Employee Choice Arrangement awareness still lacking: 70% in the dark, over half back later retirement

This article is a rewrite of a report from August 2012.

AIA MPF’s Q2 2012 “ideal retirement living” survey showed workers’ awareness of November’s Employee Choice Arrangement had improved slightly but remained inadequate; meanwhile over half of respondents favoured delaying retirement — the ageing-population debate had already surfaced.

How low was awareness?

Understanding had risen, but 70% remained in the dark — little changed from the prior quarter.

Why did over half back later retirement?

The government’s population-policy steering committee had floated ageing countermeasures, including studying incentives for working at higher ages. The survey found:

• For raising the retirement age: over half; against, under 20%.
• For: still physically able to work; wanting to keep earning for retirement reserves.
• Against: not wanting to work into old age, health worries, wanting to enjoy retirement sooner.

How much did ideal retirement cost?

Most private and government retirement ages sat between 55 and 60; respondents’ ideal was 59.4 with a HK$6.04m reserve — yet only 43% felt confident, meaning most did not.