All regular full-time employees of VMware are eligible to participate in the VMware Mandatory Provident Fund.
You are automatically enrolled in the Mandatory Provident Fund.
Full employee and employer account balances (contribution plus interest) regardless of years of service.
Early Retirement Benefits
Early retirement is allowed at the age 60 as long as you are permanently retiring from the workforce. The benefit payable is the same as leaving service benefit.
The Retirement Benefit is payable in the case of total permanent disability.
The Retirement Benefit is payable to your survivors in the case of death.
Contributions by Years of Service
|Years of Service||VMware Contributions||Employee Contributions|
|Less Than Three (3) Years||5%||5%|
|More Than Three (3) Years||10%||5%|
Contributions are based on the covered earnings (including base salary, commission, bonuses and overtime, wherever applicable) limited to On-Target earnings (OTE). Both employees and VMware are subject to the statutory contribution requirement of 5% of monthly cash earnings with a cap of HK$30,000 per month.
Mandatory employee contributions shall be paid into the mandatory employee accounts which have to be preserved until retirement. Employee contributions in excess of mandatory requirements shall be paid into voluntary employee accounts which can be paid in cash on early termination. If you want to opt out voluntary PF, you should submit the requirement to HR Source successfully, and it will be effective from the following payroll month.
Please note that VMware does NOT cash out Mandatory Provident Fund contributions upon termination as contributions are submitted to Fidelity. You will need to contact Fidelity directly to discuss options for cashing-out any voluntary contributions.
If you reduce your Mandatory Provident Fund contributions to the statutory minimum, VMware’s contribution will reduce to the statutory minimums as well. If you would like to reduce your contributions please complete the Mandatory Provident Fund Contribution Change Form and submit it to HR Source [VMware network access required].
Employee contributions and mandatory employer contributions are 100% vested immediately. Voluntary employer contributions are subject to a vesting scale whereby contributions are fully vested after 10 years of service:
Voluntary Employer Vesting Schedule
|Completed Years of Service||VMware’s Voluntary Contributions Vesting Percentage|
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Last Updated: 21 Jul 2022, 2:24 PM