may be required because of missing/incomplete tax residency self-certification, which will have adverse effect on the member account opening/contribution processing.
Request/Instruction |
Received on or before |
---|---|
New Member Account Setup via Member Application Form |
20 December 2019 |
New Member Account Setup via Contribution Submission |
Via paper form: 20 December 2019 Via electronic channel (other than Business Internet Banking and HR software): 24 December 2019 Via electronic channel (Business Internet Banking and HR software): 30 December 2019# |
Request/Instruction |
New Member Account Setup via Member Application Form |
---|---|
Received on or before |
20 December 2019 |
Request/Instruction |
New Member Account Setup via Contribution Submission |
Received on or before |
Via paper form: 20 December 2019 Via electronic channel (other than Business Internet Banking and HR software): 24 December 2019 Via electronic channel (Business Internet Banking and HR software): 30 December 2019# |
# with earliest DDA date on or before 31 December 2019
The respective cut-off dates in the table above were determined by reference to the time required for the relevant request/instruction to be processed in the normal business manner.
The latest edition of the "HSBC Retirement Monitor" is published (2 December 2019)
The latest edition of "HSBC Retirement Monitor* (December 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
Notice to scheme participants of HSBC Mandatory Provident Fund – SuperTrust Plus on the changes in tax legislation (27 November 2019)
Automatic Exchange of Financial Account Information (‘AEOI’) in tax matters will take effect on 1 January 2020. HSBC Mandatory Provident Fund - SuperTrust Plus, which is a Hong Kong financial institution for AEOI purposes, will be required to identify its scheme participants’ tax residency and will disclose the information to the Hong Kong Inland Revenue Department only if it is legally obliged to do so.
For further details in relation to the AEOI, please refer to the notice to scheme participants, supplement to the ‘Principal Brochure’ and the ‘Frequently Asked Questions’.
Likewise, relevant forms will be amended to reflect the changes and will be posted on the HSBC MPF website in or around mid-December 2019.
New Retirement Planner - plan better by answering 6 simple questions! (18 October 2019)
HSBC MPF has launched a new Retirement Planner which serves as a DIY tool for you to better plan for your retirement.
The major improvements of this new calculator over the old one are:
- Better interface and simpler to use - answer 6 questions and the calculator will provide projected retirement outcomes for you;
- Simple to understand – the results are shown as a range of projected outcomes under different scenarios rather than a single deterministic number;
- Ability to adjust on the fly - on the result page, you can adjust the input parameters, such as retirement age, monthly saving, etc. and the results will be updated instantly - you can easily adjust your plan to achieve the desired projected outcome;
- Cater for different risk appetite – the new calculator allows you to specify your risk appetite to drive the underlying investment assumption for the projected outcomes.
Check out the new Retirement Planner by clicking here and start planning for your desired retirement life!
HSBC 'MPF/ORSO' webpages have moved (27 September 2019)
Starting from 30 September 2019, the webpages of HSBC 'MPF/ORSO' will be moved from the ‘Insurance’ section of the HSBC’s website to the ‘Banking’ section of the website. If you would like to visit the HSBC 'MPF/ORSO' webpages through the homepage of HSBC website, please select ‘Explore MPF/ORSO service’ under the ‘Banking’ section. The web address (URL) of the webpages remain unchanged, and you can continue visiting the HSBC 'MPF/ORSO' webpages via the web address www.hsbc.com.hk/mpf.
Contribution arrangement for September 2019 (24 September 2019)
Long holidays is coming soon. There are only 6 business days (i.e. 2nd,3rd, 4th, 8th, 9th and 10th of October) from the first day of the month to the contribution day (i.e. 10 October 2019). Employers are reminded to submit remittance statement and make contribution payment before the contribution day that commence on 10th October 2019. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient mail delivery time. Ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
The latest edition of the "HSBC Retirement Monitor" is published (2 September 2019)
The latest edition of "HSBC Retirement Monitor* (September 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest edition of the "HSBC Retirement Monitor" is published (2 September 2019)
The latest edition of "HSBC Retirement Monitor* (September 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.
The latest issue of the ‘Member Information’ is published (16 August 2019)
The August 2019 Edition of ‘Member Information’ is now available on HSBC MPF website. In this edition, we would like to share with you updates of HSBC MPF including:
- MPF awards
- Merger of HSBC MPF schemes and reduction in management fees
- HSBC MPF WeChat Official Account
- Unveiling our new MPF publications
- Tax Deductible Voluntary Contributions (TVC)
- Keep your contact details updated with us
- Upgraded MPF Fund Platform helps scheme members select value-for-money funds
- Guaranteed interest rate
For details, please click here for the latest ‘Member Information’.
The HSBC Mandatory Provident Fund – ValueChoice (the ‘HSBC ValueChoice‘) has been merged into the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘HSBC SuperTrust Plus‘) (1 July 2019)
The HSBC Mandatory Provident Fund – ValueChoice (the ‘HSBC ValueChoice‘) has been merged into the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘HSBC SuperTrust Plus‘) with effect from 1 July 2019. Six new constituent funds were launched to the HSBC SuperTrust Plus by replicating the corresponding constituent funds in the HSBC ValueChoice and increasing the total number of fund choices in the HSBC SuperTrust Plus from 14 to 20.
The management fees of the North American Equity Fund and the European Equity Fund under the HSBC SuperTrust Plus have been reduced from 1.35% per annum of Net Asset Value to 1.30% per annum of Net Asset Value from 1 July 2019 onwards as well.
For the details of the above, please refer to the supplement to the ‘Principal Brochure’.
Moreover, the Guaranteed Interest Rate for the Guaranteed Fund available under HSBC SuperTrust Plus is 0.15% per annum in the scheme financial period from 1 July 2019 to 30 June 2020. Please refer to the below for full details of the guarantee features and Guarantee Conditions:
- 'Guarantee features' section under 'Guaranteed Fund' in Part II – Fund Structure of the HSBC SuperTrust Plus ‘Principal Brochure’ issued on 1 November 2018; and
- First Supplement to the HSBC SuperTrust Plus ‘Principal Brochure’ issued on 1 April 2019.
You may like to take this opportunity to review your investment option instruction and make the most suitable investment options that fit your circumstances.
Temporary suspension on some of the MPF services due to the HSBC MPF scheme mergers (3 June 2019)
With effect from 1 July 2019, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be merged into the HSBC Mandatory Provident Fund – SuperTrust Plus ("SuperTrust Plus").
For ValueChoice members: To facilitate the merger exercise, dealing instruction and enquiry through the HSBC Personal Internet Banking and interactive voice response system will be suspended temporarily from 4pm 27 June 2019 till 11:59pm 1 July 2019 (excluding enquiry of "Portfolio Projection on MPF Benefits" on HSBC Personal Internet Banking).
For SuperTrust Plus members: The relevant services on HSBC Personal Internet Banking and interactive voice response system will not be affected.
For details of the HSBC MPF scheme mergers, please refer to the scheme participants’ notice and frequently asked questions.
The latest edition of the "HSBC Retirement Monitor" is published (3 June 2019)
The latest edition of "HSBC Retirement Monitor* (June 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.
Contribution arrangement for May 2019 (30 May 2019)
Long holidays is coming soon. There are only 5 business days (i.e. 3rd, 4th, 5th, 6th and 10th of Jun) from the first day of the month to the contribution day (i.e. 10 June 2019). Employers are reminded to submit remittance statement and make contribution payment before the contribution day that commence on 10th June 2019. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient mail delivery time. Ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.
Notice and supplement to 'Principal Brochure' to the HSBC Mandatory Provident Fund - ValueChoice in relation to the changes to the Hang Seng China Enterprises Index (24 May 2019)
Hang Seng Indexes Company Limited has announced to enhance the Hang Seng China Enterprises Index (the ‘Relevant Index’) starting from 17 June 2019, changes include the limit on the number of Red-chip and P-chip constituents of the Relevant Index will be removed. .
Currently, the investment objective of the Hang Seng China Enterprises Index Tracking Fund (the ‘Relevant Constituent Fund’) and its underlying fund, i.e. Hang Seng China Enterprises Index ETF is to match as closely as practicable the performance of the Relevant Index. Notwithstanding the mentioned index enhancements, there will be no change in the investment objective and policy to the Relevant Constituent Fund.
For details of the index enhancements, please refer to the notice to scheme participants and the supplement to the 'Principal Brochure'.
Unveiling our HSBC MPF WeChat Official Account (17 May 2019)
HSBC MPF brings you a brand new self-service experience by extending our service to WeChat platform. Key highlights of our WeChat account includes:
- Virtual Assistant ‘Emma’ to provide answers for general enquiry anytime, anywhere
- Easy access to HSBC MPF information and latest updates
- Tips on MPF account management and retirement planning
- Available on both Android and iPhone platforms
Act now! Search WeChat ID “HSBCMPF” to follow our HSBC MPF WeChat Official Account! For further details, please refer to HSBC MPF WeChat Official Account dedicated page.
MPFA Good MPF Employer Award 2018-19 is now for application (14 May 2019)
The Mandatory Provident Fund Schemes Authority ('MPFA') organises an annual Good MPF Employer Award to promote and foster employers' compliance with MPF legislation, encourage employers to provide better retirement benefits for their employees and recognise employers who are exemplary in enhancing the retirement benefits of their employees. Awardees will receive Award certificate from the MPFA and be entitled to use the Award logo. Awardees' names will be published on the MPFA website for public's reference.
Good MPF Employer Award is marking fifth anniversary this year, in addition to the existing “e-Contribution Award” and “MPF Support Award”, two new awards will be introduced this year. Employers who fulfil the relevant requirements will be presented with one or both of the following awards:
- Good MPF Employer 5 Years Award
Employers who have received a Good MPF Employer Award for five consecutive years - MPF Excellent Employer
Of the employers eligible for the Good MPF Employer 5 Years Award, those who have offered more than one Mandatory Provident Fund (MPF) scheme and MPF voluntary contributions for all of their employees during the 2018-19 financial year
The Good MPF Employer Award 2018-19 is now open for application and nomination, interested employers should submit the completed application form to the MPFA no later than 30 June 2019. Employees may also nominate their employers for the Award. For details on the privileges, eligibility and application of the Award, please visit the MPFA's Good MPF Employer Award website at www.mpfa.org.hk/goodMPFemployer.
Notices to Scheme Participants in relation to various changes to HSBC MPF Schemes (30 April 2019)
HSBC MPF always strive to deliver high level of MPF products and services at all times, therefore, we are pleased to announce that there are several initiatives have been / will be effected.
- The tax deductible voluntary contributions (‘TVC’) has been effected on 1 April 2019. MPF voluntary contributions made in a TVC account set up by members of the HSBC Master Trusts can enjoy certain tax concessions designed to enable members to meet the long-term saving objective for retirement protection.
- The management fees of the North American Equity Fund and the European Equity Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus (‘HSBC SuperTrust Plus’) will be reduced from 1.35% pa of NAV to 1.30% pa of NAV from 1 July 2019 onwards.
- Subject to the HSBC Mandatory Provident Fund – ValueChoice being successfully merged with the HSBC SuperTrust Plus from 1 July 2019, six new Constituent Funds will be established under the HSBC SuperTrust Plus with effect from the same date.
For the details of the above, please click TVC, Management Fee Reduction and New Constituent Funds for the notices to scheme participants.
Unveiling our new MPF publications (12 April 2019)
HSBC MPF strives to provide the best customer experience therefore we have revamped the MPF publications. The new publications take effect from 1 April 2019, aim at using simple and easy-to-understand language to introduce HSBC MPF product and service offerings. What’s more, the new publications also included information of the recently launched Tax Deductible Voluntary Contribution.
The new publications listed below are now available in designated HSBC branches and on HSBC MPF website, you can click here to check them out!
Employer Service Guide – an administrative and service handbook for our employers
Member Service Guide – a servicing handbook for our members to get the most from the services provided by HSBC MPF
HSBC MPF Overview – an introduction on the MPF schemes to all participants
Service Channel Guide – a step-by-step guide to direct our members how to engage different service channels
Free seminar on Consolidation of HSBC MPF Schemes (3 April 2019)
Subject to relevant regulatory approval, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be consolidated into the HSBC Mandatory Provident Fund - SuperTrust Plus ("SuperTrust Plus") with effect from 1 July 2019 (“the Merger”). If you would like to learn more about the scheme consolidation, a seminar will be held at 1:45pm on 18 May 2019 at the Hong Kong Convention and Exhibition Centre. To register your attendance, please enter into our event information page, then click on the ‘Register Now’ button, and select Seminar 2 (‘S2’) to confirm your attendance. Seats are limited and available on a first-come-first-served basis. We look forward in seeing you there.
Note: each person is eligible to register for a maximum of one Seminar and one workshop.
Supplements to 'Principal Brochure' for HSBC MPF schemes in relation to the tax deductible voluntary contributions (1 April 2019)
The tax deductible voluntary contributions (‘TVC’) takes effect on 1 April 2019. MPF voluntary contributions made in a TVC account set up by members of the HSBC Master Trusts can enjoy certain tax concessions designed to enable Members to meet the long-term saving objective for retirement protection.
For further details, please visit our designated TVC webpage. You may also click here for the supplement to the 'Principal Brochure' and the ‘Frequently Asked Questions’ in relation to the TVC.
Update on the HSBC Mandatory Provident Fund – ValueChoice will be merged into the HSBC Mandatory Provident Fund - SuperTrust Plus (25 March 2019)
Subject to relevant regulatory approval, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be merged into the HSBC Mandatory Provident Fund - SuperTrust Plus ("SuperTrust Plus") with effect from 1 July 2019 (“the Merger”). Six new constituent funds will be added to the SuperTrust Plus by replicating the corresponding constituent funds in the ValueChoice and increasing the total number of fund choices to 20. After the Merger, these six new constituent funds and five of the existing matching constituent funds in HSBC MPF SuperTrust Plus will share the same name, investment objective and policy, fee level and fees and charges structure as the existing 11 constituent funds in HSBC MPF ValueChoice.
For further details, please refer to the scheme participants’ notice and frequently asked questions
The latest edition of the "HSBC Retirement Monitor" is published (4 March 2019)
The latest edition of "HSBC Retirement Monitor* (March 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.
*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.
Update of risk rating for Hang Seng Index Tracking Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice (28 February 2019)
Regular review is conducted on the risk ratings for the constituent funds under the HSBC Mandatory Provident Fund schemes and the latest risk rating review has been completed. Due to the continuous rise in volatility in the Hong Kong equity market over recent years, with effect from 1 March 2019, the risk rating for Hang Seng Index Tracking Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice will be raised from ‘4’ to ‘5’.
The risk ratings for other constituent funds under the HSBC Mandatory Provident Fund schemes remain unchanged. To obtain the latest information on risk ratings, please refer to the latest ‘Monthly Fund Performance Summary’ and/or ‘Fund Fact Sheet’. Should you have any queries, please contact our HSBC MPF Member Hotline on (852) 3128 0128.
Please note that the above risk ratings are provided for reference only and should not be regarded as investment advice.
Contribution arrangement for January 2019 (23 January 2019)
Due to the upcoming Chinese New Year long holidays, there are only 4 business days (i.e. 1st, 4th, 8th and 11th) before the deadline for January 2019 contribution, i.e. 11th February 2019. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline. For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority shall prevail for any information on MPF system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investments involve risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant 'Principal Brochure'.
Latest ORSO news
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Important notes
- The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, Occupational Retirement Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority and/or Securities and Futures Commission shall prevail for any information on MPF and ORSO system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
- Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the relevant brochure.
ORSO news archives 2020
Update on MPF Conservative Fund and ORSO Money Market Funds (13 July 2020)
The outbreak of Covid-19 pandemic has a significant impact on the global economy. While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.
Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.
The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.
Update on the ORSO Amendment Bill for ORSO registered and exempted schemes (3 July 2020)
The ORSO Amendment Bill was passed by the Legislative Council on 17 June 2020, and became effective on 26 June 2020. The main objective of the ORSO Amendment Bill is to set up a registration framework for the Occupational Retirement Schemes (“ORSO Schemes”) to ensure they are properly regulated.
The new ORSO Amendment Bill will require employers to submit an annual written statement (for ORSO registered and exempted schemes), an annual return (for ORSO exempted schemes only) as well as notification of reportable events (for ORSO registered schemes only) to the Mandatory Provident Fund Schemes Authority (‘MPFA’). For more information on the new requirements, please visit the MPFA website > ORSO > Circulars > Occupational Retirement Schemes (Amendment) Bill 2019.
The MPFA had also invited employers to attend their upcoming Town Hall sessions (28th, 29th, 30th of July 2020) to facilitate employers to gain a better understanding of the new requirements under the new regulatory requirement. By 6th July 2020, employers will need to register and complete the ‘Reply Slip’ contained in the abovementioned Circular. We strongly encourage employers to register and attend the upcoming Town hall sessions.