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Retirement in Quarry Bay, Hong Kong, is governed by the societal norm of following 60 as the general retirement age. There isn't a mandatory retirement age stipulated by law. However, employees and employers can agree on a retirement age in an employment contract. The Mandatory Provident Fund (MPF) schemes ordinance, setting up pension fund for retirement, is the principal law that division retirement in Hong Kong.
There are several circumstances in which you may need to consider hiring a lawyer for your retirement. These include negotiating retirement provisions in your employment contract, ensuring statutory entitlements and benefits are offered correctly like MPF, assistance with estate planning, and ensuring rights are protected during involuntary retirement or age discrimination issues. If you need help understanding retirement benefits or filing legal paperwork related to retirement, a lawyer can become handy.
The key aspects of local laws relating to retirement in Quarry Bay, Hong Kong include the Employment Ordinance and the MPF Schemes Ordinance. The Employment Ordinance provides guidelines related to termination payments, including end of service payment, while the MPF schemes ordinance requires both employers and employees to contribute to an individual's retirement funds. There is also Anti-Discrimination Ordinance shielding people from being discriminated against based on their age.
The general societal norm considers 60 as the retirement age in Hong Kong, but this is not a legal requirement.
Unless otherwise stipulated in your employment contract, your employer cannot force you to retire. Forced retirement based on age can amount to age discrimination, which is protected against by the Age Discrimination Ordinance.
Unless exempted, every employee and self-employed person aged 18-65 who earns more than HK$7100 a month or HK$85,200 a year is required to join an MPF scheme.
When you retire, you can choose to withdraw your MPF benefits in a lump sum or by instalments.
Yes, there are no laws preventing you from working after retirement.
For additional resources, consider reaching out to the Hong Kong Labour Department, Hong Kong Social Welfare Department, and the Mandatory Provident Fund Schemes Authority. These organizations can provide guidance on benefits and rights surrounding retirement.
If you need legal assistance with retirement, begin by seeking advice from a professional specializing in retirement or employment law. Collect all related documents, including your employment contract, MPF details, and any correspondence related to your retirement. After this preliminary step, you might want to retain a lawyer, depending on your circumstances and the complexity of your situation.
