Employee Benefits in Hong Kong 2021

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 main change to Hong Kong’s social welfare system in the last decade was the introduction of the compulsory occupational pillar, the MPF. Before its implementation, any contribution to the occupational system was made voluntarily.

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.

In Hong Kong, the Social Welfare Department (SWD) and the Mandatory Provident Fund Authority (MPFA) governs the social security system of Hong Kong.

The SWD oversees the development and coordination of the social welfare system, and incorporation of changes made by the government to the social welfare system. It consists of the following public services –

– Social Security

– Family and Child Welfare

– Clinical Psychological Services

– Medical Social Services

– Rehabilitation Services

– Services for the Elderly

– Services for Young People

– Services for Offenders

– Community Development

– Control of Charitable Fundraising Activities

– Support Services

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 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

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

– 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 Medical Benefits

7.4 Disability Benefits

7.5 Accidental and Dismemberment Benefits

7.6 Other Benefits

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List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Hong Kong – Country Statistics

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 CSSA – Asset Test Limit for Single Person, 2021

Table 7: Hong Kong CSSA – Asset Test Limit for a Family with Healthy Adults, 2021

Table 8: Hong Kong CSSA – Asset Test Limit for a Family with No Healthy Adults, 2021

Table 9: Hong Kong CSSA – Standard Rates Paid to Different Categories of Recipients, 2021

Table 10: Hong Kong CSSA – Standard Rates Paid to Healthy Recipients Under the Age of 65 Years, 2021

Table 11: Hong Kong CSSA – Rate of Long-Term Supplement, 2021

Table 12: Hong Kong CSSA – Special Grant Rent Allowance, 2021

Table 13: Hong Kong CSSA – Special Grant Water and Sewage Charge Allowance, 2021

Table 14: Hong Kong CSSA – Maximum Amount Paid to Cover the Fees of Child Care Center, 2021

Table 15: Hong Kong CSSA – Maximum Amount Paid to Cover the Fees of Kindergarten and Pre-Primary Education, 2021

Table 16: Hong Kong SFS – Monthly DE Calculation, 2021

Table 17: Hong Kong – Income Asset Limit for Normal OLA, 2021

Table 18: Hong Kong – Income Asset Limits for OLA, 2021

Table 19: Hong Kong – Workmen’s Compensation Payment Options, 2021

Table 20: Hong Kong – Dependent Parent and Dependent Grandparent Allowance, 2021

Table 21: Hong Kong – Hong Kong Paid Annual Leave Entitlement, 2021

Table 22: Hong Kong – Public Holidays, 2021

Table 23: Hong Kong – Total DB Scheme

Table 24: Hong Kong – Total DC Scheme Contributions

List of Figures

List of Figures

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

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