Job Discussion Forums

southerngirl · Joined: 30 Aug 2006 Posts: 53 Location: Sunny beaches

How does the Hong Kong Retirement system work when teachers wish to collect it?

If a NET teacher chooses to relocate or return to their home country before they're "OLD ENOUGH" to draw retirement, what are the HK gov'ts rules?

South Korea, where I'm currently working, has different arrangements with different countries.

Does HK do a "lump sum" deposit into your bank account or does one have to wait until HK's designated retirement age and start receiving a monthly amount?

Any information would be appreciated.

Thanks
Leigh

anninhk · Joined: 08 Oct 2005 Posts: 284

The only scheme I think there is in Hong Kong is MPF. You contribute HK$1000 and your employer contributes HK$ 1000. You can contribute more if you wish.
At the end of your time in Hong Kong you can claim your money in the MPF fund if you sign a statutory declaration to state that you do not intend to work in Hong Kong again. Then you can take the lump sum. You have to be sure you won't want to work here again or you will have to pay it all back.
I don't think there is a pension as such and if there is you would have to be a permanent resident and over 65.

Smoog · Joined: 11 Jan 2005 Posts: 137 Location: Hong Kong

Just one point, anninhk - as you said, yes you can draw it all out when you leave no prob.
If you do come back into HK to work you don't have to pay it all back. But you can't withdraw any of it when you leave. You have to wait until you're 60 before you can access it.