The Hong Kong Monetary Authority (HKMA) issued requirements on Wednesday for banks to improve their services for elderly customers, as the proportion of the city’s population over the age of 65 increases rapidly. Banks will be required to upgrade their apps to meet the needs of elderly customers, improve branch facilities and ensure that staff…
Hong Kong’s consumer watchdog has called on businesses to improve services for elderly customers after receiving more than 9,200 complaints in the past three years, including a woman who spent HK$400,000 (US$51,294) on beauty treatments. The Consumer Council said on Thursday that improving services for seniors would help boost the spending potential of the “silver…
Chinese fintech giant Ant Group has pressed ahead with its strategic move into the fast-growing healthcare sector with a major upgrade to its artificial intelligence health app AQ, positioning the platform to work like a fitness companion or a family doctor. The new features included integration of records from smart devices made by Apple, Huawei…
Nearly half of Hong Kong residents are concerned that their wealth will not last beyond their children, citing market volatility and inheritance disputes, according to a survey by Canadian insurer Sun Life. The survey covered 500 respondents from Hong Kong, including some from mainland China. They were among over 3,000 people aged 18 and above…
The city’s pension regulator has begun a review of regulations related to a fee cap for a popular investment option under the Mandatory Provident Fund (MPF), as Hongkongers get older and work past the traditional retirement age. In a recent interview, chairwoman Ayesha Macpherson Lau of the Mandatory Provident Fund Schemes Authority (MPFA) said the…
The city’s pension regulator has begun a review of regulations related to a fee cap for a popular investment option under the Mandatory Provident Fund (MPF), as Hongkongers get older and work past the traditional retirement age. In a recent interview, chairwoman Ayesha Macpherson Lau of the Mandatory Provident Fund Schemes Authority (MPFA) said the…
More than half of Hong Kong residents do not plan to retire at the typical retirement age of 65, with many feeling that they cannot reach the average HK$5 million (US$637,000) savings target necessary for a comfortable post-work life, according to the T. Rowe Price Hong Kong Retirement Survey released on Thursday. About 52 per…
The retirement needs of Hong Kong’s baby boomers consist of three pillars: stable income, access to affordable and quality healthcare, and reasonably priced accommodation, according to the chief executive of BOC Life. “These aspirations of a generation with significant wealth now entering retirement are easily attainable, as the quality of cross-border healthcare services improves and…
The retirement needs of Hong Kong’s baby boomers consist of three pillars: stable income, access to affordable and quality healthcare, and reasonably priced accommodation, according to the chief executive of BOC Life. “These aspirations of a generation with significant wealth now entering retirement are easily attainable, as the quality of cross-border healthcare services improves and…
Hong Kong’s labour minister has dropped the biggest hint yet that authorities intend to scrap a proposal to raise the tax deduction amount for employers’ voluntary pension contributions to older workers, a plan for encouraging greater workforce participation. Secretary for Labour and Welfare Chris Sun Yuk-han said on Wednesday that a government working group on…