Company: GINT
Filing Date: 2025-07-18
Form Type: F-1/A
Source: 0001213900-25-065552
Chunk: 218

Company: Gifts International Holdings Ltd
Filing Date: 2025-07-18
Form: F-1/A
Chunk 218
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 Hong Kong. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. For the years ended March 31, 2024 and 2025, the contribution to the defined contribution plans was approximately HK$469,641 and HK$544,375 (US$69,972), respectively. Define benefit plan The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post -employmentbenefits. The defined benefit liabilities relate to government -mandatedlong -servicepayments. All full -timeemployees, including executive directors, are covered by program. An employee employed under a continuous contract for not less than five years is eligible for long service payments if the employee retires, resigns or is dismissed under qualifying conditions. For the eligible employees to be retired, resigned or dismissed before May 1, 2025, long service payments are calculated based on two -thirdof the salary of last month (or average monthly salary over last twelve months) and the reckonable years of service subject to a maximum amount of HK$390,000 (US$50,129). For the eligible employees to be retired, resigned or dismissed on or after 1 May 2025, long service payments are divided into two portions (i.e. pre -transitionportion and post -transitionportion). The pre -transitionportion is calculated based on two -thirdof the salary for April 2025 (or average monthly salary for the twelve months ending April 30, 2025) and the reckonable years of service up to April 30, 2025. The post -transitionportion is calculated based on two -thirdof the salary of last month (or average monthly salary over last twelve months) and the reckonable years of service counting from May 1, 2025 to the last day of employment. The total of the two portions is subject to a maximum amount of HK$390,000 (US$50,129). The accrued benefit held in a mandatory provident fund scheme in respect of the employer’s contribution up to the end of employment that would be used to offset the pre -transitionportion of long service payments is deemed the plan assets for the long -servicepayments. The provision of long service payments under defined benefit plans were HK$62,495 and HK$39,336 (US$5,056) for the years ended March 31, 2024 and 2025,