[Updated 3/27/23] Employees in Hong Kong care most about their medical insurance. While Hong Kong has a publicly-funded healthcare system, it has very limited capacity. So those who are affluent (or aspire to be) are very focused on private healthcare. Hence the high importance attached to employer-provided medical insurance.
Easy access to travel insurance and accident benefits is increasing in importance. This is due to the fact that many employees in Hong Kong have jobs that involve significant travel in China and Asia.
When asked to rank three other common benefits in order of importance, the average Hong Kong employee will likely respond with disability, death, and retirement.
Many insurers are already venturing into retirement planning and wealth management to meet consumer demands. This is against a backdrop of a highly matured market, an aging population, and a general increase in affluence.
Average Cost For Employer-Sponsored Benefits
There are so many variables that it is very difficult to give an average cost for an employee benefits package.
Advice To Employers
Employees in Hong Kong expect to have a medical plan and certain life/disability benefits.
The retirement pension system known as MPF (Mandatory Provident Fund) is compulsory and highly regulated in Hong Kong. This actually takes much of the decision-making element away from the employer.
This information about employee benefits in Hong Kong is provided by Ximco, Asinta’s employee benefits consulting Partner in Hong Kong.