With
the help of IPL MPF Module, you can manage the MPF administration
such as the MPF enrollments, changes and termination of employee members.
It also helps to calculate the MPF Mandatory and Top Up Contributions
plus Contribution Reports and Movement Reports for your employees
with ease. With the "MPF/ORSO Salary" indicators in the Payment Code
table, the system is capable of applying the correct type of Salary
for MPF or ORSO contributions.
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
MPF Contribution Inquiry
Screens and Reports are ready for browsing the contribution details in
a second.