HKIHRM Quick Poll on Raising the Retirement Age. Hong Kong Institute of Human Resource Management. All rights reserved.

Objective The Government released the Population Policy Report 2012 on 30 May, which sets out several recommendations in addressing the short- and long-term demographic challenges that Hong Kong is facing. One of them is to adopt a higher retirement age for expanding the labour force. This quick poll aims to gauge the views on raising the retirement age. Hong Kong Institute of Human Resource Management. All rights reserved. 2

Respondents Profile Employment status (Number of respondents providing data: 123) Job level (Number of respondents providing data: 118) Hong Kong Institute of Human Resource Management. All rights reserved. 6

Standard Retirement Age in Respondents Companies Number of respondents: 118 64% of the respondents said their company set a standard retirement age On average, the standard retirement age was set at 61* * Remark Two respondents indicated that the standard retirement age vary for different types of employee ranging from 60 to 65 Hong Kong Institute of Human Resource Management. All rights reserved. 7

Expected Retirement Age of Respondents On average, the overall expected retirement age of respondents is 61 (113 respondents providing data) Among the 95 HKIHRM members and the 18 non-hkihrm members, their expected retirement ages were 61 and 62 respectively Hong Kong Institute of Human Resource Management. All rights reserved. 8

Expected Retirement Age of Respondents Number of respondents: 108 (Employed); 5 (Unemployed) The expected retirement age of employed respondents was 61, lower than those unemployed (63) Hong Kong Institute of Human Resource Management. All rights reserved. 9

Expected Retirement Age of Respondents Number of respondents: 13 (Top Management); 63 (Managerial); 21 (Supervisory); 9 (Supporting); 2 (Qualified Professional) Top Management and Supporting level respondents recorded the highest expected retirement age (both at 63) Hong Kong Institute of Human Resource Management. All rights reserved. 10

Expected Retirement Age of Respondents Number of respondents: 90 (Female); 21 (Male) Male respondents recorded a much higher expected retirement age (64) than female respondents (60) Hong Kong Institute of Human Resource Management. All rights reserved. 11

Expected Retirement Age of Respondents Number of respondents: 1 (Aged 15-20); 11 (Aged 21-30); 41 (Aged 31-40); 40 (Aged 41-50); 18 (Aged above 50) Highest expected retirement age (64) was recorded among respondents of aged above 50 Remark result with only one respondent is not shown Hong Kong Institute of Human Resource Management. All rights reserved. 12

Views on Raising the Retirement Age Number of respondents: 123 More respondents agree (71%) than disagree (29%) on raising the retirement age Number of respondents: 102 (HKIHRM Members); 21 (non-hkihrm Members) Proportions of respondents agree (71%) and disagree (29%) on raising the retirement age among HKIHRM member and non-hkihrm member were the same Hong Kong Institute of Human Resource Management. All rights reserved. 13

Views on Raising the Retirement Age Number of respondents: 118 (Employed); 5 (Unemployed) More unemployed respondents agree (80%) on raising the retirement age than those employed respondents (70%) Hong Kong Institute of Human Resource Management. All rights reserved. 14

Views on Raising the Retirement Age Number of respondents: 15 (Top Management); 68 (Managerial); 21 (Supervisory); 11 (Supporting); 3 (Qualified Professional) The largest proportion of respondents agreeing on raising the retirement age was recorded at Supporting level (82%), followed by Top Management (73%) Hong Kong Institute of Human Resource Management. All rights reserved. 15

Views on Raising the Retirement Age Number of respondents: 98 (Female); 23 (Male) More male respondents agree (78%) on raising the retirement age than those female respondents (68%) Hong Kong Institute of Human Resource Management. All rights reserved. 16

Views on Raising the Retirement Age Number of respondents: 1 (Aged 15-20); 14 (Aged 21-30); 45 (Aged 31-40); 40 (Aged 41-50); 21 (Aged above 50) More older respondents (aged above 50) agree (86%) on raising the retirement age than other age groups Remark result with only one respondent is not shown Hong Kong Institute of Human Resource Management. All rights reserved. 17

Reasons of Agreement / Disagreement on Raising the Retirement Age Number of respondents: Agreement - 87 ; Disagreement - 36 Financial needs (47%) was the most prevailing reason of agreeing on raising the retirement age Having more personal time (61%) was the most prevailing one of disagreement Others include good health condition, freedom of choice for work or retirement, lack of talent, contribution to society using accumulated experience, skills and knowledge, and work for living Others include mutual agreement of individual and company rather than statutory requirement, opportunities for younger generation to take over, and enjoy another milestone of life with meaningful thing Hong Kong Institute of Human Resource Management. All rights reserved. 18

Reasons of Agreement / Disagreement on Raising the Retirement Age Number of respondents: Agreement - 72 (HKIHRM member); 15 (non-hkihrm member) Disagreement - 30 (HKIHRM member); 6 (non-hkihrm member) For agreement, the financial needs and enjoying working life were also the prevailing reasons among HKIHRM member (47% and 46% respectively), while the financial needs was more prevailing among non-hkihrm member (47%) For disagreement, having more personal time was the main reason among HKIHRM member (63%), while having more personal time and suffering work stress shared the same weight among non-hkihrm member (both 50%) Hong Kong Institute of Human Resource Management. All rights reserved. 19

Reasons of Agreement / Disagreement on Raising the Retirement Age Number of respondents: Agreement - 83 (Employed); 4 (Unemployed) Disagreement - 35 (Employed); 1 (Unemployed) For agreement, the financial needs was the prevailing reason among employed respondents (49%), while the enjoying working life was most prevailing one among unemployed respondents (75%) For disagreement, having more personal time was the main reason among employed respondents (60%) Remark result with only one respondent is not shown Hong Kong Institute of Human Resource Management. All rights reserved. 20

Reasons of Agreement / Disagreement on Raising the Retirement Age Number of respondents: Agreement - 11 (Top Management); 47 (Managerial); 14 (Supervisory); 9 (Supporting); 2 (Qualified Professional) Disagreement - 4 (Top Management); 21 (Managerial); 7 (Supervisory); 2 (Supporting); 1 (Qualified Professional) For agreement, the financial needs was more prevailing at Supporting (78%), Supervisory (57%) and Managerial (49%) levels, while the enjoying working life was obviously prevailing at Top Management level (91%) For disagreement, having more personal time was the prevailing reason across all job levels (ranging from 57% to 75%) except for Supporting level Remark result with only one respondent is not shown Hong Kong Institute of Human Resource Management. All rights reserved. 21

Reasons of Agreement / Disagreement on Raising the Retirement Age Number of respondents: Agreement - 67 (Female); 18 (Male) Disagreement - 31 (Female); 5 (Male) For agreement, the financial needs was more prevailing among female respondents (51%), while the enjoying working life was prevailing among male respondents (61%) For disagreement, having more personal time was prevailing among female respondents (65%), while having more personal time and suffering work stress were also prevailing among male respondents (both 40%) Hong Kong Institute of Human Resource Management. All rights reserved. 22

Reasons of Agreement / Disagreement on Raising the Retirement Age Number of respondents: Agreement - 1 (Aged 15-20); 10 (Aged 21-30); 28 (Aged 31-40); 28 (Aged 41-50); 18 (Aged above 50) Disagreement - 0 (Aged 15-20); 4 (Aged 21-30); 17 (Aged 31-40); 12 (Aged 41-50); 3 (Aged above 50) For agreement, the financial needs was more prevailing across various age groups (ranging from 43% to 64%) except for the age group aged above 50 For disagreement, having more personal time was prevailing across all age groups (ranging from 58% to 75%) Remark result with only one respondent is not shown Remark No respondent in this age group Hong Kong Institute of Human Resource Management. All rights reserved. 23

Effectiveness of Raising the Retirement Age on Overcoming the Manpower Shortage Number of respondents: 120 68% of respondents indicated that raising the retirement age is effective / highly effective on overcoming the manpower shortage Remark The sum of individual percentages may not equal 100% due to rounding Hong Kong Institute of Human Resource Management. All rights reserved. 24

Effectiveness of Raising the Retirement Age on Overcoming the Manpower Shortage Number of respondents: 99 (HKIHRM member); 21 (non-hkihrm member) 69% of HKIHRM member respondents and 67% of non-hkihrm member respondents indicated that raising the retirement age is effective / highly effective on overcoming the manpower shortage Remark The sum of individual percentages may not equal 100% due to rounding Hong Kong Institute of Human Resource Management. All rights reserved. 25

Effectiveness of Raising the Retirement Age on Overcoming the Manpower Shortage Number of respondents: 115 (Employed); 5 (Unemployed) 67% of employed respondents and all unemployed respondents indicated that raising the retirement age is effective / highly effective on overcoming the manpower shortage Hong Kong Institute of Human Resource Management. All rights reserved. 26

Effectiveness of Raising the Retirement Age on Overcoming the Manpower Shortage Number of respondents: 15 (Top Management); 65 (Managerial); 21 (Supervisory); 11 (Supporting); 3 (Qualified Professional) Most of the respondents across all job levels (ranging from 62% to 82%) indicated that raising the retirement age is effective / highly effective on overcoming the manpower shortage Remark The sum of individual percentages may not equal 100% due to rounding Hong Kong Institute of Human Resource Management. All rights reserved. 27

Effectiveness of Raising the Retirement Age on Overcoming the Manpower Shortage Number of respondents: 97 (Female); 23 (Male) Most of the female and male respondents (69% and 65% respectively) indicated that raising the retirement age is effective / highly effective on overcoming the manpower shortage Hong Kong Institute of Human Resource Management. All rights reserved. 28

Effectiveness of Raising the Retirement Age on Overcoming the Manpower Shortage Number of respondents: 1 (Aged 15-20); 14 (Aged 21-30); 45 (Aged 31-40); 39 (Aged 41-50); 21 (Aged above 50) Majority of respondents across all age groups (ranging from 62% to 86%) indicated that raising the retirement age is effective / highly effective on overcoming the manpower shortage Remark result with only one respondent is not shown Remark The sum of individual percentages may not equal 100% due to rounding Hong Kong Institute of Human Resource Management. All rights reserved. 29