Category: Employer Contribution

Hong Kong is a major hub for international trade and finance, with a large port and airport, and a major financial center. It is also home to a number of major multinational corporations, and is a center for business services, such as accounting, consulting, and legal services.

However, when consider expanding to Hong Kong, there are a few local labor regulations that you need to pay attention to when hiring in Hong Kong. Aside from monthly salaries, employers in Hong Kong need to contribute to the Mandatory Provident Funds of their employees according to the local labor law.

KWSP (Kumpulan Wang Simpanan Pekerja) or Employees Provident Fund (EPF) is a retirement saving scheme for individuals who are employed, self-employed or business owners in Malaysia. A person employed by an employer under a service contract or apprenticeship is liable to contribute towards EPF, unless they are covered by the First Schedule, Second Section of the EPF Act 1991. EPF is governed under the Employee Provident Fund Act 1991. EPF contribution will be managed and invested under Simpanan Konvensional and Simpanan Shariah. The saving is comprised of the employee’s and employer’s monthly contributions and yearly dividends earned.

As an employee, you might have noticed some deductions from your monthly gross salary as stated on your payslips. However, as an employer, if you are planning to employ talents from Singapore, there are some monthly contributions that you have to make towards Employee Contributions Fund and Social Security Contribution for your employee’s benefit as required by local labor law in Singapore, namely Central Provident Fund (CPF) and Skill Development Levy (SDL)

If you are hiring a Taiwanese talent from abroad, what kind of social insurance do you need to pay for them? Social insurance in Taiwan is calculated by salary intervals so it does not have a fixed percentage for the numbers. Let’s take a look at what is the cost for hiring a Taiwanese talent from the following highlights.