Benchmarking Employee Benefits in Hong Kong – 2021

Benchmarking Employee Benefits in Hong Kong 2021Want to begin benchmarking employee benefits in Hong Kong for 2021? Start with this market and benchmark insight report prepared by Ximco, Asinta’s employee benefits consulting Partner in Hong Kong. The information is easy to understand and gives you a solid footing to help you move forward in your decisions about the benefits you want to offer employees in the country.

Inside the report, you’ll find details about benchmarking employee benefits in Hong Kong for 2021 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.

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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.