Sunplex Consultants Limited

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• Abolition of MPF Offsetting Arrangement (to be implemented in 2025) The Legislative Council passed the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 on 9 June 2022 to abolish the use of the accrued benefits of employers' mandatory contributions under the Mandatory Provident Fund (MPF) System to offset severance payment (SP) and long service payment (LSP) (the MPF offsetting arrangement). The Government will implement the abolition of the MPF offsetting arrangement in tandem with the full operation of the eMPF Platform of the Mandatory Provident Fund Schemes Authority not later 2025.
• Statutory Minimum Wage (SMW) has come into force since 1 May 2011. The current SMW rate is $37.5 per hour effective from 1 May 2019. The Chief Executive in Council has adopted the recommendation of the Minimum Wage Commission to raise the SMW rate to $40 per hour. Subject to approval by the Legislative Council, the revised SMW rate will take effect from 1 May 2023.

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