Minimum MPF income may rise to $5.5k

If the move is approved, Statutory Minimum Wage implementation will not cut the take-home pay of workers whose current monthly income is fewer than $5,000.

The Mandatory Provident Fund Schemes Authority says a review has found consideration may be given to increase the minimum income for MPF mandatory contributions to $5,500.

Secretary for Financial Services & the Treasury Prof KC Chan told legislators on Wednesday the authority recently reviewed the results of its July study, based on statistical data from last year's third quarter, and said the consideration could be given, according to a government report.

As such, if the minimum income level is set at $5,500, the implementation of the Statutory Minimum Wage will not cut the take-home pay of workers whose current monthly income is less than $5,000 and who do not need to make MPF contributions.

Legislative amendments will be tabled at the Legislative Council in the second quarter this year.