The following are some of the questions that we often encounter:
Can I configure the MPF settings to avoid a contribution holiday and start monthly contributions right away?
Is it possible to bypass the first contribution holiday and have employees contribute monthly from the start?
Does the MPF system allow for immediate monthly contributions upon an employee's joining date?
Setting MPF to monthly contributions eliminates the contribution holiday, ensuring employees start contributing from their first month. For example, if an employee joins in August, their contributions begin immediately in that month, with no initial contribution gap. Talenox has he option for you to enable this.
1) Head over to Account & Preferences
2) Click on Payroll and then click on Mandatory Provident Fund (MPF) First Contribution
3) Here select either one of the option:
Employees pay first MPF according to first contribution rule
Employees pay MPF monthly, without first contribution rule
It’s fairly easy to set this up your company’s MPF first contribution rule 😎