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Do mainland parents still have pensions for their children who take refuge in Hong Kong?
Hello, my answer to the question of whether there is a pension in Hong Kong is as follows: There is no real "retirement salary" in Hong Kong at present, but the Hong Kong government officially implemented a policy (mandatory provident fund) on December 1, 2, forcing Hong Kong employees aged 18 to 65 to set up a fund for retirement. Unlike pension or common provident fund, MPF is life-long, and Hong Kong employees can't get back their benefits until they are over 65 or emigrate. After the implementation of the MPF, the rate of return is not satisfactory, and even it has recorded losses for several years, and it has been questioned that administrative fees are high, financial institutions as intermediaries have become the biggest beneficiaries, and the MPF has enabled employers to save severance pay and is of no help to the elderly at present. < Mandatory provident fund > It is mandatory for employees and companies to contribute 5% of their monthly salary and get their pension back after they reach the age of 65.
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