Retirement Benefits
The University provides two retirement schemes for appointees, as outlined below. Eligibility to join either scheme will be specified in your Letter of Appointment.
Mandatory Provident Fund (MPF)
The MPF System is established as part of Hong Kong’s retirement protection structure. It is a mandatory, privately managed and fully funded contribution system. Subject to income levels, both employers and employees are required to make monthly mandatory contributions of 5% of the employee’s relevant income or HKD 1500 into the employee’s MPF account (updated in Dec 2021). Learn how to calculate contributions HERE.
An appointee aged between 18 and 65 who is employed for 60 days or more must enroll in the University’s MPF scheme – the HSBC Mandatory Provident Fund Super Trust Plus Scheme (“The Scheme”) unless they are an exempt person under the provisions of the MPF Schemes Ordinance.
To learn more about enrolling into MPF, details of The Scheme, and exemption, please click HERE.
Staff Provident Fund (SPF)
An appointee on probationary/ substantive or tenure terms shall, on the assumption of duty, elect in writing to become a member of the Staff Provident Fund. The University’s contribution to the Fund is 15% of the appointee’s monthly salary whereas the appointee is required to contribute 5% of his/ her monthly salary to the Fund. For more details, please click here. Eligible appointees should promptly submit application forms (including the SPF Member Data Form, Self-Certification Form and the Dependant Nomination Form) to the Human Resources Office for processing.