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Retirement security increasingly important to employees in Hong Kong, Willis Towers Watson survey finds
Global Benefits Attitudes Survey
Willis Towers Watson
29 Nov 2018 Hong Kong Countries - excl. European Union and US
Key Details:
  • Retirement security is a growing issue in Hong Kong and the wider Asia Pacific region, according to a survey by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company.
  • The latest findings of the Global Benefits Attitudes Survey reveals that 58% of Hong Kong employees think retirement security has become a more important issue for them over the last 2-3 years. However, only around one-third of them are confident of having enough resources to live comfortably throughout retirement.
Willing to pay for better retirement benefits
  • Up to 44% of the surveyed employees in Hong Kong are willing to sacrifice a portion of their paycheck for greater employer-provided retirement benefits, and even more (45%) are willing to make similar trade-off for more generous benefits. The same is not true for health care benefits. Only 30% are willing to pay more each month for a more generous health care plan.
Strong interest in phased retirement
  • The survey suggests that a considerable minority (17%) of Hong Kong employees expect to still be working in their 70s. Those who expect to work longer are more likely to be in poor health, highly stressed or disengaged with their job.
  • In contrast to late retirement, employees are expressing a strong interest in phased retirement. Over half (54%) of the respondents said they will keep working for some time before fully retire. Stronger interest is observed in highly engaged employees and those from age group of 40+.
Employers can start with an easy step
  • Following the proposed plan of the Government to cancel the Long Service Payment offsetting mechanism from MPF balances, money in the MPF pool will be growing and entirely reserved for memberís retirement.
About Global Benefits Attitudes Survey
  • The Willis Towers Watson 2017/2018 Global Benefits Attitudes Survey measured attitudes of over 30,000 private sector employees in 22 countries - including 9,462 responses from Asia Pacific, specifically 985 from Hong Kong. The survey was conducted in July and August 2017. More information visit Willis Towers Watsonís website.

source: Willis Towers Watson Press Release