28/09/2022, 09:13 Departing Hong Kong residents took $269 mln from pensions in Q2 | Reuters

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2 minute read · September 7, 202210:35 AM GMT+1 · Last Updated 21 days ago

Departing Hong Kong residents took

$269 mln from pensions in Q2
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28/09/2022, 09:13 Departing Hong Kong residents took $269 mln from pensions in Q2 | Reuters

A Hong Kong dollar coin is seen in this illustration photo May 31, 2017. REUTERS/Thomas
White/Illustration

HONG KONG, Sept 7 (Reuters) - Residents leaving Hong Kong for good
withdrew a total of HK$2.114 billion ($269.31 million) from their pension
accounts in the second quarter of 2022, up 0.9% from a year earlier,
government data showed on Wednesday, a sign that more people were moving
put of the financial hub.

Curbs to control the spread of COVID-19 are partly blamed for a net outflow of
113,200 people from Hong Kong between mid-2021 and mid-2022, according
to government estimates.

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The city had a population of around 7.29 million at mid-2022, as compared to

7.41 million at mid-2021.
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28/09/2022, 09:13 Departing Hong Kong residents took $269 mln from pensions in Q2 | Reuters

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A total of 8,600 claims to withdraw from the Mandatory Provident Fund (MPF)
were made in the April-June quarter, compared with the 8,000 claims taking
out HK$2.095 billion during the same period in 2021, the data showed.

The figure was higher than the 7,500 claims for the January-March quarter
that saw withdrawals of HK$2.014 billion.

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The provident fund authority said multiple claims are sometimes made by a
single person as a scheme member may have more than one account under
the MPF System.
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Hong Kong's COVID restrictions, considered among the most stringent in the
world, have weighed on the city's economy since early 2020, grinding tourism
and business trips to a halt and battering bars, restaurants and shops
repeatedly for prolonged periods.

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28/09/2022, 09:13 Departing Hong Kong residents took $269 mln from pensions in Q2 | Reuters

Hong Kong has closed its border with the mainland and the rest of the world
for more than 2-1/2 years, and repeatedly enforced lockdowns and quarantines
in line with China's "zero-COVID" policy of stamping out outbreaks as they
arise with tough restrictions.

A national security law imposed on the city in June 2020 has also prompted
some residents to abandon Hong Kong amid fears they could fall foul of the
legislation that punishes anything Beijing regards as subversion, secession,
terrorism or colluding with foreign forces with up to life in prison.

($1 = 7.8496 Hong Kong dollars)

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Reporting by Donny Kwok and Twinnie Siu; Editing by Raju Gopalakrishnan

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