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Hong Kong Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits

Publisher GlobalData
Published May 12, 2023
Length 52 Pages
SKU # GBDT18015862

Description

Hong Kong Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update


Summary

The report provides in-depth industry analysis, information, and insights of the employee benefits in Hong Kong, including an overview of the state and compulsory benefits in Hong Kong, detailed information about the private benefits in Hong Kong, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Hong Kong.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 individuals in need of assistance. The occupational pillar, which is a compulsory defined contribution (DC) scheme, was launched in 2000, and the third pillar is a voluntary pension savings scheme. The Social Welfare Department (SWD) administers 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).

Key Highlights
  • Social Welfare Department (SWD), and Mandatory Provident Fund Schemes Authority (MPFA) are responsible for the functioning of the overall social security system.
  • A person’s national insurance contribution is determined based on their income.
  • An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.
  • In Hong Kong, employers provide voluntary retirement benefits to their employees through ORSO retirement plan.
Scope

This report provides a detailed analysis of employee benefits in Hong Kong -
  • It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
  • It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in Hong Kong
    • Reasons to Buy
    • Make strategic decisions using in-depth information related to employee benefits in the country
    • Assess employee benefits of the market, including state and compulsory benefits and private benefits
    • Gain insights into the key employee benefit schemes offered by private employers in the country
    • Gain insights into key organizations governing employee benefits market, and their impact on companies

    Table of Contents

    52 Pages
    1. Executive Summary
    2. Introduction
    2.1 What is this Report about?
    2.2 Definitions
    3. Country Statistics
    4. Overview of Employee Benefits in Hong Kong
    5. Regulations
    6. State and Compulsory Benefits
    6.1 Retirement Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.2 Death in Service
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.3 Long-Term Disability Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.4 Short-Term Sickness Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.5 Medical Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.6 Workers’ Compensation insurance
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.7 Maternity and Paternity Benefits
    Introduction
    Eligibility
    Benefits
    Payment options
    Contribution
    6.8 Other Benefits
    Family Benefits
    Unemployment benefits
    Leaves and Holidays
    7. Private Benefits
    7.1 Retirement Benefits
    7.2 Death Benefits
    7.3 Disability Benefits
    7.4 Medical Benefits
    7.5 Accidental Death and Dismemberment Benefits
    7.6 Other Benefits
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    List of Tables
    Table 1: Insurance Industry Definitions
    Table 2: Hong Kong - Country Statistics, 2022
    Table 3: Hong Kong - Items under ECO, April 26, 2019
    Table 4: Hong Kong - Items under PMCO, April 26, 2019
    Table 5: Hong Kong - Items under ODCO, April 26, 2019
    Table 6: Hong Kong - Asset Test Limit for Single Person, 2023
    Table 7: Hong Kong - Asset Test Limit for A Family with Healthy Adults, 2023
    Table 8: Hong Kong - Asset Test Limit for A Family with No Healthy Adults, 2023
    Table 9: Hong Kong - Standard Rates Paid to Different Categories of Recipients, 2023
    Table 10: Hong Kong - Standard Rates Paid to Healthy Recipients Under the Age of 65 Years, 2023
    Table 11: Hong Kong - Rate of Long-Term Supplement, 2023
    Table 12: Hong Kong - Special Grant Rent Allowance, 2023
    Table 13: Hong Kong - Special Grant Water and Sewage Charge Allowance, 2023
    Table 14: Hong Kong - Maximum Amount Paid to Cover the Fees of Child Care Center, 2023
    Table 15: Hong Kong - Maximum Amount Paid to Cover the Fees of Kindergarten and Pre-Primary Education, 2021
    Table 16: Hong Kong - Monthly DE Calculation, 2023
    Table 17: Hong Kong - Income Asset Limit for Old Age Living Allowance, 2023
    Table 18: Hong Kong - Workmen’s Compensation - Payment Options
    Table 19: Hong Kong - Dependent Parent and Dependent Grandparent Allowance, 2023
    Table 20: Hong Kong - Paid Annual Leave Entitlement, 2023
    Table 21: Hong Kong - Public Holidays, 2023
    Table 22: Hong Kong - DB Scheme Contributions
    Table 23: Hong Kong - DC Scheme Contributions
    Table 24: Hong Kong - Accidental Death and Disablement Scale of Benefit

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