Protecting the ageing poor or strengthening the market economy : the case of the Hong Kong Mandatory Provident Fund
International Journal of Social Welfare
Wiley-Blackwell Publishing Ltd.
Mandatory Provident Fund, Minimal welfare regime, Undemocratic polity, Chinese familism, Division of social welfare
The Mandatory Provident Fund (MPF) launched by the Hong Kong government seems to be a residual welfare state's strategy to cope with an ageing population and, at the same time, preserve a minimal welfare state and further enhance economic development. The MPF can only provide limited protection for a limited number of employees; many older people still have to depend on financial support from their families or have to work. On the other hand, the MPF immediately boosts the economy by creating more jobs for the financial services sector and by providing more business opportunities for banks and insurance companies. Thus, the MPF has consolidated the foundation of Hong Kong's capitalism by socialising and incorporating the whole working population in the market economy but has provided little protection for their old age.
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Chan, C. K. (2003). Protecting the ageing poor or strengthening the market economy: The case of the Hong Kong Mandatory Provident Fund. International Journal of Social Welfare, 12(2), 123-131. doi: 10.1111/1468-2397.00250