Zhou Xiaosong advocates for increasing the maximum income for MPF contributions to 60,000 yuan, which can be pursued in multiple stages to catch up with the target

The Mandatory Provident Fund (MPF) Authority is reviewing the minimum and maximum income levels for MPF contributions, which are currently set at HKD 7,100 and HKD 30,000 per month, respectively. Legislative Council member Zhou Xiaosong stated in a radio program that he believes increasing the minimum income by about HKD 3,000 is an appropriate level. He mentioned that the purpose of setting a maximum income level is to cover about 90% of "working class," so it should be raised to about HKD 60,000 to align with the legislative intent.

Zhou Xiaosong expressed understanding that raising the maximum income level from HKD 30,000 to HKD 60,000 all at once would put pressure on employers, suggesting that it could be done in multiple phases over time, such as in two review cycles, aiming for the HKD 60,000 level over eight years. He also believes that the MPF Authority could consider shortening the review cycle, for example, to once a year.

Liu Shentao, Vice Chairman of the Federation of Industries, stated that the MPF Authority has not reviewed the relevant levels in the past decade due to the trade war, pandemic, and other factors, considering the economic environment at the time. He believes that now is also not a good time to adjust the maximum income level. He supports raising the threshold for the minimum income level but thinks the global economic outlook remains uncertain, with inconsistent recovery rates across industries and a business environment still full of challenges and uncertainties. He hopes the MPF Authority will act prudently and consider delaying adjustments to the maximum income level until the economic environment stabilizes