Universal pension won't meet needs of greying Hong Kong

Protestors of The Alliance for Universal Pension petition outside Legislative Council in Tamar. Photo: K. Y. Cheng

Here we go again. Some legislators have sought to hijack the governance of Hong Kong by demanding a quick fix to retirement protection through the introduction of a universal pension. If only the solution were that easy and made financial sense.

Friday, 10 May, 2013, 8:53am

Pimco expands in Asian pensions market

More than a quarter of mainlanders are on track to be aged over 65 by the middle of the century. Pimco is vying with rivals for a slice of the pension market. Photo: Bloomberg

Asia's expanding pool of private savings and a need to fund the retirement of the region's ageing population have prompted the world's biggest bond fund to expand its regional presence.

6 May 2013 - 3:34am

Get saving for retirement

Photo: Bloomberg

It’s not looking good for Asia’s retirees, according to HSBC. They face eight years of hardship after their savings run out, according to the bank’s Future of Retirement Survey 2013. And many oldies expect to fund their twilight years with savings, the bank finds. Now banks really hate that. No chargeable fees there.

21 Feb 2013 - 2:46pm

Put a thinking cap on to keep a lid on pension fund fees

Legislator Chan Kin-por

When employees were allowed in November last year to begin choosing their own MPF pension providers, many believed it would lead to lower management fees. But, instead, the charges rose last month.

19 Feb 2013 - 4:57am

Short Sport, February 3, 2013

Coline Mattel

The Japanese Olympic Committee says it will investigate the alleged abuse of elite female judo competitors by former national coach Ryuji Sonoda, and broaden the investigation to other sports. 

3 Feb 2013 - 4:00am

Fixing the MPF

Illustration: Craig Stephens

Hong Kong workers have long complained that they are paying unnecessarily high fees and charges on their Mandatory Provident Fund savings. The Mandatory Provident Fund Schemes Authority has conducted a cost study and given the government ideas about how to cut these overheads.

24 Jan 2013 - 2:40am

The pitfalls of investing in ILAS

Insurance commissioner Annie Choi. Photo: Warton Li

In 2010, Li (who asked that her full name not be revealed) started a new job with a higher salary. Her wealth planner, who worked for a global bank, advised Li to invest in a pension plan sold by a major insurance firm.

She agreed to the idea and committed to pay US$4,200 a month into a five-year pension investment.

17 Dec 2012 - 5:31am

A generation sacrificed

A woman buys from a greengrocer's assistant at a market in Spain, which has been hard hit by the euro-zone crisis. Photo: Reuters

Crushed by an austerity squeeze and towering unemployment, millions of Europeans joined the ranks of the newly poor this year in a crisis that showed no mercy for the old, women or children.

11 Dec 2012 - 2:55am

Long fight over how to provide for Hong Kong's elderly

Illustration: Adolfo Arranz

From behind dark glasses, her voice hushed and shaky, Wu Kam-ping tells how she has been left with nothing but her children and a small nest egg after years spent in the garment factories of Hong Kong.

Now 75 and blind, Wu speaks for thousands like her when she says: "All I want is a universal retirement protection scheme which can make my life more stable and secure."

8 Nov 2012 - 3:37am 2 comments

Pointers to planning ahead financially for your retirement

Mak Hon-kai invested in property to secure his future. Photo: Jonathan Wong

With three properties under his belt, Mak Hon-kai, 73, is enjoying a comfortable retirement.

The chairman of the Hong Kong Association of Senior Citizens, who came from humble origins, says his assets are the fruit of hard work.

4 Nov 2012 - 9:52am

Head of Auxiliary Medical Service risks losing pension over room furore

An external view of a room that Chan used. Photo: David Wong

The retiring head of the Auxiliary Medical Service risks losing his pension after he came under fire for allegedly occupying a room in its headquarters for private use.

Chief Staff Officer Chan Yiu-wing, 59, is said to have occupied for more than four years a room of over 100 sq ft and a balcony of over 200 sq ft in the Ho Man Tin base as resting quarters.

21 Aug 2012 - 3:08am

Enjoy life by saving today

As young people become more educated and lead a healthy lifestyle, they are increasingly looking forward to a comfortable and active life after retirement.

26 Jun 2012 - 12:00am

Benefits are hot amid zero to slight salary increases

Providing in-depth insights of salaries and employment market trends across various industry sectors, the Hays 2012 Salary Guide indicates that Hong Kong employees should brace themselves for only a modest salary increase over the coming months.

3 Mar 2012 - 12:00am

MPF loss averaged 8.4pc last year

Last year's turmoil on global financial markets battered the retirement funds of the 2.5 million Hong Kong employees in the Mandatory Provident Fund. Their investments lost an average of 8.41 per cent last year.

It was the second-worst performance since the launch of the scheme in 2000; in 2008 the global financial crisis saw MPF funds plunge an average of 26 per cent.

5 Jan 2012 - 12:00am

Tang backs pensions for all - in principle

Despite not having formally announced that he will run for the post of chief executive, Henry Tang Ying-yen yesterday ended a week filled with very public meet-and-greet sessions by saying he backed the introduction of a universal pension scheme. Retirement should be a time of dignity, he said.

22 Oct 2011 - 12:00am