Posted by
sirius1212
18 yrs ago
I'm an american citizen, in HK now 2 months on a 2 yr contract. My employer matches up to 5% of pay sent to the MPF. Seems like a good deal. Can a foreigner join it? How do i get the $ out when i retire? Whats the rules for expats?
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TC
18 yrs ago
Foreigner? Yes. You can get the money out when you leave HK even if you haven't retired. However, if you ever return to HK and start contributing again then you will not be able to withdraw again until you genuinely retire - even if you leave HK before that. Whilts that's generally the case it would be better to get the precise rules from the administrator concerned.
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there is a certain amount of time that you need to be in hong kong before you need to start paying MPF. not sure how long though. may be a year?
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the <13 month rule is an option between employer and employee. I want to choose to go in, but i dont know the consequences of a US Citizen. Does anyone know where the MPF is located so i can go talk with them?
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For both employees and employers, it is mandatory to make regular contributions into an MPF scheme. As I know, foreigner does not have to join the MPF scheme in first year. Below is the MPF website for you easy reference, I hope it helps you.
http://www.mpfahk.org/eindex.asp
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TC
18 yrs ago
janxwong,
Whilst that 'mandatory' comment is correct in general, it's not correct in every case. If a foreigner continues active membership (i.e. making contributions to) of an eligible similar fund elsewhere then MPF membership in HK is not mandatory.
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true, but my company matches 100% of to 5% of my pay into the MPF. Thats free money!
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TC
18 yrs ago
Not a problem. That's fairly sound logic for you to join, assuming of course that you're not one of those exceptions I referred to above in which case membership can be more of a hassle unless the MPF has a much better track record (investment-wise) than your home-country equivalent - although past performance is no guarantee of future blah blah blah...
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