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You probably have considered or are thinking of changing your job. When you do, there are a few things you should consider before ending your current employment and taking on a new one.
Before you leave your current job, you shall give your employer the required length of notice for the termination of your employment contract or payment in lieu of notice. Likewise, your employer needs to do the same if he/she initiates the termination of contract. Moreover, you should check whether you are eligible for any termination payment, such as End of Year Payment, Severance Payment or Long Service Payment, and how and when such termination payment will be made to you.
As you move on to a new job, remember to manage your MPF accrued benefits (including contributions and investment returns) in the MPF account under your former employer's MPF scheme.
You may handle the MPF accrued benefits (including contributions and investment returns) in your original account by transferring them to a contribution account under your new employer's MPF scheme, transferring them to a preserved account under an MPF scheme of your own choice for continuous investment, or retaining them in a preserved account under the original MPF scheme for continuous investment. Moreover, the Mandatory Provident Fund Schemes Authority (MPFA) keeps a centralised database of scheme members' preserved accounts, containing information on the number of preseved accounts under a member's name and the relevant MPF scheme(s). However, account details such as account number, fund invested and account balance are not available. You can fill in request form to enquire the relevent information of your preserved accounts.
Before the termination of your employment, your employer has to submit a notification (Form I.R. 56F) to inform the Inland Revenue Department (IRD) about the cessation of your employment and your income from the company within the year of assessment. After submitting the notification, your employer should give you a copy to assist you to complete your tax return. You should ensure that the termination payments, if any, has been correctly computed and reported in the notification. You should clarify any details with your employer in case of doubt and rectify the information if necessary.
In addition, if you have used your previous office address as the correspondence address with IRD, you should notify IRD your new correspondence address as soon as possible so that tax returns, notices of assessment and other correspondences can reach you in time.
If you have been issued a visa to work in Hong Kong and later quit your job, you or your company should inform the Immigration Department of the termination of sponsorship. You are not allowed to change employment or take up part time job without the permission of the Immigration Department.
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