Hong Kong’s social welfare system provides cover to all residents in the event of disability, old age, death, unemployment and sickness. The public pension pillar covers those individuals in need of assistance. The occupational pillar, which is a compulsory defined-contribution (DC) scheme, was launched in 2000.
The third pillar is a voluntary pension savings scheme. Hong Kong’s non-contributory social security system, which includes the Comprehensive Social Security Assistance (CSSA) scheme, the Social Security Allowance (SSA) scheme, the Criminal and Law Enforcement Injuries Compensation (CLEIC) scheme, the Traffic Accident Victims Assistance (TAVA) scheme, the Support for Self-Reliance (SFS) scheme and Emergency Relief (ER), is administered by the Social Welfare Department (SWD).
The Hong Kong social welfare system covers all residents in the event of disability, old age, death, unemployment and sickness
– The public pension pillar covers individuals in need of assistance. The occupational pillar (Mandatory Provident Fund Scheme, MPF), which is a compulsory DC scheme, was launched in 2000, and the third pillar is a voluntary pension savings scheme
– Private employer-sponsored life insurance, medical and retirement plans have become very popular among employees in Hong Kong due to the growing aging population and increased public awareness
– The government introduced the ORSO to encourage more employees participate in the retirement protection scheme.