65-year olds and up to get $3,000 monthly pension without means test: study

It's based on a retirement protection report.

At the 13th meeting of the Commission on Poverty, the findings of a study report on retirement protection was presented.

According to a research note from Barclays, the report was carried out by the Department of Social Work and Social Administration of the University of Hong Kong.

The study said that every Hongkonger aged over 65 would get a pension of HK$3,000 a month without a means test.

Here’s more from Barclays:

The study said the pension should be funded partly by contributions ranging from 1% to 2.5% of employees’ salaries, paid by both employers and workers.

The government would need to inject HK$50bn. Under the suggested “payroll old age tax”, those earning less than HK$10,000 a month would contribute 1% of their salary.

For those earning less than HK$6,500 a month, the employer would contribute 1% but the worker would be exempt.

For those with salaries between HK$10,000 and HK$20,000 a month, both would pay 1.5% and for those earnings between HK$20,000 and HK$120,000, the amount would be 2.5%.