How do Hong Kong citizens receive pensions? What are the specific contents of welfare benefits?

When working in Hong Kong, you need to deduct mandatory public service pension every month (a maximum of HKD 2,000 per month), and the employer must also pay the same proportion of money to the employee. This money will be invested every month in strong employment fund management companies (such as banks, securities companies, etc.). You can choose to withdraw it in one time or multiple times until you retire. Calculate that if a person starts working at the age of 20 and retires at the age of 60, he can save about 1.9 million. But the 1.9 million yuan that can be cashed in 40 years later is not that much money. So from the age of 60 to the year when a person leaves, can you live on this money? Some people have calculated that it will probably be enough to provide for 10-15 years of retirement.

As soon as an individual settles in Hong Kong and starts working, he or she will start to accumulate this pension. What you get when you retire is what you (and the company) saved for you. If you go to Hong Kong at the age of 55 and retire at the age of 60, you will only have money for these five years.

So generally Hong Kong people will save more money for retirement! In addition, there are other commercial insurances that can cover some expenses at that time.

But fortunately, other welfare benefits in Hong Kong are still very sound, such as low-cost medical benefits, government-subsidized housing (public housing) and nursing homes. However, these require waiting in line according to supply and demand, and may not be available in time. People in need can also apply for public assistance (similar to domestic subsistence allowances), fruit subsidies for the elderly, etc. Anyone who is a Hong Kong resident can enjoy these benefits, whether you are a veteran of Hong Kong or a new immigrant.