Mandatory Provident Fund

From Planipedia

Mandatory Provident Fund (MPF) is a mandatory retirement program in Hong Kong.

If you are an employee your employer will deduct 5% of your relevant income on your behalf as mandatory contributions to a registered MPF scheme. This is subject to a minimum and maximum level of income (currently $5000 and $20,000 per month respectively). Your employer will also be required to contribute an amount equivalent to 5% of your relevant income to the MPF scheme, subject only to the maximum level of income (currently $20,000 per month).

Mandatory contributions are tax deductible subject to the maximum amount of $12,000 per year.

Participation in the plan is mandatory until age 65. Benefits can be withdrawn after age 65 with some exceptions for early withdrawal.