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In Hong Kong, there is no social security system in the way that that term is used in the United States. However, all employees and self-employed persons who are over 18 but under 65 and normally live and work in Hong Kong are required to join a Mandatory Provident Fund (MPF) scheme. An exemption from the MPF requirements can be claimed if an individual is coming to Hong Kong to be employed or self-employed (for example, on a valid employment visa) for a limited period of time (13 months or less) or is already a member of an overseas retirement scheme.
The social security system in Hong Kong covers medical benefits, disability benefits, retirement benefits, and death benefits.
Social security contributions in Hong Kong are based on salary. The employee pays 5% of their salary, and the employer pays 5% of the employee’s salary.
Mandatory employer social security contributions in Hong Kong are 5% of an employee’s salary, up to a maximum of HK$1,000 per month. Employers must also contribute 5% of an employee’s salary to the Mandatory Provident Fund.
Mandatory contributions for employers in Hong Kong are lower, and simpler than in most other countries in the region. In China, mandatory benefit contributions are complex and can be quite high. In Singapore, they must contribute 17% for employees under age 55. In comparison, employers in Hong Kong only need to contribute 5% of an employee’s salary to social security.
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Employers need to contribute approximately 5% of an employee’s salary to the MPF in Hong Kong.
Social security in Hong Kong covers medical benefits, disability benefits, retirement benefits, and death benefits.
