Pension withdrawals by HK residents hit $270m

Residents leaving Hong Kong withdrew HK$2.095 billion ($270 million) from Mandatory Provident Fund (MPF) pension accounts in the second quarter, up 111.6% from the same period in 2020.

A sweeping security law imposed on Hong Kong in June 2020, aimed at anything Beijing regards as subversion, secession or terrorism, prompted residents of the city to move tens of billions of dollars to other countries including Canada, where thousands hope to forge a new future.

A total of 8,000 claims were made during the second quarter of 2021, data from the Mandatory Provident Fund Schemes Authority on Tuesday showed. That compared with 6,000 claims during the same period in 2020, when HK$990 million was withdrawn.

There were 7,700 claims during the first quarter of 2021, when HK$1.931 billion was withdrawn, marking a rise of 49.1% from the same quarter in 2020.

The authority, which did not provide reasons why residents left Hong Kong, said the number of claimants may not match the number of claims because a member may have more than one account under the MPF system.