1997 after the reunification of Hong Kong, when Mr. Tung Chee-hwa was the chief executive of Hong Kong, the Hong Kong SAR government established a "mandatory provident fund" system, stipulating that employers and employees of each company/enterprise must pay at least 5% of their employees' monthly salary to the management department specified by the government as their pension.
The government invests the above-mentioned funds paid by employers and employees in a huge fund portfolio, which is called pension management fund. The fund is operated and managed by a large financial investment company certified by the government. There is generally no management fee.
These large financial investment companies make the huge pension fund generate investment income through investment operation, and these investment income is added to the pension fund. Of course, in some special years (such as the 2008 world financial tsunami), the above investment will also produce losses.
This huge pension management fund portfolio is divided into high-risk/medium-risk and robust categories. Employees can freely choose to deposit the above-mentioned funds paid by employers and employees into funds with different risk levels suitable for them.
After reaching the age of 65, employees can choose to withdraw all their shares in the above-mentioned funds in cash (including funds contributed by both employers and employees), or they can continue to hold shares in the above-mentioned funds.
If an employee dies for any reason, their share in the above-mentioned retirement fund will be taken as an inheritance and inherited by the legal heir.
The pension management system of civil servants in Hong Kong is a little more complicated than the above, so I won't go into details here.
Who says there is no retirement benefit in Hong Kong? It's just that not everyone has retirement benefits.
Former civil servants have pensions and pensions. Big companies have long service payments when you retire.
Generally, private organizations now have MPF, with employees and employers each contributing 5%.
People over 70 have an allowance, which is now 1325 USD per month.
The most important thing is that people get sick when they get old. Public medical care in Hong Kong is very cheap. One day in hospital 1.20 yuan, people with chronic diseases are also tens of yuan. For example, a public hospital will prescribe antihypertensive drugs and make an appointment with you for the next visit, which seems to be 45-60 yuan, including medical expenses and medicine expenses.
For families with difficulties, these can be free.
Retirement, that is, when people are old, the biggest expenditure can be said to be medical expenses. In fact, Hong Kong has done a good job in this respect.
However, people are getting old, especially in Hong Kong, where men and women have the longest life expectancy in the world. Many old people dare not spend money indiscriminately, even if they have money, they are afraid that people will still be there. Even so, the government will take care of it.
For example, in the 1990s and 00s, some old people sold their buildings in Hong Kong and went back to their hometown, such as Guangdong Province for the aged. However, in recent ten years, the prices in Guangdong Province have risen rapidly, and the medical expenses have made them lose all their money, so they have to return to Hong Kong to support the elderly.
Ha. Retirement benefits. The whole world is one. The iron rice bowl of civil servants. Do private work. I can only rely on 5/% monthly payment, but my life is relatively tight. At the age of 70 1, 500/ month is the same. In Chinese mainland, social security has increased year by year. Ha, your life is wonderful. So, Hong Kong people. Seventy years old. After dinner, Yanzi will sigh.
A considerable part of Hong Kong continues its foreign policy and administration, so there is no retirement treatment, and only the mainland of China can enjoy state welfare. Although Hong Kong has returned to the motherland, the policy of Hong Kong people ruling Hong Kong still allows Hong Kong to engage in capitalism, so it is still very different from the mainland of China.
Because it is a special administrative region, it has its own set of laws and regulations and a regional flag chief executive. There is a regional emblem. Even writing is a traditional system. There is no pension insurance, no finance department, and no reference to continuously increase 17! The salary of Hong Kong people is quite high.