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  • Retirement Benefit Programs

Retirement Benefit Programs

Analysis and a Proposal for Hong Kong

Ho Lok-sang, Lee Jik-jeon, Leung Jin-pang

English , 1991/01 HKIAPS, Occasional Paper Series Hong Kong Institute of Asia-Pacific Studies, CUHK

Tags: Hong Kong Studies

215 x 140 mm , 31pp ISBN / ISSN : 978-962-441-006-8

  • US$3.00

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An analysis of the desirable qualities of retirement benefit programs in the light of both economic theory and the practical experience of countries suggests that a publicly administered, mandatory, and basic income-support program that is fully funded for each age cohort will cause the least distortions and will provide the most security to people facing a variable life span. Unlike most existing schemes which follow more closely the pay-as-you-go model, our proposal recommends a fully funded version under which the contribution formula carries age-cohort-specific parameters. Contributions should rise with income while benefits should be flat in order to achieve desired redistributive objectives and to minimize distortions. An appendix provides numbers to illustrate how the average contribution rate varies with benefits, life expectancy, and other factors.

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