Page 24 - 2018 MSC HR Policy

Chapter 8

Benefits and Allowances

3. Provident Fund

Policy

The Company has established the Minor Group Provident Fund Registered (The Fund) with an intention to
support long-term savings by the employee so that he/she may utilize this saving after his/her retirement or

resignation from the position.

Conditions

1. The provident fund comprises of the employee’s contribution, the Company’s contribution, and any
returns arising from the investment of the Fund according to the Minor Group Provident Fund
Registered regulation. The employee’s Contribution will be deducted from the employee’s salary at
the salary payment of each month, and will be remitted together with the Company’s Contribution to
the Fund Manager for further investment.

2. Employee shall contribute with flexibility of 2% - 15% of his/her basic salary into the Fund depending
on employee decision on a monthly basis upon termination of employment for whatever reasons, the
employee will be entitled to his/her contribution plus any returns from such money in full. Upon

resignation, the employee will be entitled to Company’s contribution plus earnings based on his
membership period as follows:
Length of Membership % Contribution Rate
Employee Employer Proportion Obtained from the
(monthly) (monthly) Company Upon Resignation
0 – less than 4 years 5% 0%
4 years to less than 5 years 2% - 15% 6% 0%
5 years to less than 6 years depending 7% 50%
6 years to less than 7 years on 8% 60%
7 years to less than 8 years employee’s 9% 70%
8 years to less than 9 years decision 10% 80%
9 years to less than 10 years 10% 90%
10 years and over 10% 100%

3. The Company will pay the Company’s Contribution plus any returns to an employee whose employment
is terminated for any reasons other than being terminated due to serious disciplinary offense.

4. An employee whose employment is terminated due to serious disciplinary offense will not be entitled

to the Company’s Contribution plus any earnings.

Membership
All permanent employees who have successfully passed the probation period are required to be the member

of the Minor Group Provident Fund Registered by submitting the completed application from to Human
Resources Department.

HUMAN RESOURCES POLICY Page 24 of 49
VERSION: HR001-2018, JANUARY 1, 2018