About the Abolition of the Arrangement of Using MPF to Offset Long Service Payments and Severance Payments
The Legislative Council passed the "Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022" in June 2022 to abolish the arrangement for employers using the accrued benefits of MPF mandatory contribution made for employees to offset severance payments (SP) / long service payments (LSP) under the Employment Ordinance ("offsetting arrangement"), in order to further enhance the MPF's retirement protection function.
What is meant by the MPF offsetting arrangement? Under the Employment Ordinance, employees may be entitled to SP/LSP payable by their employers. Employers can offset the SP/LSP payable to employees under the Employment Ordinance against the MPF derived from the employer’s mandatory and voluntary contributions.
When will the abolition of the MPF offsetting arrangement be implemented? The abolition of the offsetting arrangement will be implemented in tandem with the full implementation of the eMPF Platform of the Mandatory Provident Fund Schemes Authority. The eMPF Platform is expected to be in full operation by 2025. After the effective day (transition date) for the abolition of the “offsetting arrangement”, employers can no longer use accrued benefits of MPF mandatory contributions made for their employees to offset employees’ SP/LSP for the employment period starting from that day.
Does the abolition have retrospective effect? The abolition has no retrospective effect. Employers may continue to use the accrued benefits derived from their MPF contributions (irrespective of whether the contributions are made before, on or after the transition date, and irrespective of whether the contributions are mandatory or voluntary) to offset an employee’s SP/LSP entitlement in respect of the employment before the transition date.
Existing Practice (Before the Eventual Implementation of the Abolition of the MPF Offsetting Arrangement in 2025)
Currently, employers could use the accrued benefits of their mandatory contributions under the MPF System to offset the expenses for SP and LSP.
Offsetting SP/LSP against MPF Employers and employees should note that the offsetting sequence is: 1. Vested balance of employer voluntary contributions (if any) 2. Employer mandatory contributions unless the relevant participation agreement specifies otherwise
To proceed, following forms have to be submitted to us for handling. We will notify the employer by writing if the balance amount mentioned above cannot fully cover the entitled SP/ LSP for the employer to make the outstanding balance direct to the employee concerned.
- “Employee Termination Notice”: to be filled in and signed by the employer - “Long Service Payment / Severance Payment to Employee Directly (for employee claim)”: to be filled in and signed by both the employer and the employee
Example illustrating how SP/LSP is offset against MPF and relevant calculation
Situation 1：If the amount of MPF derived from the employer’s contributions exceeds the amount of SP/LSP, the remaining balance after offsetting has to be retained in the employee’s account and is vested in the employee.
Situation 2：If the amount of MPF derived from the employer’s contributions is insufficient to fully offset the amount of SP/LSP, the employer is required to pay the outstanding balance to the employee.
MPF (from the employer’s contributions) in the employee’s account
$100,000
$40,000
Offset amount against MPF (from the employer’s contributions)
$60,000
$60,000
Under the offsetting arrangement：
Balance of MPF (from the employer’s contributions) in the employee’s account
$40,000 (being $100,000 - $60,000)
$0 ($40,000 is fully used to do offsetting against MPF)
Additional amount paid by the employer to the employee for SP/LSP
$0
$20,000 (being $60,000 - $40,000)
Remarks:
Eligibility and calculation for severance payment and long service payment Under the Employment Ordinance, an employee is eligible for severance payment or long service payment subject to the following conditions.
Severance payment
Long service payment
Qualifying period of employment
employed under a continuous contract for not less than 24 months
employed under a continuous contract for not less than 5 years
Conditions/ Requirements
the employee is dismissed by reason of redundancy *
the employee is dismissed but :
he is not summarily dismissed due to his serious misconduct
his dismissal is not by reason of redundancy
his fixed term employment contract expires without being renewed due to redundancy *
his fixed term employment contract expires without being renewed *
he is laid off
he dies during employment
has been issued a certificate in a specified form by a registered medical practitioner or a registered Chinese medicine practitioner, certifying that he is permanently unfit for his present job and he resigns
he is aged 65 or above and resigns on ground of old age
*If not less than 7 days before the date of dismissal/ expiry of the fixed term contract in case of severance payment, and not less than 7 days before the expiry of the fixed term contract in case of long service payment, the employer has offered in writing to renew the contract of employment or re-engage him under a new contract but the employee has unreasonably refused the offer, the employee is not eligible for the entitlements.
NOTE: An employee will not be simultaneously entitled to both severance payment and long service payment.
The following formula applies to the calculation of both severance payment and long service payment:
Monthly-paid employee
（last full month’s wages** X 2/3）# × reckonable years of service
Daily-rated/piece-rated employee
（any 18 days' wages** chosen by the employee out of his last 30 normal working days）# × reckonable years of service
**An employee may also elect to use his average wages in the 12 months immediately preceding the termination of employment contract for the calculation. (Where the employee's employment contract is terminated by payment in lieu of notice, the employee may elect to use his average wages in the 12 months immediately preceding the date up to which the payment in lieu of notice is calculated.)
# The sum should not exceed 2/3 of $22,500 (i.e. $15,000).
Any maximum limit for severance payment/long service payment? If the relevant date of termination of employment occurs on or after 1 October 2003, the maximum amount of severance payment or long service payment is $390,000.
New Practice When the Abolition of the MPF Offsetting Arrangement is in Force
The Government will put in place two supporting measures to facilitate the transition. First, to assist employers to adapt to the policy change, the Government will introduce a 25-year refined subsidy scheme totalling $33.2 billion. Another supporting measure is the introduction of a Designated Savings Accounts (DSA) Scheme under which employers will be mandated to save up for meeting their future SP/LSP liabilities after the abolition.
Employers’ share ratio details under the refined subsidy scheme are proposed.
For the first $500,000 of the total amount of SP/LSP payable by an employer in a year:
There is a share ratio payable by an employer per employee for each year; and
For the initial nine years, the maximum amount of SP/LSP (i.e. the “capped amount”) payable by an employer per employee is capped. If the shared amount payable by an employer exceeds the “capped amount”, the employer only needs to pay the “capped amount”. The rest of the amount of SP/LSP will be subsidised by the Government.
For the total amount of SP/LSP beyond the first $500,000:
There is a share ratio payable by an employer per employee for each year from Year 1 to Year 12. No subsidy will be provided from Year 13 onwards.
Year after the abolition
Employer’s share per employee (as % of SP/LSP payable)
First $500,000 of all SP/LSP paid by an employer in a year
Beyond the first $500,000 of all SP/LSP paid by an employer in a year
1-3
50%, capped at $3,000
50%
4
55%, capped at $25,000
55%
5
60%, capped at $25,000
60%
6
65%, capped at $25,000
65%
7
70%, capped at $50,000
70%
8
75%, capped at $50,000
75%
9
80%, capped at $50,000
80%
10
80%
85%
11
80%
90%
12
85%
95%
13
85%
100%
14-19
90%
100%
20-25
95%
100%
What is DSA Scheme? It is a compulsory and dedicated saving scheme to assist employers to save up to meet their future SP/LSP obligations after the abolition of the MPF offsetting arrangement. Employers are required to set up DSAs under their own name and contribute an amount equivalent to 1% of their employees’ monthly relevant income. Employers may stop making contributions to their own DSAs when the savings in their DSAs have reached 15% of the annual relevant income of all their employees.
As to whether an employer can decide on which fund to invest for the 1% contribution under DSA, and the future arrangement when full portability of MPF benefits is in force (employees can transfer all the accrued benefits of MPF mandatory contribution by their employers and themselves to the MPF scheme of their own choice), details are yet to be announced by the Government.
Can employers be exempted from making DSA contributions for certain employees? In order not to discourage employers from making voluntary MPF contributions for their employees, employers making voluntary MPF contributions at 1% or above of the employees’ relevant income in addition to the 5% mandatory MPF contributions would be exempted from making DSA contributions. Besides, employers whose employees are currently not covered by the MPF System, including persons covered by statutory retirement schemes or provident fund schemes (e.g. civil servants or teachers of grant/subsidized schools), members enrolled in occupational retirement schemes with MPF exemption certificate, domestic employees, employees aged under 18 or aged 65 or above, etc. would also be exempted.
Are there any more details regarding the DSA Scheme? The Government will submit another bill in the next legislative session with a view to the implementation of the DSA Scheme which aims to assist employers to save up to meet their SP/LSP obligations. The Mandatory Provident Fund Schemes Authority has built the related functionalities on the eMPF Platform to support the DSA Scheme for the Labour Department to set up DSAs for employers to handle work related to the abolition of offsetting arrangement.
Is the offsetting arrangement applicable to members of an occupational retirement scheme?
Since the benefits under the above schemes are not differentiated into mandatory and voluntary portions, a portion of “non-offsettable” benefits* will be carved out from the ORS benefits. Calculation formula is as follows:
Final average monthly relevant income × Years of service with ORS benefits × 5% × 12
Remaining benefits after carving out the “non-offsettable” benefits (akin to employers’ voluntary MPF contributions) can offset the pre- and/or post-transition portions of SP/LSP.
*“Non-offsettable” benefits – akin to employers’ mandatory MPF contributions and can only be used to offset the pre-transition portion of SP/LSP
As to other FAQs such as the difference in the calculation of SP and LSP after the abolition of the offsetting arrangement and whether all accrued benefits derived from employers’ mandatory MPF contributions can no longer be used to offset an employee’s SP/LSP, please visit Labour Department’s official website for more details.
Less than 7,100 / month or less than 85,200 / year
5%
Nil
7,100 - 30,000 / month or 85,200 - 360,000 / year
5%
5%
More than 30,000 / month or more than 360,000 / year
1,500 / month
1,500 / month
Remittance Statement
When making contribution payments, you need to submit a remittance statement that states the contribution details of all your employees enrolled in the MPF scheme. Please download the remittance statement templates through the following links:
We understand that the monthly contribution process can be time consuming. To make the process easier, BCT provides several options, including free softwares & Autobill to employers. Should you need any assistance, please feel free to contact our representative through our Employer Hotline at 2298 9388.
C-Online
C-Online is a safe, online contribution system designed for employers. It allows you to submit remittance statements instantly and generate pay records. Advantages of using the C-Online include round-the-clock service, payment security and data privacy.
The BCT MPF calculator is used within Microsoft Excel to help you prepare remittance statements and pay records, and keep track of contribution payment history. Click here for a demonstration.
This service is Only applicable for employers under the following payroll conditions:
Monthly payroll cycle
Payroll period end date at end of the month
After the setup of the Autobill service, we will send the remittance statement to the employer around 25th day of each month based on the updated relevant income of employees who have been enrolled to the MPF Scheme.
Flexi2 is a standalone application on Windows platform that can provided human resources management functions in addition to MPF contributions calculation.
Comprehensive management system
Support MPF scheme and ORSO plan
With MPF / ORSO contribution calculation, payroll management and leave management functions
Taxation and reporting module
MPF Contribution Authorized Channels
Employer and self-employed persons must make MPF contributions through the following channels. The “Designated Banks” mentioned below refer to Chong Hing Bank, CMB Wing Lung Bank, Dah Sing Bank, Fubon Bank, ICBC (Asia), OCBC Bank, Public Bank and Shanghai Commercial Bank
Contribution Payment Methods
Cut-off Time
1
Direct Debit Authorisation (DDA)
The contributions will be debited directly from the employer’s “Designated Banks” account upon verification of the remittance statement by Bank Consortium Trust Company Limited.
Self-employed persons may also make contributions through DDA and the contributions will be debited directly from their personal bank accounts. When the DDA service becomes effective, the contributions will be debited directly from the “Designated Banks” accounts on the contribution day. The service is applicable to monthly or yearly contributions. The default debit date is the last day of each contribution period.
Please make contributions through other channels or methods before the DDA is set up.
Please consult your bank for the applicable charges.
You may make contributions through internet banking services. Please select “Insurance or Pension Services” from the merchant list and select “BCT (MPF) Pro Choice” or “BCT (MPF) Industry Choice”.
Please consult your bank for the scope of services.
On or before the contribution day. Please consult your bank for the cutoff time.
3
PPS
You may make contributions through PPS: Please call 18011, or visit www.ppshk.com
BCT Merchant Code:
BCT (MPF) Pro Choice: 6289
BCT (MPF) Industry Choice: 6291
On or before the contribution day. Please note the cut-off time of PPS and the processing time (it may take one to two days, excluding Saturdays, Sundays and public holidays).
4
Direct Deposit
You may make contributions by cash, cheque or bank transfer at the branch teller counters of “Designated Banks” during the office hours.
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Besides, self-employed persons should provide their participating plan numbers at the teller counter of “Designated Banks” branches, while employers should provide the remittance statements at the same time; if a remittance statement is not available, their participating plan numbers.
On or before the contribution day. Please consult “Designated Banks” for the cut-off time.
ii) Self-employed persons please drop the cheques with participation plan number written into the cheque drop-in box at any branch of “Designated Banks”◆
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited - Client A/C - Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited - Client A/C - Industry Clearing
◆ Applicable to Chong Hing Bank, CMB Wing Lung Bank, Fubon Bank, ICBC (Asia), Public Bank and Shanghai Commercial Bank only.
On or before the contribution day. Please consult “Designated Banks”◆ for the cut-off time.
6
Direct Deposit through Internet Banking of “Designated Banks”*
You may transfer the contributions to the account of BCT (MPF) Pro Choice or BCT (MPF) Industry Choice through internet banking service of “Designated Banks”*.
Please consult “Designated Banks”* for the scope of services
* Applicable to NET Banking of CMB Wing Lung Bank, DS-Direct Services and 328 Business e-Banking of Dah Sing Bank and Internet Banking of Shanghai Commercial Bank only.
On or before the contribution day. Please consult “Designated Banks” for the cut-off time.
7
By Post (Making Crossed Cheque Payable to Bank Consortium Trust Company Limited)
You may send the remittance statements and / or crossed cheques (post-dated cheque will be not accepted) by post to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong.
Please make a crossed cheque payable to:
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Please make sure that there is sufficient time for postage (particularly during seasonal pressure periods) and that the contributions and remittance statements can be received by Bank Consortium Trust Company Limited on or before the contribution day.
The delivery time may vary between the post offices located in different regions.
8
E-Cheque
1. Please send the e-cheque and the remittance statements / contribution files, if applicable, to the designated email account: echeque@bcthk.com or upload by logging into BCT Employer Website www.bcthk.com.
2. Employers and self-employed persons should provide their participating plan numbers at the field of “remarks” in the e-cheque.
3. Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
On or before the contribution day. (Daily cut-off time: 23:59 (as per BCT system record))
9
In Person
You may deliver the remittance statements and / or crossed cheques in person to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong during the office hours.
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Office hours: Monday to Friday 9:00am to 6:00pm (Except public holiday)
Employers must submit the remittance statement of BCT (MPF) Pro Choice and BCT (MPF) Industry Choice through the following channels or methods:
Please consult individual designated bank and your bank for the scope of services.
Submission of remittance statement
1
C-Online△
C-Online is an online contribution system specially designed for employers who use calendar month as payroll cycle (cycle starts from the first day of the month and ends on the last day of the month), and can generate and submit remittance statements instantly through BCT Employer Website.
△ Not applicable to casual employees
2
Flexi2△
Flexi2 is a tailor-made software for employers to manage the employee records, prepare the remittance statements, administer payroll, and prepare pay records and employee tax returns. Employers may also submit contribution data files (FPE File) through BCT Employer Website, and via “Designated Banks”. Please refer to the sections of BCT Employer Website, Internet Banking of “Designated Banks” or consult “Designated Banks” for scope of services in receiving Flexi2 contribution data files.
Employer may submit the remittance statements via BCT employer website (files can be in various electronic formats). Please follow the steps below to upload the related file:
Step 1: Go to our website, login to our employer website from “Your Online Account”
Step 2: Upload the related file at “Contribution Data Submission”.
4
By Post to Bank Consortium Trust Company Limited
Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong.
5
Branch Teller Counters of “Designated Banks”
Employers may submit the remittance statements together with the contributions in cash, cheque or by bank account transfer, at the branch teller counters of the “Designated Banks”
Please consult “Designated Banks” on the cut-off time.
6
Cheque Drop-in Boxes of “Designated Banks”#
Employers may drop remittance statements with cheque attached in the cheque drop-in boxes# at the branches of “Designated Banks”#. Please do not drop remittance statements without cheque attached and other documents into cheque drop-in box.
# Applicable to Chong Hing Bank, CMB Wing Lung Bank, Fubon Bank, ICBC (Asia), Public Bank and Shanghai Commercial Bank only.
Please consult “Designated Banks”# for the cut-off time.
7
Internet Banking Service of “Designated Banks”▲
Employers may upload the Flexi2 contribution data files through the internet banking services▲ of the “Designated Banks”▲
▲ Applicable to NET Banking of CMB Wing Lung Bank, DS-Direct Services and 328 Business e-Banking of Dah Sing Bank and Internet Banking of Shanghai Commercial Bank only. Please consult the above banks on cut-off time and scope of services.
8
In Person
Employers may submit the remittance statements in person to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong during the office hours.
Office hours: Monday to Friday 9:00am to 6:00pm (Except public holiday)
Note:
For employers who subscribed the Autobill service, please note that the document you receive monthly from BCT is the remittance statement.
Contribution Receipt
A contribution receipt together with payment details of individual employees will be sent to you for your record.
Pay Record
Under the MPF legislation, you are required to provide pay records to your employees.
Regular Employee - within seven working days after making contribution payment to us.
*Servicing banks include, Chong Hing Bank, CMB Wing Lung Bank, Dah Sing Bank, Fubon Bank, ICBC (Asia), OCBC Bank, Public Bank (Hong Kong) and Shanghai Commercial Bank
The first contributions for new employees are to be made on or before the 10th day of the calendar month following the end of the 60th day of employment.
Your contributions are calculated from the 1st day of the employees’ employment.
Your employees are entitled to a “30-day contribution holiday” and their contributions are calculated from the 31st day of employment. However, the first incomplete payroll cycle (for monthly payroll cycles or payroll cycles more frequent than monthly) or calendar month (for payroll cycles less frequent than monthly) immediately following the 30-day contribution holiday is also waived.
The MPF First Contribution Calculator helps you calculate on first contribution.
Amount of mandatory contributions (per working day)
Daily Income (HK$)
Employer's contributions (HK$)
Employee's contributions (HK$)
Less than 280
10
Not required
280 to less than 350
15
15
350 to less than 450
20
20
450 to less than 550
25
25
550 to less than 650
30
30
650 to less than 750
35
35
750 to less than 850
40
40
850 to less than 950
45
45
950 or more
50
50
Remittance Statement
When making contribution payments, you need to submit a remittance statement that states the contribution details of all your employees enrolled in the MPF scheme. Please click here to download the remittance statement template.
We understand that the monthly contribution process can be time consuming. To make the process easier, BCT provides several options to facilitate you to manage your remittance statement. Should you need any assistance, please feel free to contact our representative through our Employer Hotline at 2298 9388.
This calculator (to be used with Microsoft Excel) is designed to help you prepare remittance statements (applicable to contribution payments within 10 days after the contribution period). Click here to learn more.
Ready made pre-printed forms (applicable to contribution payments on or before the next working day (excluding Saturdays) following the payment of relevant income to employees).
MPF Contribution Authorized Channels
Employer and self-employed persons must make MPF contributions through the following channels. The “Designated Banks” mentioned below refer to Chong Hing Bank, CMB Wing Lung Bank, Dah Sing Bank, Fubon Bank, ICBC (Asia), OCBC Bank, Public Bank and Shanghai Commercial Bank.
Contribution Payment Methods
Cut-off Time
1
Direct Debit Authorisation (DDA)
The contributions will be debited directly from the employer’s “Designated Banks” account upon verification of the remittance statement by Bank Consortium Trust Company Limited.
Self-employed persons may also make contributions through DDA and the contributions will be debited directly from their personal bank accounts. When the DDA service becomes effective, the contributions will be debited directly from the “Designated Banks” accounts on the contribution day. The service is applicable to monthly or yearly contributions. The default debit date is the last day of each contribution period.
Please make contributions through other channels or methods before the DDA is set up.
Please consult your bank for the applicable charges.
You may make contributions through internet banking services. Please select “Insurance or Pension Services” from the merchant list and select “BCT (MPF) Pro Choice” or “BCT (MPF) Industry Choice”.
Please consult your bank for the scope of services.
On or before the contribution day. Please consult your bank for the cutoff time.
3
PPS
You may make contributions through PPS: Please call 18011, or visit www.ppshk.com
BCT Merchant Code:
BCT (MPF) Pro Choice: 6289
BCT (MPF) Industry Choice: 6291
On or before the contribution day. Please note the cut-off time of PPS and the processing time (it may take one to two days, excluding Saturdays, Sundays and public holidays).
4
Direct Deposit
You may make contributions by cash, cheque or bank transfer at the branch teller counters of “Designated Banks” during the office hours.
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Besides, self-employed persons should provide their participating plan numbers at the teller counter of “Designated Banks” branches, while employers should provide the remittance statements at the same time; if a remittance statement is not available, their participating plan numbers.
On or before the contribution day. Please consult “Designated Banks” for the cut-off time.
ii) Self-employed persons please drop the cheques with participation plan number written into the cheque drop-in box at any branch of “Designated Banks”◆
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited - Client A/C - Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited - Client A/C - Industry Clearing
◆ Applicable to Chong Hing Bank, CMB Wing Lung Bank, Fubon Bank, ICBC (Asia), Public Bank and Shanghai Commercial Bank only.
On or before the contribution day. Please consult “Designated Banks”◆ for the cut-off time.
6
Direct Deposit through Internet Banking of “Designated Banks”*
You may transfer the contributions to the account of BCT (MPF) Pro Choice or BCT (MPF) Industry Choice through internet banking service of “Designated Banks”*.
Please consult “Designated Banks”* for the scope of services
* Applicable to NET Banking of CMB Wing Lung Bank, DS-Direct Services and 328 Business e-Banking of Dah Sing Bank and Internet Banking of Shanghai Commercial Bank only.
On or before the contribution day. Please consult “Designated Banks” for the cut-off time.
7
By Post (Making Crossed Cheque Payable to Bank Consortium Trust Company Limited)
You may send the remittance statements and / or crossed cheques (post-dated cheque will be not accepted) by post to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong.
Please make a crossed cheque payable to:
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Please make sure that there is sufficient time for postage (particularly during seasonal pressure periods) and that the contributions and remittance statements can be received by Bank Consortium Trust Company Limited on or before the contribution day.
The delivery time may vary between the post offices located in different regions.
8
E-Cheque
1. Please send the e-cheque and the remittance statements / contribution files, if applicable, to the designated email account: echeque@bcthk.com or upload by logging into BCT Employer Website www.bcthk.com.
2. Employers and self-employed persons should provide their participating plan numbers at the field of “remarks” in the e-cheque.
3. Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
On or before the contribution day. (Daily cut-off time: 23:59 (as per BCT system record))
9
In Person
You may deliver the remittance statements and / or crossed cheques in person to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong during the office hours.
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Office hours: Monday to Friday 9:00am to 6:00pm (Except public holiday)
Employers must submit the remittance statement of BCT (MPF) Pro Choice and BCT (MPF) Industry Choice through the following channels or methods:
Please consult individual designated bank and your bank for the scope of services.
Submission of remittance statement
1
C-Online△
C-Online is an online contribution system specially designed for employers who use calendar month as payroll cycle (cycle starts from the first day of the month and ends on the last day of the month), and can generate and submit remittance statements instantly through BCT Employer Website.
△ Not applicable to casual employees
2
Flexi2△
Flexi2 is a tailor-made software for employers to manage the employee records, prepare the remittance statements, administer payroll, and prepare pay records and employee tax returns. Employers may also submit contribution data files (FPE File) through BCT Employer Website, and via “Designated Banks”. Please refer to the sections of BCT Employer Website, Internet Banking of “Designated Banks” or consult “Designated Banks” for scope of services in receiving Flexi2 contribution data files.
Employer may submit the remittance statements via BCT employer website (files can be in various electronic formats). Please follow the steps below to upload the related file:
Step 1: Go to our website, login to our employer website from “Your Online Account”
Step 2: Upload the related file at “Contribution Data Submission”.
4
By Post to Bank Consortium Trust Company Limited
Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong.
5
Branch Teller Counters of “Designated Banks”
Employers may submit the remittance statements together with the contributions in cash, cheque or by bank account transfer, at the branch teller counters of the “Designated Banks”
Please consult “Designated Banks” on the cut-off time.
6
Cheque Drop-in Boxes of “Designated Banks”#
Employers may drop remittance statements with cheque attached in the cheque drop-in boxes# at the branches of “Designated Banks”#. Please do not drop remittance statements without cheque attached and other documents into cheque drop-in box.
# Applicable to Chong Hing Bank, CMB Wing Lung Bank, Fubon Bank, ICBC (Asia), Public Bank and Shanghai Commercial Bank only.
Please consult “Designated Banks”# for the cut-off time.
7
Internet Banking Service of “Designated Banks”▲
Employers may upload the Flexi2 contribution data files through the internet banking services▲ of the “Designated Banks”▲
▲ Applicable to NET Banking of CMB Wing Lung Bank, DS-Direct Services and 328 Business e-Banking of Dah Sing Bank and Internet Banking of Shanghai Commercial Bank only. Please consult the above banks on cut-off time and scope of services.
8
In Person
Employers may submit the remittance statements in person to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong during the office hours.
Office hours: Monday to Friday 9:00am to 6:00pm (Except public holiday)
Note:
For employers who subscribed the Autobill service, please note that the document you receive monthly from BCT is the remittance statement.
Contribution Receipt
A contribution receipt together with payment details of individual employees will be sent to you for your record.
Pay Record
Casual Employee - within seven working days after making contribution payment to us if you choose to make contribution payment within 10 days after the contribution period**
**Pay record is not required if you choose to make contribution payments on or before the next working day (excluding Saturday) following the payment of relevant income to employees.
Employer and self-employed persons must make MPF contributions through the following channels. The “Designated Banks” mentioned below refer to Chong Hing Bank, CMB Wing Lung Bank, Dah Sing Bank, Fubon Bank, ICBC (Asia), OCBC Bank, Public Bank and Shanghai Commercial Bank
Contribution Payment Methods
Cut-off Time
1
Direct Debit Authorisation (DDA)
The contributions will be debited directly from the employer’s “Designated Banks” account upon verification of the remittance statement by Bank Consortium Trust Company Limited.
Self-employed persons may also make contributions through DDA and the contributions will be debited directly from their personal bank accounts. When the DDA service becomes effective, the contributions will be debited directly from the “Designated Banks” accounts on the contribution day. The service is applicable to monthly or yearly contributions. The default debit date is the last day of each contribution period.
Please make contributions through other channels or methods before the DDA is set up.
Please consult your bank for the applicable charges.
You may make contributions through internet banking services. Please select “Insurance or Pension Services” from the merchant list and select “BCT (MPF) Pro Choice” or “BCT (MPF) Industry Choice”.
Please consult your bank for the scope of services.
On or before the contribution day. Please consult your bank for the cutoff time.
3
PPS
You may make contributions through PPS: Please call 18011, or visit www.ppshk.com
BCT Merchant Code:
BCT (MPF) Pro Choice: 6289
BCT (MPF) Industry Choice: 6291
On or before the contribution day. Please note the cut-off time of PPS and the processing time (it may take one to two days, excluding Saturdays, Sundays and public holidays).
4
Direct Deposit
You may make contributions by cash, cheque or bank transfer at the branch teller counters of “Designated Banks” during the office hours.
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Besides, self-employed persons should provide their participating plan numbers at the teller counter of “Designated Banks” branches, while employers should provide the remittance statements at the same time; if a remittance statement is not available, their participating plan numbers.
On or before the contribution day. Please consult “Designated Banks” for the cut-off time.
ii) Self-employed persons please drop the cheques with participation plan number written into the cheque drop-in box at any branch of “Designated Banks”◆
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited - Client A/C - Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited - Client A/C - Industry Clearing
◆ Applicable to Chong Hing Bank, CMB Wing Lung Bank, Fubon Bank, ICBC (Asia), Public Bank and Shanghai Commercial Bank only.
On or before the contribution day. Please consult “Designated Banks”◆ for the cut-off time.
6
Direct Deposit through Internet Banking of “Designated Banks”*
You may transfer the contributions to the account of BCT (MPF) Pro Choice or BCT (MPF) Industry Choice through internet banking service of “Designated Banks”*.
Please consult “Designated Banks”* for the scope of services
* Applicable to NET Banking of CMB Wing Lung Bank, DS-Direct Services and 328 Business e-Banking of Dah Sing Bank and Internet Banking of Shanghai Commercial Bank only.
On or before the contribution day. Please consult “Designated Banks” for the cut-off time.
7
By Post (Making Crossed Cheque Payable to Bank Consortium Trust Company Limited)
You may send the remittance statements and / or crossed cheques (post-dated cheque will be not accepted) by post to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong.
Please make a crossed cheque payable to:
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Please make sure that there is sufficient time for postage (particularly during seasonal pressure periods) and that the contributions and remittance statements can be received by Bank Consortium Trust Company Limited on or before the contribution day.
The delivery time may vary between the post offices located in different regions.
8
E-Cheque
1. Please send the e-cheque and the remittance statements / contribution files, if applicable, to the designated email account: echeque@bcthk.com or upload by logging into BCT Employer Website www.bcthk.com.
2. Employers and self-employed persons should provide their participating plan numbers at the field of “remarks” in the e-cheque.
3. Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
On or before the contribution day. (Daily cut-off time: 23:59 (as per BCT system record))
9
In Person
You may deliver the remittance statements and / or crossed cheques in person to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong during the office hours.
Please make a crossed cheque payable to (post-dated cheque will not be accepted):
i) BCT (MPF) Pro Choice: Bank Consortium Trust Company Limited — Client A/C — Master Clearing
ii) BCT (MPF) Industry Choice: Bank Consortium Trust Company Limited — Client A/C — Industry Clearing
Office hours: Monday to Friday 9:00am to 6:00pm (Except public holiday)
Employers may submit the remittance statement of BCT (MPF) Pro Choice and BCT (MPF) Industry Choice through the following channels or methods:
Please consult individual designated bank and your bank for the scope of services.
Submission of remittance statement
1
C-Online△
C-Online is an online contribution system specially designed for employers who use calendar month as payroll cycle (cycle starts from the first day of the month and ends on the last day of the month), and can generate and submit remittance statements instantly through BCT Employer Website.
△ Not applicable to casual employees
2
Flexi2△
Flexi2 is a tailor-made software for employers to manage the employee records, prepare the remittance statements, administer payroll, and prepare pay records and employee tax returns. Employers may also submit contribution data files (FPE File) through BCT Employer Website, and via “Designated Banks”. Please refer to the sections of BCT Employer Website, Internet Banking of “Designated Banks” or consult “Designated Banks” for scope of services in receiving Flexi2 contribution data files.
Employer may submit the remittance statements via BCT employer website (files can be in various electronic formats). Please follow the steps below to upload the related file:
Step 1: Go to our website, login to our employer website from “Your Online Account”
Step 2: Upload the related file at “Contribution Data Submission”.
4
By Post to Bank Consortium Trust Company Limited
Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong.
5
Branch Teller Counters of “Designated Banks”
Employers may submit the remittance statements together with the contributions in cash, cheque or by bank account transfer, at the branch teller counters of the “Designated Banks”
Please consult “Designated Banks” on the cut-off time.
6
Cheque Drop-in Boxes of “Designated Banks”#
Employers may drop remittance statements with cheque attached in the cheque drop-in boxes# at the branches of “Designated Banks”#. Please do not drop remittance statements without cheque attached and other documents into cheque drop-in box.
# Applicable to Chong Hing Bank, CMB Wing Lung Bank, Fubon Bank, ICBC (Asia), Public Bank and Shanghai Commercial Bank only.
Please consult “Designated Banks”# for the cut-off time.
7
Internet Banking Service of “Designated Banks”▲
Employers may upload the Flexi2 contribution data files through the internet banking services▲ of the “Designated Banks”▲
▲ Applicable to NET Banking of CMB Wing Lung Bank, DS-Direct Services and 328 Business e-Banking of Dah Sing Bank and Internet Banking of Shanghai Commercial Bank only. Please consult the above banks on cut-off time and scope of services.
8
In Person
Employers may submit the remittance statements in person to Bank Consortium Trust Company Limited, 18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong during the office hours.
Office hours: Monday to Friday 9:00am to 6:00pm (Except public holiday)
Note:
For employers who subscribed the Autobill service, please note that the document you receive monthly from BCT is the remittance statement.
Contribution Receipt
A contribution receipt together with payment details of individual employees will be sent to you for your record.
