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How to Enrich Retirement HKRSA Seminar INVESTMENT INSTRUMENTS FOR GROWTH IN AN AGEING-CONTINUUM

How to Enrich Retirement HKRSA Seminar INVESTMENT INSTRUMENTS FOR GROWTH IN AN AGEING-CONTINUUM. Dr. E K Yeoh Secretary for Health, Welfare and Food Hong Kong SAR Government. Outline. Ageing and wellness continuum Wellness determinants and investment instruments Individual investment

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How to Enrich Retirement HKRSA Seminar INVESTMENT INSTRUMENTS FOR GROWTH IN AN AGEING-CONTINUUM

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  1. How to Enrich RetirementHKRSA SeminarINVESTMENT INSTRUMENTS FOR GROWTH IN AN AGEING-CONTINUUM Dr. E K Yeoh Secretary for Health, Welfare and Food Hong Kong SAR Government

  2. Outline • Ageing and wellness continuum • Wellness determinants and investment instruments • Individual investment • Policy instruments

  3. Ageing & Wellness Continuum

  4. Ageing Continuum • Ageing - a natural part of the life cycle a lifelong process part of human developmental process • Life-course approach Early Life - growth & development Adult Life - maintain highest possible level of function Later Life - maintain independence and prevent disability

  5. Ageing in Hong Kong • Life expectancy at age 60 in Hong Kong MaleFemale 2001 21.4 26 2011 22.8 27.4 2021 23.8 28.4 2031 24.6 29.1

  6. WELL Active; physically and economically stable VULNERABLE Low income; lack of family support; chronic illness; isolation DEPENDENT Physically and economically dependent; loss of self-care ability Wellness Continuum Continuum of wellness (at any age)

  7. Wellness Determinants & Investment Instruments

  8. Finance Social network WELLNESS Health Personal resources Determinants Where an individual is on the continuum depends on

  9. Finance HEALTH • Physical activity / exercise • Diet and nutrition • Not smoking Social Network WELLNESS Personal resources Investment instruments

  10. FINANCE • Work and income • Savings • Financial planning for retirement Social network Health WELLNESS Personal resources Investment instruments

  11. SOCIAL NETWORK • Good interpersonal relationship, particularly with family members • Family and social activities • Social support and mutual help Finance Health WELLNESS Personal resources Investment instruments

  12. Finance PERSONAL RESOURCES • Education • Lifelong learning & knowledge-building • Leisure & hobbies • Stress management & relaxation • Self-reflection Social network Health WELLNESS Investment instruments

  13. Individual Investment

  14. Individual Investment • Healthy lifestyle • Lifelong learning • Interpersonal relationships • Social activity and leisure pursuit • Financial planning for retirement

  15. Rethinking retirement RETIREMENT • Creates old age dependency • Not a natural part of the lifecourse • A social construction • Roots in pension eligibility

  16. Education Work Leisure Leisure OLD Work MIDDLE YOUNG Education Ideal Types of Social Structure Age Differentiated Source: M.W. Rilley and J.W. Rilley, Jr. (1994). Structural Lag: Past and Future. In M.W. Riley, R.L. Kalm and A. Foner (Eds). Age and Structural Lag. New York and Singapre: John Wiley & Sons AGE Age Integrated

  17. Policy Instruments

  18. Active Ageing “The process of optimizing opportunities for health, participation and security in order to enhance quality of life as people age”

  19. Three pillars of a policy framework for Active Ageing

  20. Service Economy Ageing Workforce The Service Economy • Over 80% of Hong Kong’s GDP are now accounted for by the services sector. • A knowledge-based economy could be well served by an ageing workforce since the productivity of knowledge workers grows with age in knowledge-building and wisdom.

  21. Policy Instruments • Economic • a business-friendly environment • retain local professionals and attract overseas talents • Fiscal • Simple and low taxation • Tax incentives for continuing education • Financial • MPF for retirement • Products such as annuity, reverse mortgage, etc. • Social

  22. Social Philosophy • The Government sees its primary role as helping people to enhance their ability to help themselves and to boost their will-power to do so

  23. Social Policy: 4 Pillars SOCIAL POLICY Community building Equality of opportunities Support & protection of vulnerable members Social safety net

  24. SOCIAL POLICY First Pillar –Equality of opportunities We will invest in the different domains of human development of each person, provide opportunities for each person to develop his or her potential and enable every person to participate in and contribute to economic and social life.

  25. SOCIAL POLICY First Pillar –Equality of opportunities EDUCATION AND TRAINING • Education expenditure $61.4 billion in 2002-03 • Nine years free basic education • Heavily subsidised tertiary education • Training and retraining infrastructures and support • Financial assistance • Skills Upgrading Scheme • Employees Retraining Scheme • Continuing Education Fund (CEF)

  26. SOCIAL POLICY Second Pillar - Support & protection of vulnerable members • We will fulfill our special social responsibilities to the disabled, disadvantaged and vulnerable members of our community, by providing specific programmes, additional support and targeted assistance to enable them to develop their potential and participate fully in community. • Eg. long-term care, family and child welfare, youth work, rehabilitation services.

  27. SOCIAL POLICY Third Pillar –Social safety net • For individuals who are in need of financial assistance because of old age, illness, disability, unemployment and so on, we will ensure that our social security schemes provide a safety net of income support to meet their basic needs • Special assistance will be given to elders and the disabled • Accounts for 11% of government recurrent expenditure

  28. SOCIAL POLICY Fourth Pillar –Community building • We will strengthen the social fabric of the community by fostering mutual care and support, and building the social networks necessary for individuals and families to flourish. • Eg. Community Investment and Inclusion Fund

  29. Lifecourse approach to Investment • Human development • Integrative • Longitudinal • Coordinated dimensions

  30. HEALTH EDUCATION SOCIAL SERVICES Human Development Lifecourse approach to Investment • Health, education, social services • Government’s role as enabler and facilitator

  31. Recurrent Public Expenditureby Policy Area Group in 2002-03 Community & External Affairs Economic Education Environment & Food Health Housing Infrastructure Security Social Welfare Support 3.4% 5.5% 22.4% 4.1% 14.8% 5.6% 5.4% 11.3% 14.6% 12.9%

  32. Joint Effort and Responsibility • Investment in the accumulation and maintenance of human and social capital. • Collective efforts of individuals, family, communities, and the government; public as well as private sectors. • Government’s commitment to rationalise, reorganise and reengineer services for higher efficiency.

  33. Thank You

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