Hong Kong teachers withdrew HK$8.4 billion from pension funds in past school year
Withdrawals fell by 3.4 per cent from year before, marking third consecutive annual decline as emigration slows
Hong Kong public school teachers withdrew HK$8.4 billion (US$1.1 billion) from two retirement fund schemes in 2024-25, down by 3.4 per cent from the year before, marking the third consecutive annual decline amid subsiding emigration.
Resignation, rather than retirement, remained the main reason for taking out the money as a growing proportion of young teachers left the profession, accounting for 32 to 35 per cent of all withdrawals from the two funds, the highest level since 2021.
The data was contained in the Education Bureau’s annual report on the Subsidised Schools Provident Fund and the Grants Schools Provident Fund released on Wednesday, reflecting the latest trends in resignations and retirements among teachers.
Teachers and principals at public schools are required to join one of the two provident fund schemes for educators.
There are 22 grant schools in Hong Kong, generally regarded as elite institutions.
The HK$8.4 billion taken out of the funds in the previous academic year was down from the HK$8.7 billion figure in 2023-24 and the record HK$10.7 billion in 2021-22.
According to the report, 2,581 teachers withdrew money from the fund last year, each taking out an average of about HK$3.38 million, according to calculations by the South China Morning Post.