Employee Benefits in Hong Kong, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in Hong Kong, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

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.

Key Highlights

  • SWD and MPFA are responsible for the functioning of the overall social security system.
  • A person’s national insurance contribution is determined based on their income.
  • An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
  • In Hong Kong, employers provide voluntary retirement benefits to their employees through ORSO and MPFA schemes.
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, leaves and holidays 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


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 Disability Benefits
7.4 Medical Benefits
7.5 Accidental and Dismemberment Benefits
7.6 Other Benefits
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List of Tables
Table 1: Insurance Industry Definitions
Table 2: Hong Kong - Country Statistics, 2020
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 - Asset Test Limit for Single Person, 2022
Table 7: Hong Kong - Asset Test Limit for A Family with Healthy Adults, 2022
Table 8: Hong Kong - Asset Test Limit for A Family with No Healthy Adults, 2022
Table 9: Hong Kong - Standard Rates Paid to Different Categories of Recipients, 2022
Table 10: Hong Kong - Standard Rates Paid to Healthy Recipients Under the Age of 65 Years, 2022
Table 11: Hong Kong - Rate of Long-Term Supplement, 2022
Table 12: Hong Kong - Special Grant Rent Allowance, 2021
Table 13: Hong Kong - Special Grant Water and Sewage Charge Allowance, 2021
Table 14: Hong Kong - Maximum Amount Paid to Cover the Fees of Child Care Center, 2021
Table 15: Hong Kong - Maximum Amount Paid to Cover the Fees of Kindergarten and Pre-Primary Education, 2021
Table 16: Hong Kong - Monthly DE Calculation, 2021
Table 17: Hong Kong - Income Asset Limit for Normal OLA, 2022
Table 18: Hong Kong - Income and Asset Limits for OLA, 2022
Table 19: Hong Kong - Workmen’s Compensation - Payment Options, 2022
Table 20: Hong Kong - Dependent Parent and Dependent Grandparent Allowance, 2022
Table 21: Hong Kong - Paid Annual Leave Entitlement, 2022
Table 22: Hong Kong - Public Holidays, 2022
Table 23: Hong Kong - DB Scheme Contributions, 2022
Table 24: Hong Kong - DC Scheme Contributions, 2022
Table 25: Hong Kong - Accidental Death and Disablement Scale of Benefit
List of Figures
Figure 1: Hong Kong - Main Institutions of Social Security System

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