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The Mandatory Provident Fund (Chinese: 強制性公積金), often abbreviated as MPF (強積金), is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved private organisations ...
Hong Kong's Mandatory Provident Fund reported its most robust monthly performance in four years during April, scoring each of the 3 million workers covered by the scheme an average HK$14,864 (US ...
Hong Kong: Basic pension: Provident fund system: N/A: N/A Hungary: Social assistance: Private pension fund: Voluntary pension fund: N/A India: Social assistance: Mandatory Provident Fund: Voluntary pension insurance: Individual private pension plans Ireland: Basic pension: Social insurance system Pay Related Social Insurance: Occupational ...
As far as differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan. Specific provident funds include: Employees' Provident Fund Organisation, India's statutory retirement plan
Under pressure to use the money to do more for the elderly and the poor, Financial Secretary John Tsang announced in the 2011–2012 budget on 23 February 2011 a scheme modelled from the 2008–2009 financial year, whereby HK$6,000 were to be deposited into the Mandatory Provident Fund (MPF) account of every Hong Kong resident whose average ...
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Employees' Provident Fund Organisation – a statutory social security body of the Government of India that administers a mandatory Provident Fund Scheme, Pension Scheme and a death/disability Insurance Scheme. Provident Fund is applicable for employees across all establishments (private as well as government, subject to criteria).
Hong Kong will test its entire population of 7.5 million people for COVID-19 in March, the city's leader said Tuesday, as it grapples with its worst outbreak driven by the Omicron variant. The ...