HK civil service pensions up 2.1%; Total obligations hit $924B

Civil service pensions have been increased by 2.1% starting last financial year,

amounting to an average monthly increase of 370 dollars per person.

The Civil Service Bureau stated more than 160,000 retired civil servants and judicial officers

currently receive pensions, with the present value of the statutory obligation

exceeding 900 billion dollars, emphasising that this is not a one-off provision.

Civil servants and judicial officers appointed before June 1, 2001, can receive

a monthly pension after retirement until their passing according to their terms

of employment.

Secretary for Civil Service Ingrid Yeung stated in a written reply

to lawmaker's inquiry that the pensions for retired civil servants and judicial

officers that the adjustment brings monthly pension

to 20,000 dollars per person.

Currently, 78,000 people receive monthly pensions,

with nearly half aged between 60 and 69.

Meanwhile, there are more than 36,000 serving civil servants and judicial officers eligible

to receive pensions, all of whom are estimated to retire around 2040.