Options
Can a "Compulsory savings" scheme enhance the future happiness of society? A survey of the Mandatory Provident Fund (MPF) scheme in Hong Kong
Author(s)
Date Issued
2008
Journal
ISSN
2651-0529
2630-0931
Citation
Thammasat Economic Journal, June 2008, vol. 26(2), pp. 117-131.
Description
Open Access
Type
Peer Reviewed Journal Article
Abstract
Ageing populations are and will continue to be a major issue for most Asian countries in
the future. Hong Kong’s population is ageing so rapidly that the Hong Kong government has predicted that by 2033, 27% of the population will be over the usual retirement age of 65. The Mandatory Provident Fund (MPF) policy was introduced in 2000 as a retirement protection system. The core purpose of the MPF is a “compulsory saving” scheme to secure future well-being in retirement. This paper uses an ordered probit model to review achievement of the MPF scheme in terms of self-reported, expected happiness in retirement. A survey, conducted by “Economics and Well-being Research” of Hong Kong Shue Yan University in February 2007, used randomly selected telephone numbers from residential telephone directories to collect the data. A total of 543 respondents were successfully interviewed. This paper aims to answer the following two questions: 1) what are some of the identified determinants of expected happiness in retirement? 2) What can other countries learn from the experience of implementing the MPF in Hong Kong?
Loading...
Availability at HKSYU Library
