Hong Kong Permanent Retirement Outflows Hit Seven-Year High
- Permanent withdrawals reach HK$2 billion in the second quarter
- Hong Kong seeing record exodus of people after security law
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Outflows from Hong Kong’s mandated retirement plan from people leaving the city hit the highest in at least seven years in the three months through June amid China’s tightening grip on the city and strict quarantine measures.
A report released on Tuesday from the Mandatory Provident Fund showed HK$2.1 billion ($270 million) was permanently pulled in the second quarter, the highest since at least 2014. The number of such withdrawal claims was 8,000, up 4% from the first three months of the year, though lower than in the last two quarters of 2020.