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Employee Benefits in Hong Kong

  • January 2015
  • -
  • Timetric
  • -
  • 63 pages

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

Table Of Contents

Employee Benefits in Hong Kong
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
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Short-term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Unemployment
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.9.6 Taxation
6.1 Rest Days, Holidays and Leave
6.10.1 Introduction
6.10.2 Rest day
6.10.3 Statutory holidays
6.10.4 Paid annual leave
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-HKD
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Hong Kong - Statistics, 2013-2014
Table 3: Hong Kong CSSA - Asset Test Limit for Single Person
Table 4: Hong Kong CSSA - Asset Test Limit for A Family with Healthy Adults
Table 5: Hong Kong CSSA - Asset Test Limit for A Family with No Healthy Adults
Table 6: Hong Kong CSSA - Standard Rates Paid to Different Categories of Recipients
Table 7: Hong Kong CSSA - Standard Rates Paid to Healthy Recipients Under the Age of 60 Years
Table 8: Hong Kong CSSA - Rate of Long-Term Supplement
Table 9: Hong Kong CSSA - Special Grant Rent Allowance
Table 10: Hong Kong CSSA - Special Grant Water and Sewage Charge Allowance
Table 11: Hong Kong CSSA - Maximum Amount Paid to Cover the Fees of Child Care Center
Table 12: Hong Kong CSSA - Maximum Amount Paid to Cover the Fees of Kindergarten
Table 13: Hong Kong SFS - Monthly DE Calculation
Table 14: Hong Kong Retirement Benefits - SSA Normal-rate Allowance Means Test
Table 15: Hong Kong Retirement Benefits - CSSA Monthly Benefits Paid
Table 16: Hong Kong Retirement Benefits - MPF Scheme Contribution Rates
Table 17: Hong Kong MPF - Industry Schemes Contribution Rates for Casual Workers
Table 18: Hong Kong Long-term Disability Benefits - CSSA Monthly Benefits Paid
Table 19: Hong Kong Sickness Benefits - CSSA Monthly Benefits Paid
Table 20: Hong Kong Workmen's Compensation - Permanent Disability Grant
Table 21: Hong Kong Workmen's Compensation - Permanent Disability Grant Maximum Amount
Table 22: Hong Kong Workmen's Compensation - Survivor's Grant
Table 23: Hong Kong Workmen's Compensation - Survivor's Grant Maximum Amounts
Table 24: Hong Kong Workmen's Compensation - Payment Options
Table 25: Hong Kong Paid Annual Leave - Annual Leave Entitlement

List of Figures
Figure 1: Main Institutions and Schemes of the Social Welfare System in Hong Kong
Figure 2: Hong Kong GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Hong Kong GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Hong Kong GDP at Current Prices (US$ Billion) 2008-2012
Figure 5: Hong Kong GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Hong Kong GDP by Key Sector (%), 2008-2012
Figure 7: Hong Kong Inflation Rate (%), 2008-2013
Figure 8: Hong Kong Annual Average Exchange Rate US$-HKD, 2008-2012
Figure 9: Hong Kong Unemployment Rate (%), 2008-2012
Figure 10: Hong Kong Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 11: Hong Kong Gross National Disposable Income (US$ Billion), 2008-2012
Figure 12: Hong Kong Total Population (Million), 2008-2012
Figure 13: Hong Kong Size of Labor Force (Million), 2008-2012

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