Volume 18, Issue No. 1 (Serial No. 35) Youth and the Universal Retirement Protection Scheme: What it Means for Them?

Raymond Wai-man YEUNG
Assistant Professor, Department of Economics and Finance, Hong Kong Shue Yan University

【Abstract】This paper examines the structures of several pension systems and the worsening trend in global aging of the population. It then reviews the pension strategies adopted by some other countries to cope with the problem of the financial crisis in a “Pay as you go” system. Lastly, it considers the issues surrounding the implementation of a universal retirement protection scheme in Hong Kong.
Keywords: Pay-as-you-go system, Pension Crisis, Pension Reform, Population Ageing

Nelson CHOW
Honorary Professor, Department of Social Work and Social Administration, The University of Hong Kong

【Abstract】We submitted our report, “A study on the future development of retirement security in Hong Kong,” in August this year. It has stimulated great public concern as any future retirement security arrangement will incur expenditure of billions of dollars annually. Other than examining current social security provision for senior citizens, we have also conducted actuarial analyses of several proposals made by the political parties and other interest groups for the future development of retirement security in Hong Kong. It is clear that while people in Hong Kong are becoming more aware of their financial needs when they grow old, a financially viable and sustainable system that provides adequate financial support for the elderly has yet to be developed.
Keywords: Universal retirement protection, sustainability, fair distribution, retirement

Kee Lee CHOU
Professor, Head of Department of Asian and Policy Studies, The Hong Kong Institute of Education

【Abstract】It is important to understand the objective of a retirement pension reform, so that we can assess whether it is necessary to implement the reform, how to implement it and evaluate its effectiveness. This study uses the micro- simulation modelling to assess 1) the impact of the implementation of Old Age Living Allowance in 2013 on the elderly poverty rate; 2) the cost-effectiveness of universal pension, an improved version of Old Age Living Allowance and Elderly Comprehensive Social Security Assistance (CSSA) Scheme on elderly poverty rate alleviation. Results indicate that an improved version of Elderly CSSA Scheme is more cost-effective among the other two reform options. It is more likely to be financial sustainable and has a greater impact on reducing elderly poverty rate.
Keywords:retirement protection reform, elderly poverty

Hoi Wai CHUA
Chief Executive, The Hong Kong Council of Social Service

【Abstract】Many people are concerned about the financial sustainability of a universal retirement protection system, but this is a technical issue. The core functions of a society’s retirement protection system are to help its citizens pool the risks arising from longevity and provide basic income protection for its elderly members. The government could use various different systems to ensure that elderly persons in different social and economic strata are adequately protected.
Keywords: elderly, income support, longevity risk, poverty, retirement system

Bauhinia Foundation Research Centre

【Abstract】Following the submission of a study report on universal retirement protection to the Commission on Poverty, there have been heated discussions about the feasibility and sustainability of its recommendations. With reference to the experiences of Japan and New Zealand, the Centre’s analysis “Is universal pension sustainable?” looks at the financing and operating models of different universal pension schemes, and compares their gains and losses. The public will need to consider how much we are willing to contribute to our retirement.
Keywords: Universal pension, sustainability, Japan, New Zealand

Diana CHAN
Managing Director, Mandatory Provident Fund Schemes Authority

【Abstract】The Mandatory Provident Fund (MPF) system, implemented in December 2000, is a mandatory, privately managed, defined contribution, employment-based, and fully-funded pension system. It is the second pillar of the multipillar retirement protection framework recommended by the World Bank and complements other forms of retirement protection. Since its launch, the MPF has contributed substantially to the retirement savings of Hong Kong’s working population, as evidenced by the high enrolment rate (close to 100%) and growth of MPF contributions and assets. Improvements continue to be made to the MPF. To provide better retirement protection for the Hong Kong population, it is important that the MPF retains its position as a key pillar within the framework, rather than being replaced or having its role diminished. This remains the case whether or not a universal retirement system is to be introduced.
Keywords: MPF System, World Bank, second pillar, retirement protection

Shui Ching CHAN　Sharon CHEUNG
Youth Research Centre, The Hong Kong Federation of Youth Groups

【Abstract】The aging population trend in Hong Kong implies a continuous increase in the elderly dependency ratio, and an unremitting financial burden on the younger generation in terms of taking care of the elderly. It is time to address the way out of Hong Kong’s current retirement protection plan from the perspective of younger people, the major stakeholders in its future development. This article analyzes the concerns and values of young people about retirement protection, as well as what they think about the universal retirement protection plan should it be implemented in Hong Kong. The findings cited in the article are mainly collected from a territory-wide telephone poll commissioned by the Hong Kong Federation of Youth Groups involving a random sample of more than 500 young people aged 15-34. The article closes with some points for discussion.
Keywords: youth, aging population, elderly dependency ratio, retirement protection, old age living expenditure

Raymond W. M. SO
Dean, School of Business, Hang Seng Management College

【Abstract】In this paper, the impact of the universal pension on financial education is discussed. The problem of aging puts tremendous pressure on society and pressure has emerged for the introduction of the universal pension. However, such a development requires extra resources, which will come from additional taxation, reducing the amount available for individuals to use for personal investment and retirement planning. The establishment of investment funds for universal pension will also affect investment behaviours. In order for a universal pension system to succeed, a good quality and popularized programme of financial education is needed.
Keywords: Universal Pension, Financial Education, aging, retirement

Dawei SANG
Associate Dean, School of Entrepreneurship and Innovation, Shanghai Jiao Tong University

【Abstract】The entrepreneurial process is an interaction between the subjective (entrepreneurs) and objective (institutions) environments. The higher the degree of cooperation between the external environment and the personal capacity of the entrepreneur, measured along dimensions such as motivation to achieve, ability to identify opportunities, and ability to utilize networks, the more likely it is that entrepreneurial activity will be initiated and will succeed. On this basis, this research explores the key elements and paths of the entrepreneurial performance of college students from the perspective of comparing the institutional environment and entrepreneurial education, based on an investigation of a large sample. It suggests scientific, rational, and operational ways to promote youth entrepreneurship.
Keywords: youth entrepreneurship, entrepreneurship education, institutional environment, entrepreneurial performance

Mingles TSOI
Project Director, Center for Entrepreneurship, The Chinese University of Hong Kong

【Abstract】University is usually recognized as the platform for the education of new thoughts, and also as a cradle of high-value entrepreneurship. The predicament of young entrepreneurs from different cultures in the globalized economy is worthy of further research and study. This article aims to understand the challenges faced by many young entrepreneurs from the perspectives of the entrepreneurship ecosystem and framework in Hong Kong. It is based on the principle that a good theory can guide effective action by turning knowledge into wisdom.
Keywords: Entrepreneurship Ecosystem, PCDO Entrepreneurship Framework, Center for Entrepreneurship, Google EYE Program

Hsiang Lin CHAN
Associate Professor, Chinese Culture University, Taiwan

【Abstract】Anyone can start a business, but will not succeed overnight; modern entrepreneurs cannot rely solely on luck, but need to understand their interests, personality traits, and the entrepreneurial resources and expertise they possess. Such an understanding will lead the entrepreneur to plan well for the next stages. The entrepreneurial path is full of challenges. Effort alone cannot guarantee you will be successful, but all successful people have worked hard. I explain in this paper the changes I made to ensure my business was competitive.
Keywords: entrepreneurship, strategy, business opportunities, market, competitiveness

Jacky Fok Loi HONG
Associate Professor, Faculty of Business Administration, University of Macau
Jian XU
MBA candidate, Faculty of Business Administration, University of Macau

【Abstract】Starting a new business venture is a popular ambition for many people. However, the economic structure of Macao has become increasingly dominated by the tourism and gaming industries, which provide both opportunities and challenges for local young people starting their own businesses.
Keywords: venture business, Macao, opportunities, challenges

Siu Wai WU
Assistant Professor, Department of International Education and Lifelong Learning, The Hong Kong Institute of Education

【Abstract】In the 2013-14 school year, there were 25,384 non-Chinese-speaking children studying in public and directly subsidised primary and secondary schools. Educational policies for those pupils are set by the Hong Kong government so as to meet the needs of minority pupils. Because of the increase in the number of South Asian immigrants to Hong Kong, the retention of designated schools and the issue of whether non-Chinese-speaking pupils should learn Chinese has become a controversial issue in recent years. This article analyses the changes in education policies for non-Chinese-speaking pupils in Hong Kong, such as the issues arising in their education, the status of their education, and the rise and fall of Hong Kong designated schools. It also addresses aspects of learning Chinese from the perspective of non-Chinese-speaking pupils and identifies some other needs and challenges for minority in Hong Kong education.
Keywords: The Minority Education in Hong Kong, Educational Policies for Non-Chinese-Speaking Pupils, Education Equity of Hong Kong

Chung-yi HU
Department of Social Work, National Taipei University

【Abstract】This study set out to explore the concept of empowerment in Taiwanese social work practice. The goals of empowerment are for practitioners to help to safeguard young people’s rights and engage their capacity to change the social environment. Seven types of strategies are discussed here, including individual empowerment, service participation, group work, experimental activities, participation in community affairs, joining formal organizations, and becoming a policymaker. Lastly, social workers should also engage conscious awareness and practice de-authoritarianism, leading from behind, participation, and autonomy.
Keywords: young people, empowerment, participation, autonomy

Chang-ming WANG
Librarian, Qian Xuesen Research Centre, Shanghai Jiao Tong University

【Abstract】Memorial museums, an important branch of museums, play a significant role in social education, including cultivating patriotism and national spirit; shaping ideals, beliefs, and morality; and disseminating scientific and humanistic culture among all members of society, especially the young. It is urgent that such memorial museums learn how to curate knowledgeable, interesting, ideological, and educative themed exhibitions, aimed mainly at young students, so as to explore new forms of social education and create a new cultural education against the background of the booming development of museums in general. Developing a successful theme exhibition should follow the principles of subject, service, creation, complementation, retroaction, and timeliness. Meanwhile, a grand education system of triplicity, or the unity of family education, schooling, and social education, should be conscientiously established to adapt to the characteristics of the times and the principles of education. In this way, young students’ consciousness of the exhibition and museums in general can gradually form, allowing the connection between memorial museums and schools to be realized within a program of cultural education.
Keywords: memorial museums, theme exhibitions, social education, triplicity, cultural education