Hong Kong

Basic country data

  • Population 60 and over (2018)
  • 1,803,865
  • % of total
  • 24.3%
  • Population 60 and over (2050)
  • 3,352,876
  • % of total
  • 45.1%
  • Does the country have a social pension?
  • Yes
  • Region
  • East Asia & Pacific
  • Income group
  • High income

Data on social pensions

Normal/higher old age allowance

Basic scheme information

Data on social pensions

  • Name of pension or programme
  • Normal/higher old age allowance

Government of Hong Kong: Social Security Allowance Scheme (Webpage)

Eligibility criteria

  • Age of eligibility
  • 65 (normal OAA), 70 (Higher OAA)
  • Targeting approach
  • Means-tested
  • Detailed eligibility criteria
  • Not in receipt of any other allowances. For the Normal Old Age Allowance (aged 65 to 69) single people must have an income of $7,340 a month or lower, with assets worth $210,000or less. For couples this is increased to a joint income of $11,830 a month or less and assets worth $318,000 or less. For the Higher Old Age Allowance (aged 70 and above): no income or asset limit.
  • References and notes

2015

Hong Kong: Old Age Living Allowance to be rolled out in three phases

Government of Hong Kong: Social Security Allowance Scheme (Webpage)

Adequacy

2015 (Sept)

Government of Hong Kong: Statistics and Figures on Social Security (Webpage)

Coverage

2015

HelpAge calculation

Cost

  • Total cost (local currency)
  • 3,246,157,980 HK$
  • Cost as % of GDP
  • 0.1%
  • References and notes

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

Social pensions database

Explore the Social pensions database

Calculator

Calculate the cost of a universal pension in your country