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Employee Benefits in Hong Kong

  • January 2015
  • 63 pages
  • Timetric
Report ID: 2625797

Summary

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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

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