{"id":25075,"date":"2025-05-08T12:11:11","date_gmt":"2025-05-08T12:11:11","guid":{"rendered":"https:\/\/www.genacct.com\/abolition-offsetting-mpf\/"},"modified":"2026-06-17T05:59:59","modified_gmt":"2026-06-17T05:59:59","slug":"abolition-offsetting-mpf","status":"publish","type":"post","link":"https:\/\/www.genacct.com\/en\/abolition-offsetting-mpf\/","title":{"rendered":"[MPF Offsetting Abolition] Impact of abolishing MPF offsetting against long service payment\/severance payment, with case analysis"},"content":{"rendered":"\t\t
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MPF is the abbreviation for the Mandatory Provident Fund Schemes, which is a compulsory retirement protection scheme for employers and employees in Hong Kong. The Hong Kong Government introduced the Mandatory Provident Fund Schemes Ordinance on August 3, 1995, and officially implemented the MPF system on December 1, 2000 (1)<\/sup>.<\/p>

The Hong Kong “Mandatory Provident Fund (MPF)” system is a compulsory retirement savings scheme established for working individuals aged 18 to 65. It aims to provide basic financial security for employees after retirement through monthly contributions (5% of monthly salary) from both employers and employees (2)<\/sup>. The employer’s portion of MPF contributions is eligible for corporate tax deduction,<\/a> while the employee’s MPF contributions can also be used for personal tax deduction<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\t\tTable of Contents<\/span>\r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t
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    <\/ol>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t
    \r\n\t\t\t\t\tAdd a header to begin generating the table of contents<\/span>\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    MPF Contribution Mechanism<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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    According to the regulations of the MPF system, if an employee’s monthly salary is HK$7,100 or above, both the employee and the employer must each contribute 5%, with a cap of HK$1,500. For those with a monthly income of less than HK$7,100, the employee is not required to contribute, but the employer must still make mandatory contributions for the employee. The funds are managed by fund management companies regulated by the Mandatory Provident Fund Schemes Authority (MPFA) for long-term investment to assist employees in saving for retirement.<\/p>

    It is worth noting that in the past, employers could use the accrued benefits derived from their contributions to the MPF to offset severance payments or long service payments required under the Employment Ordinance. This mechanism is commonly known as “offsetting.”<\/p>

    However, the government has officially abolished the MPF offsetting mechanism starting May 1, 2025 (3)<\/sup>. Employees under continuous employment will no longer have their MPF accrued benefits reduced when receiving severance payments or long service payments.<\/p>

    Note! For the definition of a “continuous contract,” please refer to another article on the General Accounting blog: Hong Kong 468 Labor Legislation: A Comprehensive Guide for Employers and Employees on the Impact of Transitioning from “418” to “468”<\/a> <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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    Calculation Method for Long Service Payment<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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    According to the Employment Ordinance, an employee employed under a continuous contract for not less than 5 years is eligible for a maximum long service payment of HK$390,000. The calculation formula depends on the mode of employment, with details as follows (4)<\/sup>:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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    Monthly-rated employees:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Last month’s full salary X 2\/3 X years of service<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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    Daily-rated \/ Piece-rated employees:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    The sum of wages for any 18 days chosen by the employee out of the last 30 normal working days, multiplied by the years of service.<\/p>

    Extended Reading: Filing Tax Returns for Employees<\/a> <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

    \n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Abolition\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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    Why Abolish the MPF Offsetting Arrangement?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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    The purpose is to ensure that employees can receive their entitled severance payments or long service payments in full upon termination of employment, while also retaining their full MPF benefits (both employer and employee contribution portions). This prevents the accrued benefits from the employer’s contribution portion from being offset under the old system, thereby enhancing the level of retirement protection for employees.<\/p>

    From May 1, 2025, employers can no longer use the accrued benefits of employer MPF contributions to offset payments required for severance or termination of long service during that period. The abolition of MPF offsetting will be handled in stages, with details as follows:<\/p>

    Contributions before May 1, 2025: Accrued benefits from these contributions can still be used for offsetting.<\/p>

    Contributions after May 1, 2025: Cannot be used for offsetting (except for offsettable items such as employer voluntary contributions) and must be paid directly by the employer as severance payment\/long service payment.<\/p>

    To assist employers in adapting to the new system and alleviate financial pressure, the government has also introduced a 25-year subsidy transition period (5)<\/sup> to provide financial support to employers in need.<\/p>

    In this subsidy arrangement, the government has established a mechanism called the “<\/strong>HK$500,000<\/strong> threshold”<\/strong> as the basis for calculating the subsidy amount.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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    MPF Offsetting Abolition Government Subsidy: What is the HK$500,000 threshold?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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    In each subsidy year, the total expenditure of the post-transition portion of severance payments\/long service payments for which an employer is eligible to apply for a subsidy is capped at a HK$500,000 threshold. Based on this threshold, the calculation and the government subsidy amount will vary.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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    Employer's share ratio and capped amount within the HK$500,000 threshold for the same subsidy year<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    \r\n\r\n\r\n \r\n Employer's Share Ratio and Capped Amount<\/title>\r\n <style>\r\n body {\r\n font-family: Arial, sans-serif;\r\n margin: 0;\r\n padding: 20px;\r\n }\r\n table {\r\n width: 100%;\r\n border-collapse: collapse;\r\n margin: 0 auto;\r\n }\r\n th, td {\r\n border: 1px solid #ccc;\r\n padding: 8px;\r\n text-align: center;\r\n vertical-align: middle;\r\n }\r\n .header-row th {\r\n background-color: #FFFFFF; \/* \u767d\u8272 *\/\r\n font-weight: bold;\r\n }\r\n .data-row:nth-child(odd) {\r\n background-color: #FFFFFF; \/* \u767d\u8272 *\/\r\n }\r\n .data-row:nth-child(even) {\r\n background-color: #E6E6E6; \/* \u7070\u8272 *\/\r\n }\r\n .center-text {\r\n text-align: center;\r\n }\r\n <\/style>\r\n\r\n\r\n <table>\r\n <tr class=\"header-row\">\r\n <th>Year<\/th>\r\n <th>Employer's Share Ratio<\/th>\r\n <th>Capped Amount (whichever is lower)<\/th>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Years 1-3<\/td>\r\n <td>50%<\/td>\r\n <td>HK$3,000<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 4<\/td>\r\n <td>55%<\/td>\r\n <td>HK$25,000<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 5<\/td>\r\n <td>60%<\/td>\r\n <td>HK$25,000<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 6<\/td>\r\n <td>65%<\/td>\r\n <td>HK$25,000<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 7<\/td>\r\n <td>70%<\/td>\r\n <td>HK$50,000<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 8<\/td>\r\n <td>75%<\/td>\r\n <td>HK$50,000<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 9<\/td>\r\n <td>80%<\/td>\r\n <td>HK$50,000<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Years 10-11<\/td>\r\n <td>80%<\/td>\r\n <td>N\/A<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Years 12-13<\/td>\r\n <td>85%<\/td>\r\n <td>N\/A<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Years 14-19<\/td>\r\n <td>90%<\/td>\r\n <td>N\/A<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Years 20-25<\/td>\r\n <td>95%<\/td>\r\n <td>N\/A<\/td>\r\n <\/tr>\r\n <\/table>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-854cc60 elementor-widget elementor-widget-text-editor\" data-id=\"854cc60\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Source: <a href=\"https:\/\/www.offsettingsubsidy.gov.hk\/tc\/scheme-characteristics.html#tab-1\" target=\"_blank\" rel=\"noopener\">https:\/\/www.offsettingsubsidy.gov.hk\/en\/scheme-characteristics.html#tab-1<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89cf3fd elementor-widget elementor-widget-heading\" data-id=\"89cf3fd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Employer's share ratio and capped amount beyond the HK$500,000 threshold for the same subsidy year<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fb8a20 elementor-widget elementor-widget-html\" data-id=\"4fb8a20\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<div>\r\n\r\n\r\n <meta charset=\"UTF-8\">\r\n <title>Employer's Share Ratio (No Cap)<\/title>\r\n <style>\r\n table {\r\n width: 100%;\r\n border-collapse: collapse;\r\n font-family: Arial, sans-serif;\r\n }\r\n th, td {\r\n border: 1px solid black;\r\n padding: 8px;\r\n text-align: center;\r\n }\r\n .header-row {\r\n background-color: #F0F0F0; \/* \u6d45\u7070\u8272 *\/\r\n }\r\n .data-row:nth-child(odd) {\r\n background-color: #FFFFFF; \/* \u767d\u8272 *\/\r\n }\r\n .data-row:nth-child(even) {\r\n background-color: #E6E6E6; \/* \u7070\u8272 *\/\r\n }\r\n <\/style>\r\n\r\n\r\n <table>\r\n <tr class=\"header-row\">\r\n <th>Year<\/th>\r\n <th>Employer's Share Ratio (No Cap)<\/th>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Years 1-3<\/td>\r\n <td>50%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 4<\/td>\r\n <td>55%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 5<\/td>\r\n <td>60%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 6<\/td>\r\n <td>65%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 7<\/td>\r\n <td>70%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 8<\/td>\r\n <td>75%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 9<\/td>\r\n <td>80%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 10<\/td>\r\n <td>85%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 11<\/td>\r\n <td>90%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Year 12<\/td>\r\n <td>95%<\/td>\r\n <\/tr>\r\n <tr class=\"data-row\">\r\n <td>Years 13-25<\/td>\r\n <td>100%<\/td>\r\n <\/tr>\r\n <\/table>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd0929c elementor-widget elementor-widget-text-editor\" data-id=\"bd0929c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Source: <a href=\"https:\/\/www.offsettingsubsidy.gov.hk\/tc\/scheme-characteristics.html#tab-1\" target=\"_blank\" rel=\"noopener\">https:\/\/www.offsettingsubsidy.gov.hk\/en\/scheme-characteristics.html#tab-1<\/a><\/p><p>To help employers clearly understand the subsidy calculation method and its actual impact, the following practical examples further illustrate the application of government subsidies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f38f978 elementor-widget elementor-widget-heading\" data-id=\"f38f978\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Examples of Government Subsidies for the Abolition of MPF Offsetting<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9244a7 elementor-widget elementor-widget-toggle\" data-id=\"f9244a7\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2611\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2611\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Example within the HK$500,000 threshold for the same subsidy year<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2611\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2611\"><p>For example, within the first 3 years after the abolition of MPF offsetting, if an employer needs to pay an employee HK$36,000 in severance\/long service payments, the amount payable based on the 50% ratio would be HK$18,000. However, if the cap for that year is HK$3,000, the employer only needs to pay HK$3,000, and the balance of HK$33,000 will be subsidized by the government.<\/p><p>Note: The company’s tax-deductible amount is based on the actual compensation paid and does not include the government subsidy portion.<\/p><p>Extended Reading: <a href=\"https:\/\/www.genacct.com\/en\/company-taxation\/\">Tax Filing Tutorial for Limited Companies<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2612\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-2612\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Government Subsidy for Abolition of MPF Offsetting: Example beyond the HK$500,000 threshold for the same subsidy year<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2612\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-2612\"><p>Suppose after the abolition of MPF offsetting, an employer needs to pay HK$100,000 in long service payments. In the 5th year, the employer’s share would be HK$100,000 \u00d7 60% = HK$60,000. From the 13th year onwards, the government subsidy stops, and the employer must bear the excess amount in full.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2613\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-2613\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Case spanning across the HK$500,000 threshold<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2613\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-2613\"><p>If part of the amount in a case is within the HK$500,000 threshold and part exceeds HK$500,000, the total employer’s share is calculated by adding the results from the two sets of regulations mentioned above.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2614\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-2614\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Example of a case spanning across the HK$500,000 threshold<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2614\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-2614\"><p>For example, if the total severance payment is HK$40,000, of which HK$30,000 falls within the HK$500,000 threshold and HK$10,000 is the excess portion, the calculation is as follows:<\/p><ol><li>Portion within HK$500,000: Calculated based on the employer’s share ratio and capped amount table within the HK$500,000 threshold for the same year (e.g., 50% ratio), HK$30,000 \u00d7 50% = HK$15,000. However, if the cap is HK$2,250 (3,000 x 30,000\/40,000), the employer actually pays HK$2,250.<\/li><li>Excess portion: HK$10,000 \u00d7 50% = HK$5,000.<\/li><li>Total: HK$2,250 + HK$5,000 = HK$7,250, with the government subsidizing the remaining portion.<\/li><\/ol><p>As seen from the examples above, although the government provides a certain level of subsidy, the actual expenditure for employers after the abolition of offsetting will still increase.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-181717d elementor-widget elementor-widget-heading\" data-id=\"181717d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Impact of Abolishing MPF Offsetting on Employers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cd0db0 elementor-widget elementor-widget-text-editor\" data-id=\"5cd0db0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The abolition of MPF offsetting means that companies can no longer use employer MPF contributions to pay for severance and long service payments. Therefore, the impact on employers is as follows:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e12461c elementor-widget elementor-widget-toggle\" data-id=\"e12461c\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2361\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2361\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Increased Cash Flow Pressure:<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2361\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2361\"><p>Employers must use company funds to pay for the portion of severance or long service payments after the abolition of MPF offsetting, increasing additional financial expenditure.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2362\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-2362\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Fund Reservation and Budget Adjustment:<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2362\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-2362\"><p>Large enterprises may need to set up provisions for long service payments or severance payments for employees, reserving funds based on employee salary and years of service, and adjusting internal management, administrative, and accounting processes.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2363\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-2363\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Human Resources Risk Management:<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2363\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-2363\"><p>After the abolition of MPF offsetting, companies need to re-evaluate decisions regarding layoffs or early dismissals to avoid increased human resources expenditure due to the loss of government subsidies.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2364\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-2364\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Employer Tax Planning:<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2364\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-2364\"><p>Employer contributions to MPF (mandatory) are tax-deductible. After the abolition of MPF offsetting, the long service payments or severance payments paid by employers are also tax-deductible. However, it should be noted that provisions set up for long service or severance payments are not tax-deductible.<\/p><p>Although employers may bear higher costs after the abolition of offsetting, from another perspective, this change represents a substantial improvement in protection for employees.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-85731c9 elementor-widget elementor-widget-image\" data-id=\"85731c9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"668\" height=\"668\" src=\"https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153737.webp\" class=\"attachment-full size-full wp-image-25079\" alt=\"Impact of Abolishing MPF Offsetting on Employers\" srcset=\"https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153737.webp 668w, https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153737-300x300.webp 300w, https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153737-150x150.webp 150w\" sizes=\"(max-width: 668px) 100vw, 668px\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e32886b elementor-widget elementor-widget-heading\" data-id=\"e32886b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Impact of Abolishing MPF Offsetting for Long Service\/Severance Payments on Employees<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1674efd elementor-widget elementor-widget-toggle\" data-id=\"1674efd\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2351\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2351\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\"> Enhancing Employee Retirement Protection<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2351\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2351\"><p>After the MPF reform, if an employee is unfortunately laid off or dismissed, the accrued benefits of employer contributions in the MPF will no longer be used for offsetting. Therefore, they can receive 100% of the MPF contributions upon retirement, enhancing employee retirement protection.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2352\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-2352\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><svg class=\"elementor-toggle-icon-opened e-font-icon-svg e-far-window-close\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 32H48C21.5 32 0 53.5 0 80v352c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48V80c0-26.5-21.5-48-48-48zm0 394c0 3.3-2.7 6-6 6H54c-3.3 0-6-2.7-6-6V86c0-3.3 2.7-6 6-6h404c3.3 0 6 2.7 6 6v340zM356.5 194.6L295.1 256l61.4 61.4c4.6 4.6 4.6 12.1 0 16.8l-22.3 22.3c-4.6 4.6-12.1 4.6-16.8 0L256 295.1l-61.4 61.4c-4.6 4.6-12.1 4.6-16.8 0l-22.3-22.3c-4.6-4.6-4.6-12.1 0-16.8l61.4-61.4-61.4-61.4c-4.6-4.6-4.6-12.1 0-16.8l22.3-22.3c4.6-4.6 12.1-4.6 16.8 0l61.4 61.4 61.4-61.4c4.6-4.6 12.1-4.6 16.8 0l22.3 22.3c4.7 4.6 4.7 12.1 0 16.8z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Employee Tax Planning<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2352\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-2352\"><p>Severance payments or long service payments paid according to the Employment Ordinance are themselves non-taxable, but the following situations should be noted:<\/p><ol><li>If the amount paid by the employer exceeds the statutory amount, the excess portion may be regarded as additional compensation or a termination bonus and is subject to tax.<\/li><li>Before May 1, 2025, employers could use the employer’s MPF contribution portion to offset severance or long service payments, but the remaining MPF benefits after offsetting are still non-taxable.<\/li><li>After May 1, 2025, with the abolition of the offsetting mechanism, employers must pay severance or long service payments in full, but this does not affect the tax-exempt nature of the MPF itself.<\/li><\/ol><p>Extended Reading: <a href=\"https:\/\/www.genacct.com\/en\/demand-note-for-individuals\/\">Key Dates for Salaries Tax Bills<\/a> | <a href=\"https:\/\/www.genacct.com\/en\/amend-tax-assessment\/\">Tutorial on Revision of Assessment<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f4f2f9 elementor-widget elementor-widget-image\" data-id=\"2f4f2f9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"668\" height=\"668\" src=\"https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153716.webp\" class=\"attachment-full size-full wp-image-25077\" alt=\"Impact of Abolishing MPF Offsetting for Long Service\/Severance Payments on Employees\" srcset=\"https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153716.webp 668w, https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153716-300x300.webp 300w, https:\/\/www.genacct.com\/wp-content\/uploads\/2025\/05\/20250507153716-150x150.webp 150w\" sizes=\"(max-width: 668px) 100vw, 668px\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d674188 elementor-widget elementor-widget-heading\" data-id=\"d674188\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently Asked Questions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00a3012 uael-faq-box-layout-yes align-at-left elementor-widget elementor-widget-uael-faq\" data-id=\"00a3012\" data-element_type=\"widget\" data-widget_type=\"uael-faq.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\t\t\t<div id='uael-faq-wrapper-667' class=\"uael-faq-wrapper\">\r\n\t\t\t\t<div class=\"uael-faq-container uael-faq-layout-accordion\" data-layout=\"accordion\" >\r\n\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-54d4e51\" class=\"uael-faq-accordion\" role=\"tablist\">\r\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-left\">\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/span>\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-angle-up\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><\/span>\r\n\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t<h3 class=\"uael-question-54d4e51 uael-question-span\" tabindex=\"0\" id=\"uael-faq-1\">How does the government subsidize the burden on businesses?<\/h3>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\r\n\t\t\t\t\t\t\t\t\t<span>\r\n\t\t\t\t\t\t\t\t\t<span><p>The government has launched a 25-year subsidy scheme, specifying the employer's share ratio and capped amounts for the post-transition portion in different years. There are limits on the employer's share during the first 9 years, and from the 10th year onwards, it is calculated according to a specified ratio, with the enterprise bearing the excess in full.<\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-ba032df\" class=\"uael-faq-accordion\" role=\"tablist\">\r\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-left\">\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/span>\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-angle-up\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><\/span>\r\n\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t<h3 class=\"uael-question-ba032df uael-question-span\" tabindex=\"0\" id=\"uael-faq-2\"> Is the MPF reform retroactive?<\/h3>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\r\n\t\t\t\t\t\t\t\t\t<span>\r\n\t\t\t\t\t\t\t\t\t<span><p>The reform is not retroactive, meaning that accrued benefits from contributions before the transition date (May 1, 2025) can still be used for offsetting, while the portion after the transition date is no longer applicable.<\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-1ba5d8b\" class=\"uael-faq-accordion\" role=\"tablist\">\r\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-left\">\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/span>\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-angle-up\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><\/span>\r\n\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t<h3 class=\"uael-question-1ba5d8b uael-question-span\" tabindex=\"0\" id=\"uael-faq-3\">What is the impact of the abolition of MPF offsetting on employees under 18 and over 65?<\/h3>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\r\n\t\t\t\t\t\t\t\t\t<span>\r\n\t\t\t\t\t\t\t\t\t<span><p>Since MPF does not cover employees under 18 and over 65, the reform has no actual impact on them. However, employers must still pay the corresponding severance and long service payments according to labor laws. The government will not provide any subsidies for this.<\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-043ab7a elementor-widget elementor-widget-heading\" data-id=\"043ab7a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb11cdd elementor-widget elementor-widget-text-editor\" data-id=\"eb11cdd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Starting May 1, 2025, Hong Kong will officially implement the abolition of the MPF offsetting arrangement. In the future, employers can no longer use MPF contributions to offset severance or long service payments, which means an increased financial burden for employers, but a significant improvement in retirement protection for employees.<\/p><p>After the abolition of MPF offsetting for long service and severance payments, employees can receive the full employer portion of MPF contributions, and the employer’s statutory compensation amount is tax-exempt. The government has also launched a 25-year subsidy scheme to assist businesses in transitioning through the reform. This change marks an important upgrade to Hong Kong’s retirement protection system.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6d7eea elementor-align-left elementor-mobile-align-justify elementor-widget__width-initial elementor-widget-tablet__width-inherit elementor-widget-mobile__width-initial elementor-widget elementor-widget-button\" data-id=\"b6d7eea\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/wa.me\/85268183861?text=Hi,%20General%20Accounting.\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Enquire now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff778af elementor-widget elementor-widget-text-editor\" data-id=\"ff778af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tGeneral Accounting has been established for over 20 years, providing <strong>one-stop company secretarial<\/strong> services (Trust or Company Service Provider License No.: TC002940). If you have any questions regarding <strong>MPF tax deduction<\/strong>, our professional customer service managers can provide a free preliminary inquiry for assistance.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-508fbd7 elementor-widget elementor-widget-text-editor\" data-id=\"508fbd7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Further reading:<\/p><p><a href=\"https:\/\/www.genacct.com\/en\/company-registration-procedure\">[Company Formation Process] Steps and Fees for Setting Up an Unlimited\/Limited Company in Hong Kong | Complete Guide<\/a><\/p><p><a href=\"https:\/\/www.genacct.com\/en\/business-registration\/\">The Ultimate Guide to the Hong Kong Business Registration Certificate: Latest BR Application, Fees, Documents, and Renewal<\/a><\/p><p><a href=\"https:\/\/www.genacct.com\/en\/company-registration-procedure\">[Tax clearance before leaving Hong Kong] When should IR56G be filed? A complete guide to employee tax clearance procedures and what employers need to know<\/a><\/p><p><a href=\"https:\/\/www.genacct.com\/en\/ir56m\/\">What is IR56M? How to fill out IR6036B? Step-by-step tutorial (with form download links)<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cca0f71 elementor-widget elementor-widget-text-editor\" data-id=\"cca0f71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div class=\"break-word\"><p>Sources:<\/p><p>1. Background of the MPF System<br\/>https:\/\/www.mpfa.org.hk\/en\/mpf-system\/background\/why-mpf<br\/>2. What Newcomers to the Workforce Need to Know About Managing MPF<br\/>https:\/\/www.mpfa.org.hk\/en\/info-centre\/press-releases\/6390_record<br\/>3. Labour Department of the HKSAR Government – Abolition of MPF Offsetting Arrangement<br\/>https:\/\/www.op.labour.gov.hk\/en\/index.html<br\/>4. Labour Department – Long Service Payment<br\/>https:\/\/www.labour.gov.hk\/eng\/public\/pdf\/wcp\/ConciseGuide\/11.pdf<br\/>5. Labour Department Implements Subsidy Scheme for Abolition of MPF “Offsetting” Arrangement (Subsidy Scheme)<br\/>https:\/\/www.offsettingsubsidy.gov.hk\/en\/scheme-characteristics.html<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c2192ec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c2192ec\" data-element_type=\"section\" data-settings=\"{"background_background":"classic"}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-11305b9\" data-id=\"11305b9\" data-element_type=\"column\" data-settings=\"{"background_background":"classic"}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d036e87 uae-toc-hide-heading elementor-widget elementor-widget-heading\" data-id=\"d036e87\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Questions regarding \"MPF Tax Deduction\"<br \/>General Accounting provides free consultation<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a2c4836 elementor-widget-divider--view-line elementor-invisible elementor-widget elementor-widget-divider\" data-id=\"a2c4836\" data-element_type=\"widget\" data-settings=\"{"_animation":"zoomIn"}\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d17491 elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"2d17491\" data-element_type=\"widget\" data-settings=\"{"step_next_label":"Next","step_previous_label":"Previous","button_width":"100","step_type":"number_text","step_icon_shape":"circle"}\" data-widget_type=\"form.default\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"New Form\" aria-label=\"New Form\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"25075\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"2d17491\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"[MPF Offsetting Abolition] Impact of abolishing MPF offsetting against long service payment\/severance payment, with case analysis\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"25075\"\/>\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-above\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-name elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-name\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tCustomer Name\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[name]\" id=\"form-field-name\" class=\"elementor-field elementor-size-sm elementor-field-textual\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-field_65a0d99 elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_65a0d99\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tCompany Name (if any)\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[field_65a0d99]\" id=\"form-field-field_65a0d99\" class=\"elementor-field elementor-size-sm elementor-field-textual\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-radio elementor-field-group elementor-column elementor-field-group-field_1d1b960 elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_1d1b960\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tTitle\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t<div class=\"elementor-field-subgroup elementor-subgroup-inline\"><span class=\"elementor-field-option\"><input type=\"radio\" value=\"Mr. \/ Mrs \/ Miss\" id=\"form-field-field_1d1b960-0\" name=\"form_fields[field_1d1b960]\"> <label for=\"form-field-field_1d1b960-0\">Mr. \/ Mrs \/ Miss<\/label><\/span><\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tE-mail\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm elementor-field-textual\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-tel elementor-field-group elementor-column elementor-field-group-field_4305727 elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_4305727\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tContact Number\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<input size=\"1\" type=\"tel\" name=\"form_fields[field_4305727]\" id=\"form-field-field_4305727\" class=\"elementor-field elementor-size-sm elementor-field-textual\" required=\"required\" pattern=\"[0-9()#&+*-=.]+\" title=\"Only numbers and phone characters (#, -, *, etc) are accepted.\">\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-field_d97814d elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_d97814d\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tInquiries\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[field_d97814d]\" id=\"form-field-field_d97814d\" class=\"elementor-field elementor-size-sm elementor-field-textual\" placeholder=\"MPF Tax Deduction\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-100 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-sm\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Send Immediately<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7993b56 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7993b56\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dad63ce\" data-id=\"dad63ce\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4c71d35 elementor-widget elementor-widget-text-editor\" data-id=\"4c71d35\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"uae-toc-hide-heading\">Would you like to learn about General Accounting\u2019s professional services?<\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6fcb9da elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6fcb9da\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2726f57\" data-id=\"2726f57\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b411cff elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"b411cff\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t<div class=\"elementor-cta__bg-wrapper\">\n\t\t\t\t<div class=\"elementor-cta__bg elementor-bg\" style=\"background-image: url(https:\/\/www.genacct.com\/wp-content\/uploads\/2024\/03\/\u5831\u7a05\u670d\u52d9.webp);\" role=\"img\" aria-label=\"What is the difference between the \u201cEmployer\u2019s Return\u201d BIR56A and IR56B? What you need to know for the latest 2024 filing\"><\/div>\n\t\t\t\t<div class=\"elementor-cta__bg-overlay\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/www.genacct.com\/en\/tax-services\/\">\n\t\t\t\t\t\tTax Filing Services\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2ef8ad7\" data-id=\"2ef8ad7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9311981 elementor-cta--skin-classic 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href=\"https:\/\/www.genacct.com\/en\/corporate-accounting-services\/\">\n\t\t\t\t\t\tAccounting Services\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-33041f1\" data-id=\"33041f1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-705595a elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"705595a\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t<div class=\"elementor-cta__bg-wrapper\">\n\t\t\t\t<div class=\"elementor-cta__bg elementor-bg\" style=\"background-image: url(https:\/\/www.genacct.com\/wp-content\/uploads\/2023\/08\/\u96e2\u5cb8\u516c\u53f8\u597d\u8655-\u958b\u516c\u53f8-1024x683.webp);\" role=\"img\" aria-label=\"Start a Company\"><\/div>\n\t\t\t\t<div class=\"elementor-cta__bg-overlay\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/www.genacct.com\/en\/set-up-limited-company\/\">\n\t\t\t\t\t\tStart a Company\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b00ce68 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b00ce68\" data-element_type=\"section\" data-settings=\"{"background_background":"classic"}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3487fd2\" data-id=\"3487fd2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-624343c elementor-widget elementor-widget-heading\" data-id=\"624343c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Questions regarding \"MPF Offsetting Abolition Subsidy\"<br \/>General Accounting provides free consultation<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element 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data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/wa.me\/85268183861?text=Hi,%20General%20Accounting.\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact Us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-943c3c4 elementor-align-left elementor-widget__width-initial elementor-mobile-align-justify elementor-widget-tablet__width-inherit elementor-widget-mobile__width-initial elementor-widget elementor-widget-button\" data-id=\"943c3c4\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.genacct.com\/en\/company-secretary\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Company Secretary<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c715a0f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c715a0f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e092ee8\" data-id=\"e092ee8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>MPF is the abbreviation for the Mandatory Provident Fund Schemes, which is a compulsory retirement protection scheme for employers and employees in Hong Kong. The Hong Kong Government introduced the Mandatory Provident Fund Schemes Ordinance on August 3, 1995, and officially implemented the MPF system on December 1, 2000 (1). The Hong Kong “Mandatory Provident […]<\/p>\n","protected":false},"author":23,"featured_media":24569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[136],"tags":[129,152,127],"class_list":["post-25075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-individual-tax-filing","tag-corporate-tax-filing-tutorial","tag-entrepreneurship-guide","tag-profits-tax"],"_links":{"self":[{"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/posts\/25075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/comments?post=25075"}],"version-history":[{"count":7,"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/posts\/25075\/revisions"}],"predecessor-version":[{"id":26467,"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/posts\/25075\/revisions\/26467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/media\/24569"}],"wp:attachment":[{"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/media?parent=25075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/categories?post=25075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.genacct.com\/en\/wp-json\/wp\/v2\/tags?post=25075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}