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Departing Hong Kong residents took US$228m from pensions in Q2

Departing Hong Kong residents took US$228m from pensions in Q2, down 15pc Y/Y

The Standard - Finance | 1 Sep 2023 
A Hong Kong dollar coin. (Reuters)
A Hong Kong dollar coin. (Reuters)

Residents leaving Hong Kong for good withdrew a total of HK$1.79 billion (US$228 million) from their Mandatory Provident Fund (MPF) pension accounts in the second quarter of 2023, down 15.5 percent from a year earlier, government data showed. 
 
A total of 7,300 claims were made in the April-June quarter, compared with the 8,600 claims taking out HK$2.11 billion during the same period in 2022, data from the Mandatory Provident Fund Schemes Authority (MPFA) late on Thursday showed
 
The figure was, however, higher than the 6,700 claims for the January-March quarter that saw withdrawals of HK$1.57 billion. 
 
Curbs to control the spread of Covid-19 are among the reasons for people leaving Hong Kong, which closely followed China's strict zero-Covid-19 policy but began easing restrictions last August. 
 
All border checkpoints were reopened fully in early February while all pandemic curbs have been lifted from March 1 to lure back visitors and restore normal life more than three years 
after stringent rules were first imposed in the financial hub. 
 
The city's population increased to about 7.50 million in mid-year 2023 after it fell to 7.35 million in June 2022 amid the Covid-19 epidemic. The government projected the population to hit 7.53 million by mid-year 2024 and 8.19 million by 2046. 
 
The Mandatory Provident Fund Schemes Authority said multiple claims are sometimes made by a single person as a scheme member may have more than one account. 
 
The MPF is a compulsory retirement scheme for Hong Kong residents, with employees and their employers required to make contributions. 
 
In the second quarter of 2023, the total number of claims - spanning all reasons, such as retirement - was 58,000, an increase of 6 percent from the previous quarter. 

(Reuters)


後話

So mean, the migration move (人才和錢財) is still going on.. 

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