Keeping records and Updating Info

Keeping Records and Updating Information

As an employer, you should keep proper record of certain MPF-related information. The following table summarizes the types of records you should keep and the corresponding periods of retention.

Type of Record Retention Period
Employee’s name, address and first day of employment At least 6 months after the employee terminates employment
Employee’s relevant income with breakdown* and dates on which payments were made

* Breakdown items include wages, salary, leave pay, fees, commissions, bonuses, gratuities, perquisites and allowances
At least 6 months after making said payments
Information contained in the remittance statement, including the amount of each employee’s relevant income, amount of mandatory contributions (of both employer and employee) paid, and amount of voluntary contributions (of both employer and employee) paid, if any At least 7 years after the date of the remittance statement

You should also notify your trustee in writing within 30 days of any changes to the following information about your company:

  • company name;
  • business address; or
  • telephone or fax number.

Some trustees do provide standard forms for you to report changes. Please enquire with your trustee for details.

Note: Requirements on record-keeping for casual employees in the Industry Schemes can be found here.

The maximum penalty for failing to observe the above requirements is a fine of $20,000.