Danny Lau Tat-Pong Discusses Retirement Age Changes Impacting Hong Kong Businesses in China
Impacts of Age Extension on Hong Kong Firms
Hong Kong businesses operating in mainland China have acknowledged that the raising of retirement ages may lead to higher costs, yet firms can adapt to this gradual age extension. China’s National People’s Congress has legislated to gradually raise the retirement age from 60 to 63 for men and from 55 to 58 for women over 15 years.
Industry Responses to Retirement Policy
- Danny Lau Tat-Pong from the Hong Kong Small and Medium Enterprises Association foresees minimal impact on his company, as many workers are already over 60.
- Lau emphasizes the benefits of hiring older workers, stating they provide stability and can mitigate operational costs.
- Wingco Lo Kam-wing, president of the Chinese Manufacturers’ Association of Hong Kong, agrees, noting that additional costs will be minimal with more experienced workers.
Long-Term Adaptations and Opportunities
Michael Tien Puk-sun, chairman of G2000, believes that longer careers will boost demand for office wear, enhancing business opportunities. The increase in experience among older employees is seen as advantageous for productivity across sectors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.