A Hong Kong businessman has suffered the wrath of the Mandatory Provident Fund Schemes Authority for failing to make contributions to the mandatory provident fund (MPF).
Owner of Ngai Lik Cleaning Company, Ng Yau-hang, pleaded guilty to three charges of not making MPF contributions at the Kwun Tong Magistracy and was fined $8,000.
The court heard that Yau-hung had for three consecutive months from December 2000 to February 2001 deducted the amount of $105, $105 and $48 respectively from employee, Fung Oi-lan. The deductions were used for the MPF contributions. Fung’s salaries for the months of December and January were $2,100, whereas that of February was $975.
According to the Mandatory Provident Fund Schemes Ordinance (MPFSO), employees earning a monthly income of below $4,000 do not have to make MPF contributions; while employers have to contribute 5% of the employee’s relevant income.
An MPFA spokesman said: “According to the Ordinance, employers have the responsibility to make MPF contributions for their employees. Employers contributions must come from his own funds and not from the employee’s income.”
By Janet Du Chenne
Here they are - the winners of the UK Pensions Awards 2019...
Sir Philip Green's restructuring proposals for his retail giant Arcadia will not "adequately protect" its pension schemes' members, The Pensions Regulator (TPR) has said.
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.