AIA survey highlights Hong Kong workforce’s lack of preparedness in medical coverage
AIA survey highlights Hong Kong workforce’s lack of preparedness in medical coverage | Insurance Business Asia
Insurance News
AIA survey highlights Hong Kong workforce’s lack of preparedness in medical coverage
Study delves into working adults’ perspectives on employment and retirement in GBA
Insurance News
By
Roxanne Libatique
AIA Hong Kong has disclosed findings from its 15th AIA Desired Retirement Tracker, a study exploring the perspectives of Hong Kong’s workforce on employment and retirement in the Greater Bay Area (GBA) and their knowledge of medical protection within the region.
The study was conducted between Nov. 13-27 by Cimigo, an independent market research firm.
The survey involved online questionnaires and face-to-face interviews with 1,085 working individuals in Hong Kong, aged 18 to 65, who have at least one MPF account. The results were adjusted to accurately represent the demographic distribution of Hong Kong’s working population.
Hong Kong working adults open to work in GBA cities
The survey showed that 50% of participants are willing to work in GBA cities, with a pronounced interest among the younger demographic (18 to 29 years old) at 66%. Top supports desired from employers included housing allowances (77%), comprehensive medical protection across the GBA (71%), and transportation allowances (66%).
The survey also uncovered concerns about relocating for work in the GBA, with the major issues being unclear local healthcare policies (73%), insufficient understanding of social welfare policies (68%), and unfamiliarity with tax policies (62%).
Interest in retiring in GBA cities
Regarding retirement, 38% of respondents showed interest in settling in GBA cities, favouring Zhuhai, Shenzhen, and Guangzhou due to lower living costs, affordable property prices, and better neighbourhood environments.
However, a notable 63% of these respondents might face a financial shortfall, estimating a median deficit of HK$1.97 million for their retirement living expenses.
Hong Kong’s workforce highlighted importance of insurance
The importance of medical insurance was a significant concern, with nearly 90% of those considering working or retiring in the GBA acknowledging the necessity of having medical coverage across the entire region.
Despite this, a quarter of these respondents might lack adequate medical protection post-retirement, highlighting a gap between recognition and action regarding medical insurance.
AIA Hong Kong highlights lack of preparedness in medical protection
Amelie Shen (pictured), chief corporate solutions officer of AIA Hong Kong and Macau, expressed concern over the lack of preparedness in retirement savings and medical protection among Hong Kong’s working adults.
“Our latest survey shows that Hong Kong working adults have an open attitude towards working or retiring in other GBA cities. However, it also reveals that they are not well prepared in terms of retirement savings or medical protection, which is concerning. Regardless of where one lives, it is vitally important to have adequate retirement savings and robust medical protection to ensure that people can meet their key expenses and live healthier, longer, better lives,” she said.
Shen suggested that employers should ensure staff working in the GBA are included in the MPF scheme and have relevant medical insurance coverage, while employees should actively seek financial and medical products to secure a robust safety net.
“Both employers and employees should take up their complementary roles,” she said. “With better planning, employees can establish a robust safety net for retirement and medical protection while enjoying applicable tax benefits.”
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