Basic country data
- Population over 60 in 2010:
- 1,297,521 (18%)
- Projected population over 60 in 2050:
- 4,585,837 (47%)
- Income of country:
- High income: non-OECD
- Social pension?
- Scheme information: Normal/higher old age allowance
- Monthly pension benefit:
- 1090 HK$ (140 US$)
- 4.66 % of average income
- 518 % of international poverty line
- Age of eligiblity:
- 65 (normal OAA), 70 (Higher OAA)
- % of population over 60 covered:
Old Age Living Allowance announced
In early 2013 a Government Press Release announced that the Old Age Living Allowance (OALA) would be implemented from April, replacing the Old Age Allowance (OAA).
With a benefit level of HK$2,200 (US$284) a month the OALA will provide a higher benefit than the OAA, which has been nicknamed 'fruit money' due to its low transfer level.
However, the OALA has faced delays due to the unpopularity of its means-test, which has been criticised for being too stringent. The current OAA uses a means-test those aged 65 to 69 and is universal for those aged 70 and over.
This video, from Hong Kong's Information Services Department, provides more information on the OALA. In particular, it describes the means-test and explains the three phases of implementation.
Resources on the pension in Hong Kong
This press release, from the Government of Hong Kong, announces the April launch of the Old Age Living Allowance (OALA), which will be implemented...
Visit the South China Morning Post for the latest articles and thinking on the Old Age Allowance in Hong Kong.
Year: 2012 | Published by: Time Out Hong Kong
Low transfer amounts mean that many of those receiving the Old Age Allowance in Hong Kong are forced to continue working.
Year: 2012 | Published by: OECD
Country profile from OECD's "Pensions at a glance: Asia/Pacific 2011".
This Government webpage provides information on Hong Kong's social pension.