The Mandatory Provident Fund (MPF) forms a vital part of an employee’s payroll in Hong Kong as it provides secure retirement benefits for workforce. When compared to other countries, Hong Kong’s scheme tends to be easier in terms of comprehending and calculating. Despite this, it is common to come across companies that are still outsourcing MPF filing Hong Kong services.
Of course, there is nothing wrong with doing this considering you’ll get to save yourself some time. The problem, however, sets in when it comes to choosing a suitable MPF service provider as it’s the first stepping stone towards choosing a scheme for your company. To help you get started, here are two tips to employ when looking for the right MPF provider in Singapore.
Miscellaneous Charges
Each trustee and each fund tends to have a certain standard of charges involved. Considering the retirement scheme is applicable for employees aged from 18 to 65 years old, the fees can prove to be high after a couple of years. That’s why you ought to be aware and agree with management or withdrawal charges. This is mostly the case when you want to change a provider or change funds.
Quality of Service
Employers tend to be concerned with the service level of the trustees they choose considering the performance level may fluctuate over so many years. No wonder the quality of service is something that you must never skimp on when choosing an MPF provider in Singapore. Be sure to examine the ease of application procedure not forgetting the responsiveness of the MPF provider especially if your company is high in volume or movement. In addition, check whether they have an interactive approach and online platforms for contribution. It is then that you are not going to regret your decision.
Final Thoughts
Selecting an MPF provider for the first time can prove to be a daunting task especially when you have no idea about the important things to watch out for. The secret lies in doing your due diligence and getting as much information as possible. Hopefully, these tips can serve as a good starting point in your quest of finding the best MPF trustee. Ensure you leverage the internet and clear all the doubts you might have in mind before you finally choose a Mandatory Provident Fund service provider in Hong Kong.
