Hong Kong women penalised for living longer: enquiry into annuity scheme discrimination
Under the proposal unveiled by the Hong Kong Mortgage Corporation, women would receive a smaller monthly payout than men because they tend to live longer
The plan is potentially in breach of a stated official directive to promote gender neutrality and may go against a court case that forbade gender stereotyping policies, according to a Women’s Commission member and a human rights lawyer.
Concerns were raised after the government-run Hong Kong Mortgage Corporation (HKMC) on Monday unveiled the HK$10 billion scheme under which retirees would be able to invest a lump sum in exchange for a guaranteed monthly income for the rest of their lives.
Due to women’s longer life expectancy, their return would be HK$450 to HK$530 per HK$100,000 premium paid – contrasting with HK$500 to HK$580 for men.
