Benchmarking Employee Benefits in Hong Kong – 2021
Request Asinta’s Market and Benchmark Insight Report for Hong Kong and get the essential information you need to move forward in your decisions about employee benefits in the country.
Inside the report, you’ll find details about benchmarking employee benefits in Hong Kong, including:
- Statutory Benefits
- Insured Benefits
- Fringe Benefits and Perks
- Plan Setup
- Onboarding
The following is an excerpt.
Social Insurance in Hong Kong
The Hong Kong Government offers a wide-ranging social “safety net” to its populace. Much of this is financed without payroll taxes and/or levies. However, there are two sets of mandatory benefits that are compulsory by law. 2.1 Mandatory Provident Fund (MPF) The MPF is a compulsory pension scheme established by the Hong Kong government requiring employee and employer contributions into a savings and investment scheme. Employee and employer each contribute 5% salary, capped at HKD 1,500 (corresponding to HKD 30,000 monthly salary). (Also, the employee contribution is waived if the monthly salary is below HKD 7,100). The MPF is most typically managed by one of many authorized financial institutions of which the employer has many choices.
Other Helpful Information
This information about benchmarking employee benefits in Hong Kong is provided by Ximco, Asinta’s employee benefits consulting Partner in Hong Kong.