how to enrich retirement hkrsa seminar investment instruments for growth in an ageing-continuum
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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 - PowerPoint PPT PresentationTRANSCRIPT
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How to Enrich RetirementHow to Enrich RetirementHKRSA SeminarHKRSA Seminar
INVESTMENT INSTRUMENTS INVESTMENT INSTRUMENTS FOR GROWTH IN FOR GROWTH IN
AN AGEING-CONTINUUMAN AGEING-CONTINUUM
Dr. E K YeohDr. E K YeohSecretary for Health, Welfare and FoodSecretary for Health, Welfare and Food
Hong Kong SAR GovernmentHong Kong SAR Government
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Outline Outline
Ageing and wellness continuum
Wellness determinants and investment instruments
Individual investment
Policy instruments
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Ageing & Wellness Ageing & Wellness ContinuumContinuum
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Ageing ContinuumAgeing Continuum
AgeingAgeing - a natural part of the life cyclea lifelong processpart of human developmental
process
Life-course approachLife-course approach
Early Life - growth & developmentAdult Life - maintain highest
possible level of functionLater Life - maintain independence and
prevent disability
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Ageing in Hong KongAgeing in Hong Kong
Life expectancy at age 60 in Hong Kong
Male Female2001 21.4 262011 22.8 27.42021 23.8 28.42031 24.6 29.1
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Wellness ContinuumWellness Continuum
Continuum of wellness (at any age)
WELLWELL
Active; physically
and economically
stable
VULNERABLVULNERABLEE
Low income; lack of family
support; chronic illness;
isolation
DEPENDENDEPENDENTT
Physically and
economically dependent; loss of self-care ability
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Wellness Determinants Wellness Determinants & Investment & Investment InstrumentsInstruments
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DeterminantsDeterminants
Where an individual is on the continuum depends on
WELLNESWELLNESSS
HealthHealthSocial Social networnetwor
kk
FinanceFinance
Personal resourcesPersonal resources
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Investment instrumentsInvestment instruments
HEALTHHEALTH
Physical activity / exercise
Diet and nutrition
Not smoking
WELLNESS
Finance
Personal resources
Socia
l Netw
ork
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Investment instrumentsInvestment instruments
WELLNESSHealth
Social network
Personal resources
FINANCEFINANCE Work and income Savings Financial planning for retirement
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Investment instrumentsInvestment instruments
WELLNESS
Finance
Personal resources
SOCIAL SOCIAL NETWORKNETWORK
Good interpersonal relationship, particularly with family members
Family and social activities
Social support and mutual help
Healt
h
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Investment instrumentsInvestment instruments
WELLNESSHealth
Social network
Finance
PERSONAL RESOURCESPERSONAL RESOURCES Education Lifelong learning & knowledge-
building Leisure & hobbies Stress management & relaxation Self-reflection
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Individual InvestmentIndividual Investment
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Individual InvestmentIndividual Investment
Healthy lifestyle Lifelong learning Interpersonal relationships Social activity and leisure pursuit Financial planning for retirement
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Rethinking retirementRethinking retirement
RETIREMENTRETIREMENT
Creates old age dependency Not a natural part of the
lifecourse A social construction Roots in pension eligibility
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Ideal Types of Social Ideal Types of Social StructureStructure
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 IntegratedAge
Differentiated
AGE
YOUNG
MIDDLE
OLD LeisureLeisure
WorkWork
EducatioEducationn
Ed
ucati
on
Ed
ucati
on
Work
Work
Leis
ure
Leis
ure
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Policy InstrumentsPolicy Instruments
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Active AgeingActive Ageing
“The process of optimizing opportunities for
health, participation and security in order to enhance
quality of life as people age”
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Three pillars of a policy Three pillars of a policy framework for Active Ageingframework for Active Ageing
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The Service EconomyThe 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.
Ageing Ageing WorkforceWorkforce
Service Service EconomyEconomy
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Policy InstrumentsPolicy 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
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Social PhilosophySocial 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
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Social Policy: 4 PillarsSocial Policy: 4 Pillars
Support & protection of vulnerable members
Social safety net
Community building
Equality of
opportunities
SOCIAL POLICYSOCIAL POLICY
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First Pillar – First Pillar – Equality of Equality of opportunitiesopportunities
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.
SOCIAL SOCIAL POLICYPOLICY
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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)
First Pillar – First Pillar – Equality of Equality of opportunitiesopportunities
SOCIAL SOCIAL POLICYPOLICY
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Second Pillar - Second Pillar - Support & Support & protection of vulnerable protection of vulnerable membersmembers
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.
SOCIASOCIAL L
POLICPOLICYY
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Third Pillar – Third Pillar – Social safety netSocial 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
SOCIASOCIAL L
POLICPOLICYY
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Fourth Pillar – Fourth Pillar – Community buildingCommunity 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
SOCIASOCIAL L
POLICPOLICYY
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Lifecourse approach to Lifecourse approach to InvestmentInvestment
Human development
Integrative Longitudinal Coordinated
dimensions
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Health, education, social services
Government’s role as enabler and facilitator
Lifecourse approach to Lifecourse approach to InvestmentInvestment
HEALTHHEALTH
SOCIAL SOCIAL SERVICESSERVICES
EDUCATIONEDUCATION
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Recurrent Public Recurrent Public ExpenditureExpenditureby Policy Area Group in 2002-03by Policy Area Group in 2002-03
3.4%
5.5%
22.4%
4.1%
14.8%
5.6%
5.4%
11.3%
14.6%
12.9%
3.4%
5.5%
22.4%
4.1%
14.8%
5.6%
5.4%
11.3%
14.6%
12.9%
Community & External Affairs
Economic
Education
Environment & Food
Health
Housing
Infrastructure
Security
Social Welfare
Support
Community & External Affairs
Economic
Education
Environment & Food
Health
Housing
Infrastructure
Security
Social Welfare
Support
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Joint Effort and Joint Effort and ResponsibilityResponsibility
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.
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Thank YouThank You