Employees are valuable resources that need to be managed efficiently. Hong Kong employer obligations are there to protect both employers and employees, which include the Hong Kong Employment Ordinance. Employees covered by the Employment Ordinance are entitled to payment of wages, granting of statutory holidays, benefits such as rest days, paid annual leave, sickness allowance, and more. Our team provides the most suitable solution to keep our clients on top of essential HR requirements.
Contracts and Handbooks – Employees will require employment contracts that are in accordance with Hong Kong Employment Ordinance. Employers and employees are free to negotiate and agree on the terms and conditions of employment provided that they do not violate the provisions of the Employment Ordinance. Employees will also want to have written company policies so that they can follow the basic guidance of the company’s code of conduct. We supply employment contracts and tailor-made employee handbooks that meet legal requirements in Hong Kong.
Employee Departure – Employee turnover is normal in every company, no matter it is voluntary or involuntary. To many employers, it is quite a hassle to provide the documents which the leaving employees may request; this may also incur some potential legal risks. Some employers may want to get help to deliver the message, especially during involuntary turnover. We can act on behalf of our clients and handle all these procedures and documentation, like the internal human resources department, search and recruit for new talents.
Provident Fund Schemes – Provident fund schemes in Hong Kong, such as Mandatory Provident Fund (MPF), can take some time to understand. We can provide the MPF trustees’ performance proposal so our clients can choose from it. We can also assist with organizing and implementing statutory provident fund schemes to help ensure ongoing compliance with local employment requirements.
Employee Benefit Design – Compensation to executives is different from compensation for lower-level employees. It may include substantial differences in perks, benefits, and salary from the organizational norm for the rest of the employees. We can craft different benefit/incentive plans and also rental reimbursement plans by listening to employee needs while meeting clients’ goals.
MPF and Financial Planning Advisory
Financial planning refers to an in-depth review of your monetary situation; and from that information, developing a strategy to reach quantifiable goals.
For a financial plan to work, it must be customized to the individual’s needs and objectives. There’s no “one-size-fits-all” approach to financial planning. In addition, financial planning is an ongoing process. It’s never a one-off formula that’s devised over an hour, and then rigidly followed to the end.
Many things may happen between today and your retirement. Your portfolio of assets – and long-term financial goals – may have to change. Factors such as marriage, becoming self-employed, litigation, or an economic recession can all require changes to your plan.
As such, it’s important to rebalance our range of assets (portfolio) and to review savings and investments from time to time.
Long-term investment plans must associate with ways to hedge against risks, such as falling ill, unexpected retrenchment, serious accidents, and so forth. These are unplanned situations that end up costing a lot of money.
This is why building up savings and protecting through insurance become very important, before considering goals like retirement. Insurance protections should cover:
• Critical Illness
• Total & Permanent Disability
• Personal Accidents
• Death (this protects your family if you are the sole breadwinner)
Having an emergency savings fund is also crucial. This saving fund is not an investment – this money must be available on short notice, to cover emergency expenses.
With our in-depth knowledge of insurance products and financial tools, we are proud to provide professional advice to our clients.