Retirement benefit programs : analysis and a proposal for Hong Kong

Lok Sang HO, Jik Joen LEE, Jin Pang LEUNG

Research output: Journal PublicationsJournal Article (refereed)peer-review


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, this proposal recommends a fully funded version under which the contribution formula carries age-cohort-specific paramenters. Contributions should rise with income while benefits should be flat in order to achieve desired redistributive objectives and to minimize distortions.
Original languageEnglish
Pages (from-to)16-22
Number of pages7
JournalHong Kong Journal of Gerontology = 香港老年學報
Issue number1
Publication statusPublished - Jun 1991
Externally publishedYes


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