In recent years, there has been a wave of immigration in Hong Kong, resulting in a large number of brain drains from all walks of life. The number of local teachers who have left their jobs is also on the rise.The Education Bureau released the latestSubsidized Schools Provident Fund Annual Report for the 2021-22 school yearaccording to the latest data in the annual report, the number of teachers who resigned from Hong Kong subsidized schools last school year was close to 3,500, twice that of previous years.
The “Subsidized School Provident Fund Annual Report” for the 2021-22 school year disclosed that from September 2021 to August last year, a total of 2,732 teachers joined the provident fund contribution, and 3,493 teachers quit and recovered the provident fund contribution. Among them, those with more than 15 years of seniority Teachers made up 63 percent of the total, while those with less than 10 years of experience accounted for almost a quarter, 24 percent, and those with 10 to 15 years of experience made up 13 percent of the total. Last year, the number of teachers who drew contributions to the provident fund increased significantly from 2,125 in the previous year. Before the immigration wave, only regarding 1,700 teachers drew money from the provident fund each year.
In terms of repaying the funds of withdrawn provident fund contributors, the amount of provident fund withdrawn in 2022 will be as high as 10.2 billion Hong Kong dollars, the highest in history, an increase of 6.8 billion Hong Kong dollars from the previous year, and an average of nearly 3 million Hong Kong dollars can be withdrawn by each teacher provident fund.
The annual report also disclosed that as of August 31 last year, the total net assets of the subsidized school provident fund was 89.598 billion, which was 21.937 billion less than the previous year, and the total amount was 111.535 billion. In terms of financial performance, the overall loss of the provident fund for the previous school year was 16.328 billion The return on investment during the year was negative 15.39%
The Education Bureau has established the “Subsidized Schools Provident Fund” for subsidized schools, which aims to subsidize or subsidize school staff to provide payment when they resign, retire, dismiss or terminate the contract, or to pay to the estate of the staff following their death.
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