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Legislative Update for PeopleSoft HCM Global Payroll Hong Kong

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Mandatory Provident Fund Amendments

The Legislative Council has passed the amendment of the minimum relevant income level and the maximum relevant income levels.  The monthly minimum level of relevant income has been increased from $6,500 to $7,100 and the daily minimum level of relevant income has been increased from $250 to $280 (the new level applies to contribution periods commencing on or after 1 November 2013).  On the other hand, the monthly maximum level of relevant income has been increased from $25,000 to $30,000 and the daily maximum level of relevant income has been increased from $830 to $1,000 (the new level applies to contribution periods commencing on or after 1 June 2014). Our Position Statement has been updated to include these legislative amendments and the delivery timelines for the respective change. We advise customers to review our position statement to keep up-to-date. The Position Statement can be found on My Oracle Support, Document ID 1582538.1.          

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