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).
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The report provides in-depth industry analysis, information and insights of the employee benefits in Hong Kong, including: 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
- Hong Kong’s social welfare system is aimed at financially vulnerable individuals and those living in economic hardship.
- Hong Kong’s social security system is governed by the SWD.
- Social security in Hong Kong is the responsibility of the government, which mainly provides non-contributory schemes to individuals.
- The main change to Hong Kong’s social welfare system in the last decade was the introduction of the compulsory occupational pillar, the MPF.
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 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.
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