Retirement benefit programs : analysis and a proposal for Hong Kong: 怎樣的退休保障制度最適合香港的需要? : 一些分析和建議

Lok Sang HO, Jik jeon LEE, Jin Pang LEUNG

Research output: Working paperWorking paper series


An analysis of the desirable qualities of retirement benefit programs in the light of both economic theory and the practical experience of countries suggests that a publicly administered, mandatory, and basic income-support program that is fully-funded for each age cohort will cause the least distortions and will provide the most security to people facing a variable life span. Unlike most existing schemes which follow more closely the pay-as-you-go model, our proposal recommends a fully funded version under which the contribution formula carries age-cohort-specific parameters. Contribution should rise with income while benefits should be flat in order to achieve desired redistributive objectives and to minimize distortions. An appendix provides numbers to illustrate how the average contribution rate varies with benefits, life expectancy, and other factors. 本文參考多個國家的實際經驗,對不同特色的養老制度進行經濟分析。結論是: 一個既能提供保障又能避免對選擇行為產生扭曲效果的養老制度,所提供的退休年金不應超越基本生活需要;行政必須由政府統籌;並應具有強迫性及「完全支付」(fully funded)等特徵。本文指出,一般的退休年金制度均較為接近「隨支隨資」(pay-as-you-go)模式。要逹到真正的「完全支付」的養老金制度,每個同齡羣 (age chort)均應自給自足,供款公式即按照每個同齡羣分別計算。為逹致對低收入人士實行再分配的目的,本文建議供款額應隨收入增加而遞增,而支款額則為固定之數。本文附錄試舉例以表明支款額、預期壽命、投資回報率等因素對供款率的影響。
Original languageEnglish
PublisherHong Kong Institute of Asia-Pacific Studies, Chinese University of Hong Kong
ISBN (Print)9624410062
Publication statusPublished - 1991
Externally publishedYes


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