Sustainable pensions and retirement schemes in Hong Kong

Over the next 20 years, Hong Kong will face a rapidly ageing population as the number of older adults aged 65 or above increases to approximately 2.26m by 2033 (26.8 per cent of the total population). Hong Kong has three pillars of old age income security: the Mandatory Provident Fund, personal savings and the financial support that is given to the elderly by adult children. This paper examines how these three pillars would serve their individual purposes and, as a whole, what can be done to sustain retirement protection for the older adults in Hong Kong in coming decades. Copyright © 2005 Palgrave Macmillan Ltd.