Payroll and MPF Services
Whether you run small/medium-sized, multinational, new start up or established companies, employees are the most valuable assets of your company. Companies should establish a stable payroll system for their employees. Cash, cheque and Auto Pay are the three main methods most companies use to pay salaries to their employees, and Auto Pay is the most favoured method.
Our accounting & payroll outsourcing team can assist companies establish the auto payroll system in different banks. Companies may enjoy smooth and efficient services in Human Resources by using our Payroll System Support Service.
Failure to pay wages
If wages are not paid within one month after they become due, an employee may deem his contract of employment to be terminated by his employer without notice and is entitled to wages in lieu of notice in addition to other statutory and contractual termination payment.
Somting you need to know on employment matters
According to the Employment Ordinance, Chapter 57: Payment of Wages, wages shall be paid by the last day of the wage period. An employer who exceeds this period should pay the wage to employees as soon as practicable but in any case not later than seven days after the end of the wage period. An employer is required to pay an interest on the outstanding amount of wages to the employee, if he fails to pay the wage to the employee within seven days when it becomes due.
Offences and penalties
An employer, who willfully or without a reasonable excuse fails to pay wages to an employee, is liable to prosecution and upon conviction to a fine up to $350,000 or to imprisonment for three years. An employer who willfully or without a reasonable excuse fails to pay an interest on the outstanding amount of wages to the employee is liable to prosecution and, upon conviction, to a fine of $10,000.
Process flow of our service
Our payroll system service includes:
MPF (The Mandatory Provident Fund)
In response to the World Bank publishing its report on the protection of the elderly and its policies to promote growth in 1994, Hong Kong began to develop “the Mandatory Provident Fund Schemes Ordinance” in 1995 and began the implementation of the MPF system in 2000 in order to safeguard public retirement.
LIK TIN Group’s MPF Arrangement Service Feature
|Monthly Income||Employer Mandatory||Employee Mandatory|
|Lower than HK$ 7,100||5% of relevant Income||0|
|HK$ 7,100 – 29,000||5% of Relevant Income||5% of Relevant Income|
|HK$ 30,000 or above||HK$ 1,500||HK$ 1,500|
*Both of employer and employee may determine to do voluntary contributions if they want