Confused about MPF scheme

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  1. #1

    Join Date
    Jun 2015
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    Confused about MPF scheme

    1. Should the employer let you that you've been enrolled in a scheme?

    2. Is it normal for the employer to not inform you about your enrollment, and started deducting 5% after passing probation?

    3. Is it normal for the employer not to provide the employee monthly record of contributions made by employer/employee?

    Thank you!


  2. #2

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    Sarcasm - because beating the crap out of people is illegal
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    You would have to sign a form, and indicate your investment portfolio preferences, at the very least..

    Regarding #3, "an employer who fails to provide his employee with a monthly pay-record is liable to a maximum fine of $50,000".


  3. #3

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    Quote Originally Posted by Claire ex-ax:
    Regarding #3, "an employer who fails to provide his employee with a monthly pay-record is liable to a maximum fine of $50,000".
    Wow never knew that. Is that compulsory or upon request?

  4. #4

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    You oh-so need to read the MPFA website.

    Your employer is required by law to provide you with an MPF monthly pay-record showing the date on which contributions were made and the amount of contributions, both employer’s and employee’s portions, made by the employer for the past wage period.
    Protecting Your Rights

  5. #5

    If you can't remember choosing your portfolio, its probably a good idea getting a statement of your MPF and checking the returns. Despite choosing options that get quite high returns, I find most if not all of the returns each year just happen to be around the same amount as the banks "management fee". I'm pretty sure some colleagues that left the default options are experiencing negative returns.


  6. #6

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    Quote Originally Posted by justjoe86:
    Wow never knew that. Is that compulsory or upon request?
    i think it's technically compulsory, but providing can also mean 'making it available', ie telling you where and when you can request or download it