MPF & ORSO

MPF Vs ORSO Plans

Under this MPF system, we will provide solutions to Pension and Retirement Plans with different compositions, like:

• Pure MPF Contribution
  i.e. Employer and employees are contributing up to 5% of Relevant Income.
• 'MPF and Top Up' Contribution
  i.e. Employer or employee are contributing an additional percentage based on the Relevant Income, apart from the 5% Mandatory Contributions.
• 'MPF and Plan' Contribution Plan
  i.e. Employer or employees total pension contribution is calculated based on the ORSO scheme salary, any excess amount of total contribution minus the Mandatory Contribution will be reported as Voluntary Contributions.
• Pure ORSO Contribution
  i.e. Employer and employees only contribute a certain percentage of the ORSO salary, and there is not any mandatory contributions is required or to be reported.

Contribution Effective Date Vs Contribution Payment Date

Apart from the contribution calculation, the system is capable of meeting other statuary requirements, like the contribution deduction date (after 60 days of employment), employer's contribution effective date (from the 1st day of employment) as well as the employees' contribution effective date (from the 30th day of employment). The system is capable of accruing contributions during the Payroll Posting once for new joiner that has reached his/her 30th days of employment. And the accrued contributions will only be deducted from payroll after his/her 60th days of employment.

Maximum Vs Minimum MPF Relevant Income

By observing the Relevant Income Floor for Employee part MPF contribution, no deduction will be made from payroll if the employee's relevant income is fall short of $5,000.00, but the employer contribution will be calculated as usual. By observing the Relevant Income Ceiling, only a maximum of $20,000.00 Relevant Income will be taken for calculating the MPF contributions.

Maximum Contribution Amount

No matter how many autopay numbers you use for a given month, a maximum of $1,000.00 mandatory contributions will be deducted for employees and employer respectively.

MPF Reports

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