Hong Kong’s three-pillar retirement protection

Improving seniors’ quality of life — ageing with security, belonging and purpose — has long been government policy. Hong Kong runs a three-pillar retirement protection system to match.

What are the three pillars?

The non-contributory social security system, the MPF system, and voluntary personal savings. Each has a role: social security is the safety net, the MPF is forced saving, voluntary savings are the personal top-up.

How does social security work?

Welfare resources target those most in need, including seniors. The system covers the Comprehensive Social Security Assistance (CSSA) scheme and the Social Security Allowance scheme (Old Age and Disability Allowances). Nearly 80% of those aged 65-plus receive some form of assistance or allowance; for those 70-plus it’s 88%. CSSA is the last-resort net for seniors who can’t support themselves financially, with more generous terms for the elderly than for able-bodied adults.

For the MPF pillar, visit the MPF education centre, or compare schemes at MPF fund comparison.