A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Accrued Benefit Accrued benefit is the total contributions made by an employee and his employer or by a self-employed person plus the investment return (profit or loss) on the contributions. Administrator One of the parties involved in the MPF framework, responsible for the record keeping of MPF schemes. Please also refer to "Approved Trustee". Approved Pooled Investment Fund An investment fund which is approved and authorized by the MPFA and SFC for MPF purpose.   Approved Trustee One of the parties involved in the MPF framework, responsible for monitoring the performance of all service providers (i.e. administrator, custodian and investment managers) of an MPF scheme. It must be approved by the MPFA. 　 　 Custodian One of the parties involved in the MPF framework, responsible for custody of scheme assets. Please also refer to "Approved Trustee". 　 　 Investment Manager One of the parties involved in the MPF framework, responsible for investment of scheme assets. Please also refer to "Approved Trustee". 　 　 Long Service Payment An employer should pay long service payment when an employee who has been employed under a continuous contract for not less than 5 years, - is dismissed by reason other than serious misconduct or redundancy; is certified by a registered medical practitioner as permanently unfit for the present job and he resigns; is aged 65 or above and he resigns; or dies in service. 　 　 Mandatory Provident Fund Schemes Authority (MPFA) The MPFA is responsible for ensuring compliance with the Mandatory Provident Fund Schemes Ordinance, regulating the affairs and activities of approved trustees and so on. Mandatory Contribution It is the amount of contribution which is required to be paid under the Mandatory Provident Fund Schemes Ordinance. The contribution rate is 5% of Relevant Income for both employers and employees, or 5% of assessable profits for self-employed persons, subject to a minimum and maximum amount. Please also refer to "Relevant Income". Master Trust Scheme An MPF scheme which is available for employees of more than one employer, self-employed persons and persons who have accrued benefits transferred from another registered scheme. MPF Service Provider MPF service provider includes Administrator, Custodian and Investment Manager appointed or engaged by Approved Trustee. Relevant Income In the case of a relevant employee, any wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite or allowance, expressed in monetary terms, paid or payable by an employer (directly or indirectly) to that relevant employee in consideration of his employment under that contract, but does not include severance payments or long service payments under the Employment Ordinance (Cap. 57); In the case of self-employed person, the calculation of relevant income is basically linked to his/her assessable profits that are calculated in accordance with the Inland Revenue Ordinance. 　 　 Securities and Futures Commission (SFC) The SFC is responsible for administering the laws governing the securities and futures markets in Hong Kong and facilitating and encouraging the development of these markets. Severance Payment An employer should pay severance payment when an employee, who has been employed under a continuous contract for not less than 24 months, is dismissed by reason of redundancy or is laid off. 　 Voluntary Contribution Contributions made by employers, employees and self-employed persons other than Mandatory Contributions. Voluntary contributions made by employers may be subject to scheme rules set by the participating employers.