Civil Service Provident Fund Scheme
As part of the Civil Service Reform, the Government has, among other things, set up a Civil Service Provident Fund (CSPF) Scheme as the retirement benefits system for officers appointed to the civil service on or after 1 June 2000 on new entry terms and when they progress onto new permanent terms of appointment upon completion of probation and/or agreement. Under the CSPF Scheme:
- The Government will make voluntary contributions on top of the mandatory contributions as stipulated under the Mandatory Provident Fund (MPF) Schemes Ordinance.
- The Government’s contributions, including mandatory and voluntary contributions, will follow a progressive contribution rates schedule starting from 5% up to 25% of the basic salary depending on years of service.
- The Government will, in addition, make a Special Disciplined Services Contributions at 2.5% of the basic salary for a disciplined services officer.
- The Government has engaged three Master Trust Schemes for the provision of MPF services, offering government employees a wide range of fund choices.
- The overall financial commitment of the CSPF Scheme will be kept as high as 18% of the salary cost of civil servants.
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