Employee Benefits in Hong Kong 2021

Employee Benefits in Hong Kong 2021

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.

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 SecurityFamily and Child WelfareClinical Psychological ServicesMedical Social ServicesRehabilitation ServicesServices for the ElderlyServices for Young PeopleServices for OffendersCommunity DevelopmentControl of Charitable Fundraising ActivitiesSupport ServicesScope

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 benefitsIt 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 benefitsIt highlights the economic and regulatory situations relating to employee benefits in Hong KongReasons to BuyMake 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