Chow Wing-sun: Average MPF Savings Just HK$200,000 — Not Enough for Retirement; Scrap the Compassionate Withdrawal Consultation

HKU social work professor Chow Wing-sun said Hong Kong people’s average MPF savings are only about HK$200,000 — unlikely to support retirement living, let alone a flat down payment or overseas study.

Why scrap the compassionate withdrawal consultation?

It would deepen public negativity toward MPF. Chow said after a radio programme that the government should cancel the consultation on compassionate MPF withdrawals; of the MPFA’s proposals, only withdrawals for critical illness were workable. HSBC’s Georges Leung agreed that critical-illness-only withdrawals were worth considering.

Why isn’t HK$200,000 enough?

Spread over a decade or two of retirement, it yields barely HK$1,000+ a month — not even a down payment; retirees could end up depending on government welfare — defeating MPF’s whole purpose.

LegCo welfare panel chair Cheung Kwok-chu said the consultation was premature; the MPFA should fix MPF’s fundamentals first. Learn how to build bigger retirement savings — compare funds at MPF fund comparison.