866-997-4948(US-Canada Toll Free)

Employee Benefits in Hong Kong 2018

Published By :

GlobalData

Published Date : Dec 2018

Category :

Banking

No. of Pages : 59 Pages

Employee Benefits in Hong Kong 2018

Summary

Hong Kongs 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 Kongs 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 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 Kongs social welfare system is aimed at financially vulnerable individuals and those living in economic hardship.
- Hong Kongs 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 Kongs 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 Kongs 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 Kongs employee benefits, and their impact on companies.
Table of Contents
1 EXECUTIVE SUMMARY 2
2 INTRODUCTION 10
2.1 What is this Report About? 10
2.2 Definitions 10
3 COUNTRY STATISTICS 14
4 OVERVIEW OF EMPLOYEE BENEFITS IN HONG KONG 15
5 REGULATIONS 16
6 STATE AND COMPULSORY BENEFITS 21
6.1 Retirement Benefits 32
6.1.1 Introduction 32
6.1.2 Types of Retirement Plan 32
6.1.3 Eligibility 32
6.1.4 Age 33
6.1.5 Benefits 33
6.1.6 Payment Options 34
6.1.7 Typical Employer Practice 34
6.1.8 Employee and employer contributions 34
6.1.9 Taxation 35
6.2 Death in Service 37
6.2.1 Introduction 37
6.2.2 Eligibility 37
6.2.3 Benefits 37
6.2.4 Payment Options 37
6.2.5 Typical Employer Practice 37
6.2.6 Employee and employer contributions 38
6.2.7 Taxation 38
6.3 Long-Term Disability Benefits 39
6.3.1 Introduction 39
6.3.2 Eligibility 39
6.3.3 Benefits 40
6.3.4 Payment Options 40
6.3.5 Typical Employer Practice 40
6.3.6 Employee and employer contributions 40
6.3.7 Taxation 40
6.4 Short-Term Sickness Benefits 41
6.4.1 Introduction 41
6.4.2 Eligibility 41
6.4.3 Benefits 41
6.4.4 Payment Options 41
6.4.5 Typical Employer Practice 42
6.4.6 Employee and employer contributions 42
6.5 Medical Benefits 43
6.5.1 Introduction 43
6.5.2 Eligibility 43
6.5.3 Benefits 43
6.5.4 Payment Options 43
6.5.5 Typical Employer Practice 43
6.5.6 Employee and employer contributions 43
6.5.7 Taxation 44
6.6 Workmens Compensation Insurance 45
6.6.1 Introduction 45
6.6.2 Eligibility 45
6.6.3 Benefits 45
6.6.4 Payment Options 47
6.6.5 Typical Employer Practice 47
6.6.6 Employee and employer contributions 47
6.7 Maternity and Paternity Benefits 48
6.7.1 Introduction 48
6.7.2 Eligibility 48
6.7.3 Benefits 48
6.7.4 Payment Options 48
6.7.5 Typical Employer Practice 48
6.7.6 Employee and employer contributions 48
6.8 Family Benefits 49
6.8.1 Introduction 49
6.8.2 Eligibility 49
6.8.3 Benefits 49
6.8.4 Payment Options 49
6.8.5 Typical Employer Practice 49
6.8.6 Employee and employer contributions 49
6.8.7 Taxation 49
6.9 Unemployment Benefits 50
6.9.1 Introduction 50
6.9.2 Eligibility 50
6.9.3 Benefits 50
6.9.4 Payment Options 50
6.9.5 Typical Employer Practice 50
6.9.6 Employee and employer contributions 50
6.9.7 Taxation 50
6.10 Rest days, Holidays and Leaves 51
6.10.1 Introduction 51
6.10.2 Rest Days 51
6.10.3 Statutory Holidays 51
7 PRIVATE BENEFITS 53
7.1 Retirement Benefits 53
7.2 Disability Benefits 53
7.3 Death Benefits 53
7.4 Medical and Health Benefits 54
7.5 Other Benefits 54
8 APPENDIX 56
8.1 Methodology 56
8.2 Contact GlobalData 56
8.3 About GlobalData 57
8.4 GlobalDatas Services 58
8.5 Disclaimer 59

List of Tables
Table 1: Insurance Industry Definitions 10
Table 2: Hong Kong - Country Statistics 14
Table 3: Items under ECO, April 1 2017 17
Table 4: Items under PMCO, April 1 2017 18
Table 5: Items under ODCO, April 1 2017 18
Table 6: Hong Kong CSSA - Asset Test Limit for Single Person 22
Table 7: Hong Kong CSSA - Asset Test Limit for A Family with Healthy Adults 23
Table 8: Hong Kong CSSA - Asset Test Limit for A Family with No Healthy Adults 23
Table 9: Hong Kong CSSA - Standard Rates Paid to Different Categories of Recipients 24
Table 10: Hong Kong CSSA - Standard Rates Paid to Healthy Recipients Under the Age of 60 Years 24
Table 11: Hong Kong CSSA - Rate of Long-Term Supplement 24
Table 12: Hong Kong CSSA - Special Grant Rent Allowance 25
Table 13: Hong Kong CSSA - Special Grant Water and Sewage Charge Allowance 26
Table 14: Hong Kong CSSA - Maximum Amount Paid to Cover the Fees of Child Care Center 27
Table 15: Hong Kong CSSA - Maximum Amount Paid to Cover the Fees of Kindergarten 27
Table 16: Hong Kong SFS - Monthly DE Calculation 28
Table 17: Hong Kong Retirement Benefits - SSA Normal-rate Allowance Means Test 33
Table 18: Hong Kong Retirement Benefits - CSSA Monthly Benefits Paid 34
Table 19: Hong Kong Retirement Benefits - MPF Scheme Contribution Rates 34
Table 20: Hong Kong MPF - Industry Schemes Contribution Rates for Casual Workers 35
Table 21: Hong Kong Workmens Compensation - Permanent Disability Grant 45
Table 22: Hong Kong Workmens Compensation - Permanent Disability Grant Maximum Amount 46
Table 23: Hong Kong Workmens Compensation - Survivors Grant 46
Table 24: Hong Kong Workmens Compensation - Survivors Grant Maximum Amounts 47
Table 25: Hong Kong Workmens Compensation - Payment Options 47
Table 26: Hong Kong Paid Annual Leave - Annual Leave Entitlement 52

List of Figures
Figure 1:-Hong Kong- Main Institutions of Social Security System 21

Make an enquiry before buying this Report

Please fill the enquiry form below.

  • Full Name *
  • Your Email *
  • Job Title
  • Company
  • Phone No. * (Pls. Affix Country Code)
  • Message
  • Security Code *