Hong Kong Updates- Minimum Wage & MPF

Minimum Wage

The annual adjustment to the Statutory Minimum Wage ("SMW") rate was gazetted. The rate will increase from HK$30 to HK$32.5 per hour and will come into effect on 1st May 2015.

The monthly cap (the limit above which it is not necessary to keep a written record of hours worked) will increase from HK$12,300 to HK$13,300 per month.

MPF

On 30^th January, the Legislative Council passed changes to the Mandatory Provident Fund legislation. These will enable withdrawal of benefits upon the terminal illness of a contributor, and will also allow phased withdrawals of benefits.

(A contributor can already withdraw (or have withdrawn on his/her behalf) benefits when they:

·         reach 65;

·         reach age 60 and stop work;

·         die;

·         permanently leaves Hong Kong; or

·         become totally incapacitated.)

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