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Employee Benefits in Hong Kong

Employee Benefits in Hong Kong

Synopsis

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).

Summary

The report provides in-depth industry analysis, information and insights into employee benefits in Hong Kong, including:

  • An overview of state and compulsory benefits in Hong Kong
  • Detailed information about private benefits in Hong Kong
  • Insights into various central institutions responsible for the administration of the different branches of social security
  • The regulatory framework of employee benefits in Hong Kong
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 benefits, long-term disability, short-term sickness, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, unemployment, rest days, holidays and leave, 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 Hong Kong.
  • Assess Hong Kong’s employee benefits market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in Hong Kong.
  • Gain insights into key organizations governing Hong Kong’s employee benefits, and their impact on companies.
Key Highlights
  • 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


  • Executive Summary
  • Introduction
    • What is this Report About?
    • Definitions
      • Table Definitions
  • Country Statistics
    • Table Hong Kong - Statistics, 2013-2014
  • Overview of Employee Benefits in Hong Kong
  • Regulations
  • State and Compulsory Benefits
    • Table Hong Kong CSSA - Asset Test Limit for Single Person
    • Table Hong Kong CSSA - Asset Test Limit for A Family with Healthy Adults
    • Table Hong Kong CSSA - Asset Test Limit for A Family with No Healthy Adults
    • Table Hong Kong CSSA - Standard Rates Paid to Different Categories of Recipients
    • Table Hong Kong CSSA - Standard Rates Paid to Healthy Recipients Under the Age of 60 Years
    • Table Hong Kong CSSA - Rate of Long-Term Supplement
    • Table Hong Kong CSSA - Special Grant Rent Allowance
    • Table Hong Kong CSSA - Special Grant Water and Sewage Charge Allowance
    • Table Hong Kong CSSA - Maximum Amount Paid to Cover the Fees of Child Care Center
    • Table Hong Kong CSSA - Maximum Amount Paid to Cover the Fees of Kindergarten
    • Table Hong Kong SFS - Monthly DE Calculation
    • Retirement Benefits
      • Introduction
      • Types of retirement plan
      • Eligibility
        • Table Hong Kong Retirement Benefits - SSA Normal-rate Allowance Means Test
      • Age
      • Benefits
        • Table Hong Kong Retirement Benefits - CSSA Monthly Benefits Paid
      • Payment options
      • Typical employer practice
      • Employee and employer contributions
        • Table Hong Kong Retirement Benefits - MPF Scheme Contribution Rates
        • Table Hong Kong MPF - Industry Schemes Contribution Rates for Casual Workers
      • Taxation
    • Death in Service
      • Introduction
      • Eligibility
      • Benefits
      • Payment options
      • Typical employer practice
      • Employee and employer contributions
      • Taxation
    • Long-term Disability Benefits
      • Introduction
      • Eligibility
      • Benefits
        • Table Hong Kong Long-term Disability Benefits - CSSA Monthly Benefits Paid
      • Payment options
      • Typical employer practice
      • Employee and employer contributions
      • Taxation
    • Short-term Sickness Benefits
      • Introduction
      • Eligibility
      • Benefits
        • Table Hong Kong Sickness Benefits - CSSA Monthly Benefits Paid
      • Payment options
      • Employee and employer contributions
    • Medical Benefits
      • Introduction
      • Eligibility
      • Benefits
      • Payment options
      • Typical employer practice
      • Employee and employer contributions
      • Taxation
    • Workmen's Compensation
      • Introduction
      • Eligibility
      • Benefits
        • Table Hong Kong Workmen's Compensation - Permanent Disability Grant
        • Table Hong Kong Workmen's Compensation - Permanent Disability Grant Maximum Amount
        • Table Hong Kong Workmen's Compensation - Survivor's Grant
        • Table Hong Kong Workmen's Compensation - Survivor's Grant Maximum Amounts
      • Payment options
        • Table Hong Kong Workmen's Compensation - Payment Options
      • Employee and employer contributions
    • Maternity and Paternity Benefits
      • Introduction
      • Eligibility
      • Benefits
      • Payment options
      • Employee and employer contributions
    • Family Benefits
      • Introduction
      • Eligibility
      • Benefits
      • Payment options
      • Employee and employer contributions
      • Taxation
    • Unemployment
      • Introduction
      • Eligibility
      • Benefits
      • Payment options
      • Employee and employer contributions
      • Taxation
    • Rest Days, Holidays and Leave
      • Introduction
      • Rest day
      • Statutory holidays
      • Paid annual leave
        • Table Hong Kong Paid Annual Leave - Annual Leave Entitlement
  • Private Benefits
    • Retirement Benefits
    • Disability Benefits
    • Death Benefits
    • Medical Benefits
    • Other Benefits
  • Macroeconomic Indicators
    • Economic Performance
      • GDP at constant prices (US$)
      • GDP per capita at constant prices (US$)
      • GDP at current prices (US$)
      • GDP per capita at current prices (US$)
      • GDP by key sector
      • Inflation rate
      • Annual average exchange rate US$-HKD
      • Unemployment rate
      • Household consumption expenditure
      • Gross national disposable income
    • Demographics
      • Total population
      • Labor force
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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