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However, the agreed overtime compensation rate should be clearly outlined in the employment contract.",[],{"_key":1135,"_type":856,"children":1136,"markDefs":1141,"style":885},"k66",[1137],{"_key":1138,"_type":860,"marks":1139,"text":1140},"k65",[],"As mentioned earlier, overtime pay must be included as part of an employee’s monthly salary if it is regularly disbursed or if its monthly average over the past 12 months constitutes at least 20% of the employee’s average monthly salary.",[],{"_key":1143,"_type":856,"children":1144,"markDefs":1149,"style":975},"k69",[1145],{"_key":1146,"_type":860,"marks":1147,"text":1148},"k68",[],"5. Pay attention to contributions",[],{"_key":1151,"_type":856,"children":1152,"markDefs":1157,"style":885},"k72",[1153],{"_key":1154,"_type":860,"marks":1155,"text":1156},"k71",[],"As an employer, you are required to make retirement contributions for your employees. 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However, if an employee’s monthly salary exceeds HKD 30,000, the employer’s contribution is capped at HKD 1,500.",[],{"_key":1175,"_type":856,"children":1176,"markDefs":1181,"style":1097},"k81",[1177],{"_key":1178,"_type":860,"marks":1179,"text":1180},"k80",[],"Voluntary contributions:",[],{"_key":1183,"_type":856,"children":1184,"markDefs":1189,"style":885},"k84",[1185],{"_key":1186,"_type":860,"marks":1187,"text":1188},"k83",[],"You can also make additional voluntary contributions to the MPF scheme on top of the mandatory contributions. Employers often make these additional contributions to attract talent and retain existing employees.",[],{"_key":1191,"_type":856,"children":1192,"markDefs":1197,"style":885},"k87",[1193],{"_key":1194,"_type":860,"marks":1195,"text":1196},"k86",[],"Additionally, both mandatory and voluntary contributions made for employees can be claimed as tax deductions under profits tax, with a maximum deduction of 15% of the employee’s total annual emoluments.",[],{"_key":1199,"_type":856,"children":1200,"markDefs":1205,"style":885},"k90",[1201],{"_key":1202,"_type":860,"marks":1203,"text":1204},"k89",[],"The arrangements for voluntary contributions to the MPF are determined by the MPF trustees. Therefore, the Mandatory Provident Fund Schemes Authority (MPFA) advises employers to consult their MPF trustees to understand the specific terms and conditions, including the minimum contribution amount and calculation methods, and to determine the most suitable approach for making voluntary contributions.",[],{"_key":1207,"_type":856,"children":1208,"markDefs":1213,"style":966},"k93",[1209],{"_key":1210,"_type":860,"marks":1211,"text":1212},"k92",[],"Consider investing in a payroll software",[],{"_key":1215,"_type":856,"children":1216,"markDefs":1221,"style":885},"k96",[1217],{"_key":1218,"_type":860,"marks":1219,"text":1220},"k95",[],"Successful payroll management is integral to keep your employees motivated and therefore it is your duty as a business owner to ensure that the process runs smoothly and payments are made in a timely manner.",[],{"_key":1223,"_type":856,"children":1224,"markDefs":1229,"style":885},"k99",[1225],{"_key":1226,"_type":860,"marks":1227,"text":1228},"k98",[],"As the number of employees you are hiring continues to grow alongside your business, payroll processing will naturally require more time and effort on your part. You may want to consider investing in a payroll software that can help you handle the process in a less stressful and more cost-effective way.",[],{"_key":1231,"_type":856,"children":1232,"markDefs":1245,"style":885},"k107",[1233,1237,1241],{"_key":1234,"_type":860,"marks":1235,"text":1236},"k104",[],"There are many software options available to help you manage payroll, but Aspire’s ",{"_key":1238,"_type":860,"marks":1239,"text":195},"k105",[1240],"k101",{"_key":1242,"_type":860,"marks":1243,"text":1244},"k106",[]," could be the ideal choice for you.",[1246],{"_key":1240,"_type":881,"externalUrl":1247,"linkType":359},"https:\u002F\u002Faspireapp.com\u002Fhk\u002Fbusiness-account",{"_key":1249,"_type":856,"children":1250,"markDefs":1264,"style":885},"k115",[1251,1255,1260],{"_key":1252,"_type":860,"marks":1253,"text":1254},"k112",[],"With its ",{"_key":1256,"_type":860,"marks":1257,"text":1259},"k113",[1258],"k109","Bulk Payment",{"_key":1261,"_type":860,"marks":1262,"text":1263},"k114",[]," feature, Aspire’s Business Account enables you to pay salaries to thousands of employees in just a few clicks, all with transparent and competitive fees. Say goodbye to manual transfers and errors, saving both time and money.",[1265],{"_key":1258,"_type":881,"externalUrl":1266,"linkType":359},"https:\u002F\u002Faspireapp.com\u002Fhk\u002Fbulk-payments",{"_key":1268,"_type":856,"children":1269,"markDefs":1283,"style":885},"k123",[1270,1274,1279],{"_key":1271,"_type":860,"marks":1272,"text":1273},"k120",[],"Beyond salary payments, the Bulk Payment feature also allows you to pay thousands of vendors or suppliers simultaneously. ",{"_key":1275,"_type":860,"marks":1276,"text":1278},"k121",[1277],"k117","Apply now",{"_key":1280,"_type":860,"marks":1281,"text":1282},"k122",[],"!",[1284],{"_key":1277,"_type":881,"externalUrl":1285,"linkType":359},"https:\u002F\u002Fapp.aspireapp.com\u002Fregister\u002Fstart",{"slug":201,"title":202},{"_type":144,"alternativeText":1288,"height":145,"url":1289,"width":147},"What You Should Know About Managing Payroll in Hong Kong","https:\u002F\u002Fcdn.aspireapp.com\u002Fwebsites\u002Fblog\u002F4601cbec02b01243f637790f36d2a541\u002Fshared_cover_shared-cover-what-you-should-know.png",[1291],{"_key":1292,"_type":856,"children":1293,"markDefs":1297,"style":885},"k0",[1294],{"_key":962,"_type":860,"marks":1295,"text":1296},[],"Managing your payroll can be tough, especially when you’re a small business here trying to grow your team. There’s a lot to take note of from computing and disbursing salaries to ensuring compliance with the legal requirements in Hong Kong. One thing’s for sure, when it comes to",[],[1299],{"_key":959,"_type":856,"children":1300,"markDefs":1304,"style":885},[1301],{"_key":962,"_type":860,"marks":1302,"text":1303},[],"Managing your payroll can be tough, especially when you’re a small business here trying to grow your team. There’s a lot to take note of from computing and disbursing salaries to ensuring compliance with the legal requirements in Hong Kong. One thing’s for sure, when it comes to providing for other people’s rice bowls, you have to make sure that you’re managing your business’ payroll accurately and efficiently.",[],"2025-03-24T00:00:00.000Z",{"_type":139,"metaDescription":1307,"metaTitle":1288,"socialShareImageUrl":1308},"Discover essential knowledge about managing payroll in Hong Kong, including salary payment practices, contributions, and overtime pay calculations.",{"_type":144,"alternativeText":1288,"height":145,"url":1289,"width":147},"what-you-should-know-about-managing-payroll-in-hong-kong",1791455355203]