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Q: What are the methods for making payment ? Q: What happens if there is discrepancy in my contribution ? Q: What happens in case of late payment ?
Q: When is contribution due ? A: In respect of a contribution period ending on or after 1 February 2003, it means the 10th day after the last day of:
That means employers adopting payroll periods, which are more frequent than monthly, can submit remittance data and payment on a monthly basis. Remarks : If the last day of the period as stated above is a public holiday, a gale warning day or a black rain-storm warning day, it shall mean the next following day which is not a public holiday, a gale warning day or a black rain-storm warning day.
Q: What are the methods for making payment ? A: Payment could be made in 2 ways: 1. Direct Debit Authorization (DDA) - (i.e. Autopay) Sign the DDA form and return it to Manulife. It normally takes 3-6 weeks for the DDA set up. Manulife, upon receiving your contribution data, will debit your autopay account accordingly. To avoid rejection, you should ensure your autopay account has sufficient funds to pay for your reported contributions. 2. Cheque Manulife to send Payment Advice to Employer. Employer issues a crossed cheque payable to "Manulife Provident Funds Trust Company Limited" for the contributions due (please write the Sub-scheme No. clearly on the back of the cheque). For Remittance Statement, please post a completed Remittance Statement with the Payment Slip and cheque to GPO Box 12246 on or before the contribution due date ; OR For users of electronic means, please post the Payment Slip and cheque to GPO Box 12246 and submit the contribution file via Manulife's website on or before the contribution due date.
Q: What happens if there is discrepancy in my contribution ? A: As the trustee of your scheme, Manulife is required to verify the mandatory contribution figures reported by the employer. If Manulife finds that the reported mandatory contributions do not match our calculations, you will receive a Contribution Discrepancy Report for rectification. Employer needs to correct the relevant income & mandatory contribution amount as appropriate, then return the completed Contribution Discrepancy Report to Manulife immediately and remit the shortfall amount (if any) at the same time.
Q: What happens in case of late payment ? A: If the employer is late in remitting contributions or rectifying any contribution discrepancy, according to the MPF Regulations, the trustee is required to report the case to the MPFA. The MPFA may require employer to give an explanation and pay a surcharge on top of the outstanding contributions. In case it happens, the MPFA will send the employer a payment notice to specify the applicable surcharge and settlement deadline. If the employer fails to remit the mandatory contributions before the deadline, they will be liable to an offence.
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