Li irritated these days. 28-year-old, he is one of the world's top 500 Hong Kong branch design department head, a monthly income of 40,000 Hong Kong dollars. While not wealthy, but also belong to at least a comfortable standard of living at ease I usually Hupenghuanyou to go out corruption, traveling abroad two or three times a year, and occasionally buying luxury goods like, is more than enough to meet up.
However, a few days before the gathering of friends, a do insurance brokerage buddies gave him his calculations, he suddenly had a sense of crisis. The bill is as follows: assume that Li would like to retire at 60 and live to be 85 years old, retired a month daily needs of 20,000 Hong Kong dollars (Note, may not be worth 20,000 Hong Kong dollars after 30 years), a total of 25 years of retirement living requires 600 million.
The Mandatory Provident Fund Li and paid annually only 30,000 yuan (calculated monthly each party to pay 1250 yuan cap), from now until retirement, the MPF total of 32 years before 960,000 plus existing on account balances, it was only 100 million succeed. Even a 3% to 5% return each year, but the basic can only offset inflation, In other words, Mike rely on MPF save enough living expenses after retirement is simply wishful thinking.
Depressed Li home Internet to find and retirement-related financial content, see the "New York Times" article, the article says that the pension gap in Mainland China in the next 20 years will be accumulated to $ 10.9 trillion, the Chinese people will be Old Men . He silently think Hong Kong retirement pay is not where it should be is the real Old Men it.
Just arrived in Hong Kong, Mike found downstairs security, delivery boy's uncle, a woman from recycling waste bin, cafes cleaners dishwasher, taxi drivers, and so on, almost all the elderly, everywhere The white-haired, rickets in the back of wage. Even once, he was still on the street witnessed the police to an elderly taxi driver on stretchers on the ambulance, listening to around the person said, the driver suffered a heart attack, only the car diagonally parked in the road the middle, and the police to allow the police to save lives, Li feel very sad. In his own hometown, in addition to the very few stray elderly, generally healthy elderly usually do is to help their children with children in the district where the dancing-hop fan dance, sunbathing chat or in twos and threes, and an old age employment?
Later, he had heard that the elderly in Hong Kong is not retirement pay in favor of an MPF System. The so-called MPF Mandatory Provident Fund (Form MPF) is a policy implemented by the Hong Kong Government from 2000, it mandated the employed population of 18 to 65 years to set up a fund for retirement purposes. Almost every employment in Hong Kong, as long as your income is more than 6500 HK $ per month need to be compelled to pay 5% of the wages classified MPF account, the employer will pay another 5%, the upper limit of each month to pay 1250 yuan (party). MPF is a life, the money only after the age of 65, etc., or proof of permanent departure from Hong Kong to remove.
Been a lot of Hong Kong people oppose the implementation of the MPF system has been more than a decade, "Cancel MPF sound continuously.
There are three main reasons: the first is the MPF can only help the the work now artificially future retirement life saving, before the implementation of the system has lost the ability to work for the elderly can not benefit from these elderly may be precisely those most in need help groups; Secondly, the MPF for people engaged in non-financial industries, the complex structure, low transparency, most people are never concerned about their MPF accounts, Li own one, never see "do not understand"; MPF management fees, low rate of return, and they can be removed only after decades, when the money already has been depreciated mess fundamental pension can not be used, and have actually fattened trustee to charge a management fee.
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