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Sponsored The Covid-19 pandemic has unleashed a global economic crisis that has had a dramatic impact on all aspects of society and life. In Hong Kong, the unemployment rate is at its highest in 16 years and is expected to edge up to near 7% around the Lunar New Year 1. As the economic situation remains uncertain, even those who remain employed have seen their income affected. A recent desired retirement tracker survey reveals that 55% of respondents have had their income affected by the pandemic, and 38% have used their retirement reserves to meet daily expenses. The survey also reveals that for those with insufficient retirement reserves, the median retirement reserve shortfall has reached a record high HK$2.23 million (US$287,617). Some 61% of respondents say they will have to delay their retirement plans.

Hong kongCauseway bayHong kong generalHong kongersElaine lauOur hong kong foundationProvident fundHong kong pension schemes associationLunar newPension schemes associationTax deductible voluntary contributionsMandatory provident fundHong kong foundationTimes squareSponsored the covid 19 pandemic has unleasheda global economic crisis that hada dramatic impact on all aspects of society and life in hong kongThe unemployment rate is at its highest in 16 years and expected to edge up near 7 around lunar new year1 as economic situation remains uncertain