Empirical Study on Whether the Mandatory Provident Fund Policy in Hong Kong Can Meet the Retirement Needs of Citizens

Feng Cheng

doi:10.62051/ijgem.v4n2.16

Authors

Feng Cheng

DOI:

https://doi.org/10.62051/ijgem.v4n2.16

Keywords:

Mandatory Provident Fund, Retirement Requirement, Empirical Study, Policy Evaluation

Abstract

Since its implementation in 2000, the Mandatory Provident Fund (MPF) system aims to provide Hong Kong residents with mandatory retirement savings scheme. However, with the changing of social and economic environment, especially the aging and the rising cost of living, whether the MPF system can meet the retirement needs of citizens has become a question worthy of further discussion. This study used empirical research approach to evaluate the effectiveness of the MPF system by collecting and analyzing a large amount of data. In addition, this study will refer to the pension system in other regions of the world for comparative analysis to find out the advantages and disadvantages of the MPF system. Through this study, it is expected that we can comprehensively evaluate the practical effect of MPF system in meeting the retirement needs of Hong Kong residents, and put forward targeted policy suggestions. The research results will provide a scientific basis for the Hong Kong government and relevant decision-making departments, help to further improve the MPF system, improve the level of pension security, so as to better respond to the changes in the social and economic environment. And ensure the retirement quality of life of Hong Kong residents. At the same time, the conclusions and recommendations of this study will also provide reference for other regions to develop or optimize pension systems.

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