Employee Benefits in Hong Kong 2020

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).

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

Key Highlights

– Hong Kong’s social welfare system provides cover to all residents in the event of disability, old age, death, unemployment, and sickness.

– 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).

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, 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.

Table of Contents

Table of Contents

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

6.2 Death in Service

6.3 Long-Term Disability Benefits

6.4 Short-Term Sickness Benefits

6.5 Medical Benefits

6.6 Workmen’s Compensation Insurance

6.7 Maternity and Paternity Benefits

6.8 Other Benefits

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

8 APPENDIX

8.1 Methodology

8.2 Contact GlobalData

8.3 About GlobalData

8.4 GlobalData’s Services

8.5 Disclaimer

List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Hong Kong – Country Statistics

Table 3: Items under ECO, April 26, 2019

Table 4: Items under PMCO, April 26, 2019

Table 5: Items under ODCO, April 26, 2019

Table 6: Hong Kong CSSA – Asset Test Limit for Single Person

Table 7: Hong Kong CSSA – Asset Test Limit for A Family with Healthy Adults

Table 8: Hong Kong CSSA – Asset Test Limit for A Family with No Healthy Adults

Table 9: Hong Kong CSSA – Standard Rates Paid to Different Categories of Recipients

Table 10: Hong Kong CSSA – Standard Rates Paid to Healthy Recipients Under the Age of 60 Years

Table 11: Hong Kong CSSA – Rate of Long-Term Supplement

Table 12: Hong Kong CSSA – Special Grant Rent Allowance

Table 13: Hong Kong CSSA – Special Grant Water and Sewage Charge Allowance

Table 14: Hong Kong CSSA – Maximum Amount Paid to Cover the Fees of Child Care Center

Table 15: Hong Kong CSSA – Maximum Amount Paid to Cover the Fees of Kindergarten

Table 16: Hong Kong SFS – Monthly DE Calculation

Table 17: Income Asset Limit for Normal OLA

Table 18: Income and Asset Limits for OLA

Table 19: Hong Kong Workmen’s Compensation – Payment Options

Table 20: Hong Kong Paid Annual Leave – Annual Leave Entitlement

Table 21: DB Scheme Contributions

Table 22: DC Scheme Contributions

List of Figures

List of Figures

Figure 1:-Hong Kong- Main Institutions of Social Security System

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