i 1 4 13 18 32 43 55 58 59 65 70 79 104 106 113 2014 8

19952000 65 2013 42 i

貧委員會委員會透過不同途徑 包括社交媒體 接觸各界人士和 青年人 引發理性務實的討論 以及 四 針對加強長者退休保障究竟應該採納 不論貧富 抑或 有經濟需 要 的原則 諮詢文件提供可供比擬的模擬方案 兩者的財政承 擔及對公共財政的影響 我希望這些詳細的數據有助社會認真討 論這個富爭議性的議題 諮詢文件要處理的另一個富爭議性的議題是強積金的 對沖 安排 在這 個問題上 行政長官在其競選政綱中提出應 逐步降低強積金戶口內僱主累積供 款權益用作抵銷僱員長期服務金及遣散費的比例 經詳細討論後 委員會認為 不應低估處理 對沖 問題的複雜性 委員會同意社會應善用這次公眾諮詢的機 會 就如何妥善處理好 對沖 問題的可行方案對僱主和僱員的影響及政府的角 色作全面深入的討論 努力找出一個勞資雙方都能接受的方法 以維護低收入人 士的利益 並進一步強化強積金這根支柱和整個退休保障制度 扶貧委員會委員來自不同的背景 景 對上述兩個極富爭議性的議題有一定的立 的立 場 諮詢文件能按時完成草擬 實有賴各 賴各 委員那份互相包容和求同存異的態度及對 對 香港的承擔 我在此向他們致以衷心的 的 感謝 我亦要多謝由周永新教授領導的 的 研 團隊早前完成的退休保障未來發展的研 究報告 為我們這份諮詢文件提供了有 用的基礎 最後 我鼓勵大家在未來六 個月循不同渠道多給我們意見 協助 政府和扶貧委員會做好完善退休保 障的工作 扶貧委員會主席林鄭月娥 ii

1.1 20 65 20 1.2 15 1.3 1.4 2013 5 2014 81 500 1 1.5

1.6 1.7 1.8 1.9 1.10 2

1.11 50 1.12 1.13 1.14 1.15 1.16 1.17 1.18 50 3 1.19

2.1. 65 85 90 1981 1.920030.91.2 1.3 2.2. 40 2040 1 65 2014107 15.4% 2064258 35.9%2.1 75 53 7.6%162 22.6% 8.00 2.1 7.00 6.00 1.07 15% 1.68 23% 2.28 30% 2.53 33% 2.59 35% 2.58 36% 5.00 4.00 3.00 2.00 5.04 73% 4.76 65% 4.53 60% 4.40 58% 4.12 55% 3.92 55% 1.00 0.00 0.80 12% 0.91 12% 0.80 10% 0.72 9% 0.73 10% 0.68 2014 2024 2034 2044 2054 2064 9% 65 15-64 0-14 1 2015 9 4

2.3. 15 642014 504 73.0%2064392 54.6% 2014360 2018365 2064311 2014 59.3% 206448.6% 2.2 20148.7%20649.4% 2.2 2018 3 800 3 600 3 400 2014 3 598 3 200 3 000 2014 59.3% 2064 3 108 2 800 2 600 2 400 2 200 2 000 1 800 1 600 0 2018 3 648 2064 48.6% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 80.0 75.0 70.0 65.0 60.0 55.0 50.0 45.0 40.0 35.0 30.0 25.0 0.0 2.4 15 64 201437120648312.3 5 2.5 2.42015

2.3 2014 159 211 371 2024 192 353 546 2034 176 505 680 2044 163 574 738 2054 177 629 806 2064 173 658 831 =100 =100 1515 64 65 15 64 2.4 7.0 6.3 6.0 5.0 ( 2.4 ) * 4.0 3.0 2.0 ( 1.7 ) 3.5 ( 1.6 ) 2.9 ( 2.0 ) 2.5 2.3 1.6 1.4 1.0 ( 2.2 ) ( 0.7 ) ( 1.7 ) ( 1.6 ) ( 1.3 ) ( 1.2 ) 0.0 ( 1.1 ) ( 1.1 ) ( -0.2 ) ( 0.9 ) ( -0.1 ) ( 0.6 ) ( 0.2 ) ( 0.6 ) ( -0.3 ) ( 0.6 ) ( -0.3 ) -1.0 1980-96 1997-2014 2020-24 2025-34 2035-44 2045-54 2055-64 * 1980199619972014 6

204127 2.7%2014 2.8% 2041 2042 2064231.6% 2 2.6 2.7 2.8 2014-15553 a 2412010-11 70% 3 b 2392010-11 39 % c622010-11 57% d 112010-11 846% 4 2.9 2064 2.5 7 2 2015 2041 27 4.3% 4.4%2042 2064 23 3.1% 3 4 2012 6 2010-112014-15

2.5 2015 2014-15 2064-65 241 239 62 4* 7 * 65 65/ 2.10 2029-30 14 2.11 8

2.12 5 2.13 2012 2.6 a 49.9% 19.0% 10.2% / 9.5% b 4,0002012 c 79.2% 33.6% 50.9% 17.1% 39.1% 5.5% 2.14 3065 2014 658589???? 9 5 4 5

2.6 / 39.2% 54.0% 49.9% 33.8% 13.3% 19.0% 4.9% 12.3% 10.2% 13.4% 8.0% 9.5% 3.0% 6.4% 5.5% 2.4% 2.2% 2.3% / 0.4% 1.2% 0.9% / 3.0% 2.6% 2.7% / 53.4% 59.2% 57.6% 39.1% 50.9% 47.6% 27.1% 16.3% 19.3% 5.5% 17.1% 13.8% / 33.6% 79.2% 66.3% 69.7% / $4,000 2.15 2.16 2014 29 6 30% 29 6 29 * 48 000* 16% 118 400 40% 67 000 23% 7 600 3% 52 800 18% 293 800 100% * 2.17 2.7 10

2.17 29 17% 83%245 000 14 7 2.18 35 000 35 000 58% 24% 17% 2.7 2.19 200283%200679% 201176%73% 200419% 201513% 11 7 2010? 60%

2.7 201429 293 800 48 800 245 100 66 900 (27.3%) 34 800 (14.2%) 143 400 (58.5%) 20 300 [58.3%] 1 100 [3.1%] 7 500 [21.4%] 6 000 [17.2%] 17 800 [51.2%] 13 700 [39.2%] 3 300 [9.6%] [ ] * # 70011.9%70 @ & 2.20 2.13 2.21 12

13 3.1 1994 2005 3.1 3.2 3.1

3.3 3.4 3.2 3.2 * / * 14

3.5 3.6 a b c 3.7 3.8 2515,000 2014 1 65 2 1,235 15

3.9 3.10 a 2014 35 000 b 15 201443 500 1.7% c 65 d 25 3.11 3.7 1 2 40 1.6%2015 10 65 5.8 16

3.12 a b 17

4.1 4.2 73%13% 37% 19% 1 3%70 87%4.1 4.3 17 60 2 4.4 43,50065,000 5,1005,548 4.2 3,667 10,462 1 2 60 18

4.1 * / # 65 2015 6 65 2014-15 @ 43,500 5,548^ 147 428 13% 88.9 7,340 11,830 210,000 318,000 2,390 420 227 37% 113.4 1,235 216 205 19% 27.9 ** 7,340 11,830 210,000 318,000 1,235 ## 16 776-2.6 1,580 19 472 2% 3.3 3,160 14 079 1% 4.9 305 889 27% 2015 6 ~ 1 123 300 100% 241.0 & * 60 70 65 # 2015 2 1 2 1 @ ^ $5,548 60 ** 65 69 ## ~ 100% & $258.5 $93.9 $122.9 $30.1 $2.8 $3.6 $5.3 19

4.2 60 1 $3,200 $3,200 $3,870 100% $5,450 2 / $300 $300 $300 $300 3 $167 $2,000/12 $167 $2,000/12 $167 $2,000/12 $167 $2,000/12 4 $800 $1,640 $1,640 5 * $100 $128 $800 $9,600/12 $21 $500/24 $530 $100 $128 $800 $9,600/12 / $50 $1,005 $1,400 $500 # $3,667 $5,516 $7,585 $10,462 * # 4.5 19972005 2015 6 1 830 3 3 3,3005,600 2006-073 300 2015 6 1 830 20

4.3 * 2015 2 25% 2014 12 1 5,399 4,602 2 8,560 7,776 3 11,307 10,658 4 13,401 13,180 5 15,521 15,431 6 19,101 17,389 * 4.6 25% 4.3 4.7 25 000 8 3 000 21

22 4.8 4.9 2013 465 210,000 318,0007,340 11,830 2,390 4,780 4.10 2015 642 4.11 42 4.4 4.4 $6,001 $9,000 $9,000 $1 $3,000 $3,001 $6,000 $120,001 $160,000 $160,001 $210,000 $43,500 $43,501 $80,000 $80,001 $120,000 5% 7% 3% 81% 4% 13% 12% 10% 51% 14%

4.12 2014 4.13 70 70 1,235 22 2015 6 4.14 7065-69 2015 6 1.7 4.15 2015 6 1,5803,160 23 4.16

10% 4.17 4 2015 92.0 3.6 60 4.18 97% 4 12 5 24

4.19 2014-15239 2014-15 46% 4.20 4.5 7520147.6%2064 22.6% 4.62014 15%2013-14 38%50% 4.7 50 6 4.5 65 2010 500 450 440 400 350 360 300 250 250 270 200 200 150 100 50 50 30 30 40 60 70 60 50 50 70 90 110 150 0 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+ 25 6

4.6 75 3.0 2.5 2.0 1.5 1.0 0.5 0 65 33.1% 34.8% 35.9% 30.0% 4.2% 7.9% 10.0% 10.1% 22.9% 21.4% 22.6% 15.4% 20.5% 75 3.2% 11.3% 12.6% 11.4% 12.5% 9.3% 15.4% 6.1% 2.2% 5.4% 7.6% 13.5% 14.6% 12.5% 13.4% 13.3% 7.8% 2014 2024 2034 2044 2054 2064 2014 85+ 75-84 65-74 4.7 * 10 0.7 10 2.6 <65 65+ * 2010 0 * 1 000 1.3 1 000 * 2010 0 26

4.21 2012 27 600 2025-26 5 000 2016 4.22 10 4.23 4.24 2015 9 1380 4.25 70 2,00010 / 27

4.26 2014 2015-16 100 15 4.27 4.28 6% 1% 5% 2014-15 62 50 7 4.29 1 666 6 100 11 550 4.30 2014-152017-18 1 700 16 1 700 7 28

4.31 4.7 4.32 2014100 4060 17 000 7 000 2 000 4.33 1,600 2,000 9,90021,000 9001,000 7,700 12.618.65.419 1,8004,600210 4.34 20 28 7 5 29

4.35 76% 2.13 4,0002012 4.36 / / 60 40,000 80,000 4.37 20046 2014 12 4.38 2011 20114.8 30

4.8 2015 10 1 034 65% 34.8% 0.2% 1030% 1516% 2013% 41% 69 5595 * $490$80$4,500 $14,700 $0 $16 30161 * $800$2,500 $1,500 4.39 31

5.1 / 5.2 i ii 5.3 4851865 1865 15 5.4 255 100%21 65 5.5 32

5.6 1 5%7,100 30,000 2015 105,942 1,2315.1 5.1 15 7,000 6,000 $5,942 5,000 4,000 3,000 2,000 $4,711 $1,231 1,000 0 12/2000 12/2001 12/2002 12/2003 12/2004 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014 10/2015 5.7 38 15 2 457 2015 10 3.4% 1.8% -25.9% 30.1% 5.2 33 1 485 9 10 10A 2 19 15

5.2 40.0% 30.0% 30.1% 20.0% 22.0% 10.0% 0.0% 4.7% 12.3% 12.4% 4.5% 8.7% 6.4% 4.2% 6.4% -10.0% -20.0% -4.9% -10.7% -5.6% -30.0% -25.9% 1/12/2000 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15-31/3/2002 5.8 2515,000 2014 3 1.6% 4 65 100 65 85 89 4,200 3,500 5 5.9 9% 17%20139% 9.5% 202512% 3 4 2015 103.4%1.8% 5 2015 34

5.10 5.11 2012 2007 2.10% 101.60%24% 2007 5.3 1.30% 1.00% % 2.50 5.3 2007 24% 2.00 2.10 2.09 2.01 1.99 1.94 1.91 1.84 1.83 1.77 1.73 1.75 1.72 1.70 1.69 1.65 1.62 1.60 1.50 1.00 0.50 0.00 12/2007 06/2008 12/2008 06/2009 12/2009 06/2010 12/2010 06/2011 12/2011 06/2012 12/2012 06/2013 12/2013 06/2014 12/2014 06/2015 10/2015 35

5.12 5.13 5.9 10% 5% 5.14 5.9 5.15 5.16 57 2001 72014250 29% 36

5.17 2014 30 16.613.5 15 6005.7% 43 500 1.7% 192,80069,2005.4 5.4 2014 # @ @ $16.56 30 900 9 100 $182,100 29 700 $55,800 $13.51 14 500 7 200 $187,500 13 800 $98,000 $30.06 45 400 15 600 5.7% * $192,800 43 500 1.7% * $69,200 # () @ / * 5.18 1974 1986 5.19 1992 37

5.20 5.21 2014 43 500 94% 7,100 5.22 5.23 5.24 38

5.25 6 5.26 2000 15 40 5.27 280 39 5.28 a 2015 11 2016 6 39

0.75% b c 6 2015 12 empf 5.23 d 5.29 a b 40

5.30 5.31 200741 13% 201412821% 200% 5.5 5.5 140 120 * 106.6 128.1 100 91.3 80 60 40 20 0 72.0 58.1 48.1 49.2 50.7 41.2 33.9 24.8 12.7 5.6 5.5 5.8 8.2 2007 2008 2009 2010 2011 2012 2013 2014 * 41

5.32 2013-1454% 46%8% 1 100 47,230 7 40,832 8 13.1% 5.33 2012 / 5.34 7 8 42

6.1 6.2 6.3 65 3,2303,770 2015 6.4 43 6.5 65 3,230 20133,000 2015 3,230 3,230

6.6 1 6.7 65 6.8 10 3,8702015 15 3,6602015 2 80,000 125,000 43,50065,000 7,340 11,8302,390 3,2302015 25 1 2 307065 44

6.9 50 6.10 12 6.11 3 6.12 3 201446 45

4 6.13 6.14 2.17 245 00014 5 6.15 2.5-2.10 4 partially pre-funded 5 2010 60% 46

6.1 1,200 1,000 1,061 +113% 800 600 558 +12% 400 200 0 479 279 253 498 2015 2019 2023 2027 2031 2035 2039 2043 2047 2051 2055 2059 2064 6.16 6.1 50 2015 2015226 2064563 25 2015 60 2064 6.17 5023,950 2015 2,555 2014 2023-24 2033-34 47 6.18 2014 3 2041-42 8.6% 21.7%

6.19 6 50 a4.2 20.7%0.4 b55% 8.3 23.3% 6% 0.9 c 4.5% 0.5% d 1.6% 3.9% 0.2% 0.4% 6.20 6.2 6.2 7 6.2 503,2302015 6 2013-14 98 5009% 17046% 7,100 7 2015 2064 2.5 48

6.2 2015 $3,230 $3,230 502015 502015 I i * 20152064 20152064 $23,950 $2,555 ii * $479 $51 II * i ii 62023-24 82033-34 12028-29 12040-41 III * 2015 2064 2015 2064 2.8 4.6 0.3 0.5 20152064 4.2 20152064 0.4 2015 2064 2015 2064 # 4.9 9.1 0.6 1.0 20152064 8.3 20152064 0.9 2015 2064 2015 2064 2.8% 5.0% 0.3% 0.5% 201520644.5% 201520640.5% 2015 2064 2015 2064 $11,000 ## 0.7% 2.0% 0.1% 0.2% $11,000 ** $22,000 1.0% 3.1% 0.1% 0.3% $22,000 ^ 1.6% 5.1% 0.2% 0.5% 20152064 20152064 $11,000 ## 1.6% 0.2% $11,000 $22,000 2.4% 0.3% $22,000 ^ 3.9% 0.4% * 2% 20152064 $14,420$1,540 # 2% 17%15% ** 2015 ## $7,100 ^ $129,000 $120,000 2015 20152064 $5,030 $520 49

6.21 6.3 46% 5023,950 18% 82% 6.3 2015 6 65 * $ $ $ $ $ $ $ # 13 147 428 5,548 5,548^ 0^ 0 5,548 0 0 37 420 227 2,390 3,230 840 4,264 18% 2,555 3,230 ~ 840 ~ 100% 19 216 205 1,235 5,874 3,230 1,995 25% 1 14 079 3,160 601 6,390 @ 3,230 @ 3% 2 19 472 1,580 761 4,810 @ 3,230 @ 3% 1,235 0 0 3,160 0 0 1,580 0 0 27 305 889 0 3,230 3,230 12,451 52% 0 0 0 & 23,950 100% 2,555 100% * $3,230 2015 2 1 # 60 ^ $3,230 2015 $3,230 ~ @ & 50

6.22 2015112 2064258 130% 2015435 20641,001 2015 2015363 2064311 14% 15 2041 14 29 6.23 25 2064 5,410 8 6.24 6.25 2014 8 6.26 51

6.27 107 6.28 3.10 500 6.29 6.30 9 50 8 2042 9 52

6.4 11 10 2015962064 209 11 49 127 6.4 2015* 2015 # # ~ 2041 2064 1 13 1-2,670 <-2,485> -12,719 12 3 29 @ 376 <1,270> -5,058 6 1 18 1-1,410 <-1,167> -9,896 10 3 25 4-275 <135> -5,410 * i ii 2015 iii iv # @ 2041 ~ < >2013 6.31 53 10 3,500 3,690 1,000 5382033 17 2064 548 11 2015 59 2064 150 30 2015 18 2064 337065 2015 19 2064 26

6.32 CPF Life 5 20 adverse selection 6.33 54

7.1 7.2 a b i ii iii iv 55

c 73% d i2016 ii iii?? e i ii iii 56

f g h i j 7.3 2016 6 21 views@rp.gov.hk rp.gov.hk 3904 5996 57 2 3142 2303

1. 2. 3. 4. 5. 58

1. 3 2. 1889 3. 70 80 2011 1960 3.8% 19807.1% 2010 8.4% 4. 2014 Defined Benefit 59 5.

6. 65 Notional Defined Contribution 60

1 30 30 25 20 2014 1980 1992 1993 1994 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2008 2010 2011 15 10 5 0 * # * # 7. 1980 2014 32 1 8. 2007 08 2014 MySuper 2016 9. Melbourne Mercer Global Pension Index MMGPI 1 61 1 Melbourne Mercer Global Pension Index 40

2015 10. 11. Central Provident Fund CPFCPF 17% 20% 37% 2 6,000 3 55 26% 6016.5% 7012.5% 4 12. 37% 356% 50 55 11.5% 65 1%CPF 55 CPF Life 13. 2014 8 Silver Support Scheme 2015 30% 1520%300 750 2 750 3 1=5.48 2015 9 4 2016 1 62

2 2009 % 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 14. 2 15. 2 5 63 16. 65 2004 2012 8 5%10%8% 2014 4 2015 10 18 2017 4 5

17. 3 4 3 2014 2015 17%* 16.5% 45% 30% 29% 26.3% 21.83% 23.5% 45% 30.18% 43% 27.5% 40% 32.11% 52% 25% 38% 24.2% 45% 20% 39.6% 39% * 2014 2015 15% 17% 4 2014 2060 211 656 221 388 230 430 283 414 2050 325 623 331 607 424 784 290 492 173 806 273 458 219 393 65 15 6465 20 64 64

1. 1974 24 2. 24 3. 1986 4. 65 65

5. x 2/3 # x 12 # $22,500 $15,000 $22,500 x 2/31 $390,000 6. 19741986 7. 1995 1974 1974 7 3 Severance payment on redundancy is the means whereby an employee may be compensated for loss of employment through no fault of their own...the bill has three main aims. It will serve to protect employees against possible hardship arising from redundancy and, with Hong Kong's present system of social security, it seems important that this form of protection should be available to all employees who come within the scope of the Employment Ordinance. Second, it should serve to reduce the incidence of labour disputes concerning redundancy by introducing a minimum legal obligation in all cases. Third, it should help to clear up much of the existing confusion by confirming the practice, and regulating the method, of making severance payments. As a number of firms in Hong Kong have for many years included long service gratuities or redundancy provisions in the terms of their contracts of employment, which adequately protect employees against the adverse effects of redundancy, it was concluded that severance pay should be alternative and not additional to such schemes and that employees should be given the option of choosing which was the more favourable. Severance pay is intended to provide compensation for loss of employment and not to operate as a bonus where such protection is already available. 66

1974 1986 1974 8 14...civil servants as a class of employee are excluded from the right to severance payment because of their entitlement under the Pension Ordinance. It is considered that a similar principle should be applied in the private sector whereby entitlement to gratuity or the employers contribution to a provident fund should be offset against entitlement to severance pay... 1985 12 4...1974...... 1985 12 18 1992 1993 1995 * 1992 5 13 711 Occupational Retirement Schemes Ordinance 1995 3 Employers do not pay twice. Severance payment and long service payment are not designed as supplementary retirement schemes. They are intended to be alternatives to these retirement schemes. That is why only the offsetting provisions exist under the present voluntary system of occupational retirement schemes. We do not intend to change it under the MPF, although we will need to consider very carefully the effect of the MPF on both schemes. 67 * gratuity

1995 1995 7...... 2001 2001 8. 1991 11 1992 10 1.3 1 7.1 1 cenhancing the provision of social welfare and improving the Long Service Payment Scheme established under the Employment Ordinance. 68

7.8... 7.9 10.1 38 9. 4 2012183 201395 a 183 15283% 1810%13 7% b 95 69

1. 50 2. 2015 65 3,230 20133,000 2015 2015 2014 3. 2014 3 2064 4. a 1 A 2005 19.4% 201513.1% 1 2015 13.1% 20416.7%20646.1% 1 2015 6 2015 70

b 2013 4 65 6970 34% 40% c 3% d70 29% 5. 2020 13%2030204117% 1 A 7088% 20302041 1 B 2 6. 65 71 2 65 6931% 32%70 41% 42%2% 3%

7. 1A 65 45 40 39 40 40 35 38.5 38.6 30 25 37.4 20 15 14 17 17 10 13.1 5 6.7 6.1 0 2000 2004 2008 2012 2016 2020 2024 2028 2032 2036 2040 2044 2048 2052 2056 2060 2064 Table and * # 1B 35 65 70 30 28.5 25 20 26 28.8 28.8 24 24 15 10 5 3.0 3.2 3.3 0 2 3 3 2000 2004 2008 2012 2016 2020 2024 2028 2032 2036 2040 2044 2048 2052 2056 2060 2064 * # 72

8. 65 3,230 65 9. 10. 80,000 125,000 7,340 11,830 3,230 2015 625 11. 2,3903,230 12. 1 502 13. 50 23,950 2015 3 50 2,555 2015226 2064563 25 2015 60 2064 73 3 2015

1 2015$ # # * * % # % 2015 253 479 226 89.1 279 25 10.0 2016 261 499 237 90.8 288 27 10.2 2017 269 519 250 92.8 297 28 10.3 2018 277 540 262 94.6 306 29 10.4 2019 287 564 277 96.5 317 30 10.6 2020 297 589 292 98.3 329 32 10.7 2021 307 616 308 100.3 341 33 10.8 2022 318 644 326 102.4 353 35 11.0 2023 329 673 344 104.6 366 37 11.1 2024 341 703 362 106.3 379 38 11.2 2025 352 733 380 107.9 392 40 11.3 2026 364 761 397 109.0 406 42 11.4 2027 375 788 412 109.8 419 43 11.5 2028 388 819 431 110.9 433 45 11.6 2029 400 847 447 111.6 447 47 11.7 2030 411 872 461 112.0 459 48 11.7 2031 421 892 471 112.0 470 50 11.8 2032 429 909 480 111.7 480 51 11.8 2033 439 927 488 111.2 490 52 11.8 2034 447 943 496 111.0 500 53 11.8 2035 455 959 504 110.8 509 54 11.8 2036 462 974 512 110.9 516 55 11.8 2037 467 986 519 111.1 523 55 11.9 2038 473 999 526 111.3 529 56 11.9 2039 478 1,010 532 111.5 535 57 11.9 2040 482 1,020 538 111.6 540 57 11.9 2041 485 1,026 540 111.4 543 58 11.9 2042 488 1,031 543 111.4 546 58 11.9 2043 490 1,036 545 111.2 549 59 11.9 2044 492 1,040 548 111.2 551 59 11.9 2045 494 1,045 550 111.3 553 59 11.9 2046 495 1,049 553 111.6 555 59 12.0 2047 497 1,053 556 112.0 556 60 12.0 2048 497 1,056 558 112.3 557 60 12.0 2049 498 1,058 560 112.5 557 60 12.0 2050 498 1,060 561 112.7 558 60 12.0 2051 498 1,061 562 112.9 558 60 12.0 2052 498 1,061 563 112.9 558 60 12.0 2053 499 1,063 564 113.1 559 60 12.1 2054 499 1,067 567 113.6 560 60 12.1 2055 500 1,070 570 113.9 561 60 12.1 2056 500 1,072 571 114.2 561 61 12.1 2057 500 1,072 572 114.4 561 61 12.1 2058 500 1,072 572 114.4 561 61 12.1 2059 500 1,072 571 114.2 561 61 12.1 2060 501 1,072 571 114.1 561 61 12.1 2061 501 1,072 571 114.0 561 61 12.1 2062 500 1,070 570 113.9 561 61 12.1 2063 499 1,067 567 113.6 560 60 12.1 2064 498 1,061 563 113.2 558 60 12.1 2015-2064 21,714 45,664 23,950 110.3 24,269 2,555 11.8 2015-2064 434 913 479 110.3 485 51 11.8 4 1 # 65 * 74

2 1,200 1,000 1,061 +113% 800 600 558 +12% 400 200 0 479 279 253 498 2015 2019 2023 2027 2031 2035 2039 2043 2047 2051 2055 2059 2064 14. 2 2023-24 2 2029-30 2041-42 2023-24 2033-34 2028-29 2040-41 75

15. a b cd 3 a 301985-86 2014-15 4.4% 2015 2041 276.0% 2015 2041 2042 2064 2041 4 2015 2064 16.5% 20.7% 4.2 16.9% 0.4 3 b 301985-86 2014-15 2.3% 2015 2041 27 2.7% 2015 2041 2042 2064 2041 2015 2064 55% 15%8.3 23.3% 4 2015-16 2015 2016 2064 2016 2019 4 3.0% 2015-16 2020 2041 22 3.0% 2042 2064 23 3.0% 2041 76

6% 0.9 15.9% 3 c 2006 2014 8,395 5 84 20 1995 201450 2015 20644.5% 0.5% 3 d 11,000 6 1.6%11,00022,000 2.4% 22,000 3.9% 7 0.2% 0.3% 0.4% 3 5 37.2% 201995 201433.5% 6 7,100 77 7 129,0002015129,000 121,000 12,400 8 2015 2064 2.5

16. 8 17. 3 2015 a b c 2015 2041 2064 2015 2041 2064 2.8 4.5 2015 2064 4.6 0.3 0.5 2015 2064 4.2 0.4 2015 2041 2064 2015 2041 2064 4.9 9.0 2015 2064 9.1 0.6 1.0 2015 2064 8.3 0.9 2015 2041 2064 2015 2041 2064 2.8 4.9 2015 2064 5.0 0.3 0.5 2015 2064 4.5 0.5 2015 2015 $11,000^ 0.7 $11,000^ $11,000 $22,000 1.0 $11,000 $22,000 0.1 $22,000 # 1.6 $22,000 # 0.2 2041 2041 $11,000^ 1.8 $11,000^ $11,000 $22,000 2.6 $11,000 $22,000 0.3 d $22,000 # 4.4 * 2064 $11,000^ 0.1 0.2 $22,000 # 0.5 2.0 $11,000^ 2064 $11,000 $22,000 3.1 $11,000 $22,000 0.3 $22,000 # 5.1 $22,000 # 0.5 2015-64 2015-64 $11,000^ ^ $7,100 # $129,000 1.6 $11,000^ $11,000 $22,000 2.4 $11,000 $22,000 0.3 $22,000 # 3.9 $22,000 # 0.4 * 0.2 0.2 0.5 1.0 0.5 78

1. 1 2. a2015 b20152015 2016 2015 2017 2017 c 2014 d / 2015 e 2015 3. 3,2303,7701 2A-D1A-D 3 79 1

1 2013 * ^ ^ 2015 / ^ ^ 1% 0.5% 1% 0.5% $25,000 $30,000 2016 $3,250 2016 $3,500 $6,500 $6,500 $7,100 $7,100 2021 2021 2.5% 2.5% 2013 $3,422 $30,000 2015 $3,690 $30,000 $6,500 $7,100 2.5% 2.5% 2017 $3,479 $80,000 2017 $3,770 $6,500 $86,000 $7,100 1.0 1.5 2.5 1.0 1.5 2.5 % % 2013 $3,000 2015 $3,230 $10,000 $11,000 $10,000 $20,000 $11,000 $22,000 # $20,000 # $22,000 * 2015 ^ 2013$25,000 $6,500$30,000 $7,100 2015 # $120,000 2013 2015 80

2A 2015 @ / 5% * * 2015 538 16 59.2 45 658 658 658 2016 538 29 225 59.2 35 13 898 493 2.4 495 403 1,061 2017 33 233 59.2 24 21 370 514 2.4 516-146 915 2018 34 241 59.2 24 18 377 536 2.4 538-161 754 2019 26 251 59.2 24 15 374 561 2.4 563-189 565 2020 24 262 59.2 24 11 381 587 2.4 589-208 357 2021 24 221 274 59.2 24 7 609 615 2.4 617-8 348 2022 19 220 287 59.2 24 7 616 645 2.4 647-31 317 2023 16 218 300 59.2 24 6 623 676 2.4 678-55 262 2024 13 216 313 59.2 24 5 630 707 2.4 709-79 182 2025 9 213 328 59.2 24 4 637 738 2.4 741-104 79 2026 538 5 212 342 59.2 24 2 1,181 768 2.4 771 410 489 2027 1 211 356 59.2 13 10 650 796 2.4 799-149 340 2028 0 209 372 59.2 13 7 660 829 2.4 832-172 168 2029 0 207 386 59.2 13 3 669 858 2.4 861-191 -23 2030 0 206 401 59.2 13 0 679 885 2.4 887-208 -231 2031 0 206 414 59.2 13-5 687 906 2.4 909-221 -452 2032 0 205 427 59.2 13-9 695 924 2.4 926-231 -684 2033 0 204 440 59.2 13-14 703 942 2.4 944-241 -925 2034 0 204 453 59.2 13-18 710 959 2.4 962-251 -1,176 2035 0 203 465 59.2 13-24 717 976 2.4 978-261 -1,437 2036 538 0 203 475 59.2 13-29 1,260 991 2.4 993 266-1,171 2037 0 203 484 59.2 2-23 725 1,004 2.4 1,006-281 -1,452 2038 0 203 493 59.2 2-29 728 1,018 2.4 1,020-292 -1,743 2039 0 203 502 59.2 2-35 731 1,029 2.4 1,032-301 -2,044 2040 0 202 509 59.2 2-41 732 1,039 2.4 1,042-310 -2,354 2041 0 202 516 59.2 2-47 732 1,045 2.4 1,048-316 -2,670 2042 0 202 519 59.2 2-53 729 1,051 2.4 1,054-324 -2,994 2043 0 201 523 59.2 2-60 726 1,056 2.4 1,058-332 -3,326 2044 0 201 526 59.2 2-67 721 1,061 2.4 1,063-342 -3,668 2045 0 200 528 59.2 2-73 717 1,065 2.4 1,068-351 -4,019 2046 0 199 530 59.2 2-80 710 1,070 2.4 1,072-362 -4,382 2047 0 198 531 59.2 2-88 703 1,074 2.4 1,076-373 -4,755 2048 0 197 532 59.2 2-95 696 1,077 2.4 1,080-384 -5,139 2049 0 196 533 59.2 2-103 688 1,080 2.4 1,082-394 -5,533 2050 0 195 534 59.2 2-111 680 1,082 2.4 1,084-404 -5,937 2051 0 194 535 59.2 2-119 671 1,083 2.4 1,085-414 -6,351 2052 0 193 535 59.2 2-127 662 1,083 2.4 1,086-423 -6,775 2053 0 192 536 59.2 2-135 654 1,085 2.4 1,088-434 -7,209 2054 0 191 537 59.2 2-144 645 1,090 2.4 1,092-447 -7,656 2055 0 190 538 59.2 2-153 636 1,093 2.4 1,095-459 -8,115 2056 0 188 539 59.2 2-162 627 1,095 2.4 1,097-471 -8,586 2057 0 187 539 59.2 2-172 616 1,096 2.4 1,098-482 -9,068 2058 0 186 540 59.2 2-181 606 1,096 2.4 1,099-493 -9,561 2059 0 185 541 59.2 2-191 596 1,096 2.4 1,098-502 -10,063 2060 0 184 542 59.2 2-201 586 1,096 2.4 1,098-512 -10,575 2061 0 183 542 59.2 2-211 575 1,096 2.4 1,098-523 -11,098 2062 0 182 543 59.2 2-222 564 1,095 2.4 1,097-533 -11,631 2063 0 181 542 59.2 2-233 552 1,091 2.4 1,093-541 -12,172 2064 0 181 540 59.2 2-243 539 1,084 2.4 1,087-548 -12,719 81 @ 2015 * 2015

1A * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0-2,000-4,000-6,000-2,670-8,000-10,000-12,000-14,000-12,719-16,000-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 82

2B 2015 83 @ / * * @ 2015 * 2015 2015 538 349 209 112 1,208 497 2.4 500 709 709 2016 349 225 112 14 700 519 2.4 522 179 888 2017 349 233 112 18 712 542 2.4 544 168 1,055 2018 348 241 112 21 723 565 2.4 567 156 1,211 2019 347 251 112 24 734 591 2.4 593 141 1,352 2020 346 262 112 27 747 619 2.4 621 126 1,478 2021 344 274 112 30 760 648 2.4 651 110 1,588 2022 342 287 112 32 773 680 2.4 682 91 1,678 2023 339 300 112 34 784 713 2.4 715 69 1,747 2024 335 313 112 35 796 745 2.4 748 48 1,796 2025 332 328 112 36 808 779 2.4 781 27 1,823 2026 329 342 112 36 820 810 2.4 812 8 1,830 2027 327 356 112 37 832 840 2.4 842-10 1,821 2028 325 372 112 36 845 874 2.4 877-31 1,789 2029 322 386 112 36 857 905 2.4 907-50 1,739 2030 320 401 112 35 868 933 2.4 935-67 1,672 2031 319 414 112 33 879 955 2.4 958-78 1,594 2032 319 427 112 32 890 974 2.4 976-87 1,507 2033 318 440 112 30 901 993 2.4 995-95 1,413 2034 317 453 112 28 911 1,011 2.4 1,014-103 1,309 2035 316 465 112 26 920 1,029 2.4 1,031-111 1,198 2036 316 475 112 24 928 1,045 2.4 1,047-119 1,079 2037 316 484 112 22 934 1,059 2.4 1,061-127 952 2038 316 493 112 19 940 1,073 2.4 1,075-135 817 2039 315 502 112 16 946 1,085 2.4 1,087-142 675 2040 315 509 112 14 950 1,096 2.4 1,098-148 527 2041 315 516 112 11 953 1,102 2.4 1,105-151 376 2042 314 519 112 8 954 1,108 2.4 1,111-157 219 2043 314 523 112 4 953 1,113 2.4 1,116-162 56 2044 312 526 112 1 952 1,118 2.4 1,121-169 -113 2045 311 528 112-2 950 1,123 2.4 1,126-176 -288 2046 310 530 112-6 946 1,128 2.4 1,130-184 -472 2047 308 531 112-9 943 1,132 2.4 1,135-192 -664 2048 307 532 112-13 938 1,136 2.4 1,138-200 -864 2049 305 533 112-17 933 1,138 2.4 1,141-207 -1,071 2050 303 534 112-21 928 1,140 2.4 1,143-214 -1,286 2051 301 535 112-26 923 1,142 2.4 1,144-221 -1,507 2052 300 535 112-30 917 1,142 2.4 1,145-227 -1,734 2053 298 536 112-35 912 1,144 2.4 1,147-235 -1,969 2054 296 537 112-39 907 1,149 2.4 1,151-245 -2,214 2055 295 538 112-44 901 1,152 2.4 1,155-254 -2,468 2056 293 539 112-49 895 1,155 2.4 1,157-262 -2,730 2057 291 539 112-55 888 1,156 2.4 1,158-270 -3,000 2058 289 540 112-60 881 1,156 2.4 1,158-277 -3,277 2059 288 541 112-66 875 1,155 2.4 1,158-282 -3,560 2060 286 542 112-71 869 1,155 2.4 1,157-289 -3,848 2061 284 542 112-77 862 1,155 2.4 1,158-296 -4,144 2062 283 543 112-83 855 1,154 2.4 1,156-302 -4,445 2063 282 542 112-89 847 1,150 2.4 1,152-305 -4,751 2064 281 540 112-95 839 1,143 2.4 1,146-307 -5,058

1B * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0 376-2,000-4,000-5,058-6,000-8,000-10,000-12,000-14,000-16,000-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 84

2C 2015 / @ * * 2015 2016 2017 471 412 233 1,115 553 2.4 556 560 560 2018 411 241 11 663 577 2.4 579 84 643 2019 409 251 13 673 604 2.4 606 67 710 2020 408 262 14 684 632 2.4 635 50 759 2021 406 274 15 696 663 2.4 665 31 790 2022 236 403 287 16 942 695 2.4 697 245 1,035 2023 400 300 21 720 728 2.4 731-10 1,024 2024 396 313 20 730 761 2.4 764-34 990 2025 392 328 20 740 795 2.4 798-58 932 2026 390 342 19 750 828 2.4 830-80 853 2027 236 387 356 17 996 858 2.4 860 136 988 2028 384 372 20 776 893 2.4 896-120 868 2029 381 386 17 785 924 2.4 927-142 727 2030 379 401 15 794 953 2.4 955-161 566 2031 378 414 11 803 976 2.4 978-175 391 2032 236 377 427 8 1,047 995 2.4 997 50 440 2033 376 440 9 825 1,015 2.4 1,017-192 248 2034 374 453 5 832 1,033 2.4 1,036-204 45 2035 373 465 1 839 1,051 2.4 1,053-214 -170 2036 373 475-3 845 1,067 2.4 1,070-225 -395 2037 236 373 484-8 1,085 1,082 2.4 1,084 1-394 2038 372 493-8 858 1,096 2.4 1,099-241 -635 2039 372 502-13 860 1,109 2.4 1,111-251 -886 2040 371 509-18 863 1,119 2.4 1,122-259 -1,145 2041 371 516-23 864 1,126 2.4 1,128-265 -1,410 2042 236 371 519-28 1,098 1,132 2.4 1,135-37 -1,447 2043 370 523-29 864 1,137 2.4 1,140-276 -1,723 2044 368 526-34 860 1,142 2.4 1,145-285 -2,008 2045 367 528-40 855 1,148 2.4 1,150-295 -2,302 2046 365 530-46 849 1,152 2.4 1,155-305 -2,608 2047 364 531-52 843 1,157 2.4 1,159-316 -2,924 2048 362 532-58 836 1,160 2.4 1,163-327 -3,251 2049 360 533-65 828 1,163 2.4 1,165-337 -3,589 2050 358 534-72 820 1,165 2.4 1,167-347 -3,936 2051 356 535-79 812 1,167 2.4 1,169-357 -4,293 2052 354 535-86 804 1,167 2.4 1,169-366 -4,659 2053 353 536-93 795 1,169 2.4 1,171-376 -5,035 2054 351 537-101 787 1,174 2.4 1,176-389 -5,424 2055 349 538-108 778 1,177 2.4 1,180-401 -5,825 2056 346 539-117 769 1,180 2.4 1,182-413 -6,238 2057 344 539-125 759 1,181 2.4 1,183-424 -6,663 2058 342 540-133 749 1,181 2.4 1,183-434 -7,097 2059 341 541-142 739 1,180 2.4 1,183-443 -7,540 2060 339 542-151 730 1,180 2.4 1,182-453 -7,993 2061 337 542-160 719 1,180 2.4 1,183-464 -8,457 2062 335 543-169 708 1,179 2.4 1,181-473 -8,930 2063 334 542-179 697 1,175 2.4 1,177-481 -9,410 2064 333 540-188 685 1,168 2.4 1,170-486 -9,896 85 @ 2015 * 2015

1C * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0-2,000-1,410-4,000-6,000-8,000-10,000-9,896-12,000-14,000-16,000-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 86

2D 2015 / @ * * 2015 538 342 209 1,089 435 2.4 438 651 2016 342 225 13 579 455 2.4 457 122 2017 341 233 15 589 474 2.4 477 113 2018 340 241 18 599 494 2.4 497 102 2019 339 251 20 610 517 2.4 520 90 2020 338 262 22 622 542 2.4 544 78 2021 337 274 23 634 568 2.4 570 64 651 773 886 988 1,078 1,156 1,220 2022 335 287 24 646 595 2.4 598 48 1,269 2023 332 300 25 657 624 2.4 626 31 1,299 2024 329 313 26 668 652 2.4 655 13 1,312 2025 326 328 26 680 681 2.4 684-4 1,308 2026 324 342 26 692 709 2.4 711-19 1,289 2027 322 356 26 704 735 2.4 737-34 1,255 2028 319 372 25 716 765 2.4 768-51 1,204 2029 317 386 24 728 792 2.4 794-67 1,137 2030 315 401 23 739 816 2.4 819-80 1,057 2031 314 414 21 749 836 2.4 839-89 968 2032 313 427 19 759 852 2.4 855-96 872 2033 311 440 17 769 869 2.4 872-102 769 2034 310 453 15 778 885 2.4 888-109 660 2035 309 465 13 787 900 2.4 903-116 544 2036 308 475 11 795 915 2.4 917-122 422 2037 308 484 8 801 927 2.4 929-128 293 2038 308 493 6 807 939 2.4 941-135 158 2039 307 502 3 812 950 2.4 952-140 18 2040 307 509 0 816 959 2.4 962-145 -127 2041 307 516-3 820 965 2.4 967-147 -275 2042 307 519-5 820 970 2.4 973-152 -427 2043 306 523-9 820 974 2.4 977-157 -584 2044 305 526-12 819 979 2.4 981-163 -746 2045 303 528-15 817 983 2.4 986-169 -915 2046 302 530-18 813 987 2.4 990-176 -1,091 2047 300 531-22 810 991 2.4 994-183 -1,275 2048 299 532-25 806 994 2.4 997-191 -1,465 2049 298 533-29 801 996 2.4 999-197 -1,663 2050 296 534-33 797 998 2.4 1,001-204 -1,866 2051 295 535-37 792 1,000 2.4 1,002-210 -2,076 2052 294 535-42 787 1,000 2.4 1,002-215 -2,291 2053 293 536-46 783 1,002 2.4 1,004-221 -2,512 2054 291 537-50 778 1,006 2.4 1,008-230 -2,742 2055 290 538-55 773 1,009 2.4 1,011-238 -2,980 2056 288 539-60 767 1,011 2.4 1,013-246 -3,226 2057 286 539-65 761 1,012 2.4 1,014-253 -3,479 2058 285 540-70 755 1,012 2.4 1,014-259 -3,738 2059 283 541-75 749 1,011 2.4 1,014-265 -4,003 2060 281 542-80 743 1,011 2.4 1,013-270 -4,273 2061 279 542-85 736 1,011 2.4 1,014-277 -4,550 2062 278 543-91 729 1,010 2.4 1,013-283 -4,834 2063 277 542-97 722 1,007 2.4 1,009-287 -5,121 2064 276 540-102 714 1,001 2.4 1,003-289 -5,410 87 @ 2015 * 2015

1D * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0-275 -2,000-4,000-5,410-6,000-8,000-10,000-12,000-14,000-16,000-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 88

3 2013 2015 2041 2041 2064 1 14 -$2,485 1 13 -$2,670 -$12,719 15 2041 $1,270 12 29 ^ $376 -$5,058 7 19 -$1,167 6 18 -$1,410 -$9,896 13 2041 # $135 10 25 -$275 -$5,410 ^ 2041 # 204229 4. 3 12 13 18 29 25 2064 12,719 5,058 9,896 5,410 2 5. 2015 45A-B 2 2015 11 3,500 3,690 1,000 5382033 17 2064 548 89

4 2013 2015 $150,000 $3,405 $150,000 $3,660^ * 2013 $300,000 $2,270 2015 $300,000 $2,390 # $1,135 $1,235 # $100,000 $3,600 $100,000 $3,870^ 2013 $210,000 $2,200 2015 $210,000 $2,390 # $1,135 $1,235 # * 65 ^ 2015 # 2015 2 1 90

5A 2015$ * 2015 209 96 305 1.27% 2016 225 105 329 1.34% 2017 233 109 342 1.37% 2018 241 114 355 1.40% 2019 251 120 370 1.43% 2020 262 125 387 1.46% 2021 274 131 405 1.51% 2022 287 137 424 1.56% 2023 300 144 444 1.62% 2024 313 151 464 1.67% 2025 328 157 485 1.73% 2026 342 162 505 1.78% 2027 356 167 523 1.83% 2028 372 173 545 1.89% 2029 386 178 565 1.94% 2030 401 183 583 1.98% 2031 414 186 600 2.02% 2032 427 188 614 2.04% 2033 440 189 630 2.08% 2034 453 191 644 2.10% 2035 465 193 658 2.13% 2036 475 196 671 2.15% 2037 484 198 682 2.16% 2038 493 200 694 2.18% 2039 502 202 704 2.20% 2040 509 204 713 2.20% 2041 516 205 720 2.21% 2042 519 205 725 2.21% 2043 523 206 728 2.21% 2044 526 206 732 2.20% 2045 528 207 735 2.21% 2046 530 208 738 2.21% 2047 531 209 741 2.22% 2048 532 210 743 2.22% 2049 533 211 744 2.22% 2050 534 211 745 2.22% 2051 535 212 746 2.23% 2052 535 212 747 2.23% 2053 536 212 748 2.23% 2054 537 213 751 2.24% 2055 538 214 753 2.24% 2056 539 215 754 2.25% 2057 539 215 754 2.25% 2058 540 215 755 2.25% 2059 541 214 755 2.25% 2060 542 214 755 2.26% 2061 542 213 756 2.26% 2062 543 213 755 2.26% 2063 542 211 753 2.26% 2064 540 209 750 2.25% * 91

5B 2015$ * 2015 209 49 258 1.08% 2016 225 54 278 1.14% 2017 233 56 288 1.16% 2018 241 58 299 1.17% 2019 251 60 310 1.20% 2020 262 63 325 1.23% 2021 274 65 340 1.27% 2022 287 68 355 1.31% 2023 300 71 371 1.35% 2024 313 75 388 1.40% 2025 328 78 406 1.45% 2026 342 81 423 1.49% 2027 356 84 441 1.54% 2028 372 88 460 1.59% 2029 386 91 478 1.64% 2030 401 94 495 1.68% 2031 414 97 512 1.72% 2032 427 100 527 1.75% 2033 440 103 544 1.79% 2034 453 106 559 1.83% 2035 465 109 574 1.86% 2036 475 112 587 1.88% 2037 484 114 598 1.90% 2038 493 116 609 1.92% 2039 502 118 620 1.93% 2040 509 120 629 1.95% 2041 516 122 637 1.95% 2042 519 123 642 1.96% 2043 523 123 646 1.96% 2044 526 124 650 1.96% 2045 528 125 653 1.96% 2046 530 125 655 1.96% 2047 531 125 657 1.97% 2048 532 126 658 1.97% 2049 533 126 659 1.97% 2050 534 126 660 1.97% 2051 535 126 661 1.97% 2052 535 126 661 1.97% 2053 536 126 662 1.98% 2054 537 127 664 1.98% 2055 538 127 665 1.99% 2056 539 127 666 1.99% 2057 539 127 667 1.99% 2058 540 127 667 1.99% 2059 541 128 668 1.99% 2060 542 128 669 2.00% 2061 542 128 670 2.00% 2062 543 128 670 2.01% 2063 542 128 669 2.00% 2064 540 127 667 2.00% * 92

6. 4 6A-D2A-D 7. 7A-B 93

6A 2015$ @ / 5% * * 2015 538 16 59.2 45 658 658 658 2016 538 29 217 59.2 35 13 890 493 2.4 495 395 1,054 2017 33 224 59.2 24 21 361 514 2.4 516-155 898 2018 34 231 59.2 24 18 367 536 2.4 538-171 727 2019 26 240 59.2 24 15 363 561 2.4 563-200 527 2020 24 249 59.2 24 11 367 587 2.4 589-222 305 2021 24 221 259 59.2 24 6 593 615 2.4 617-25 280 2022 19 220 269 59.2 24 6 597 645 2.4 647-51 229 2023 16 218 279 59.2 24 5 600 676 2.4 678-78 151 2024 13 216 290 59.2 24 3 604 707 2.4 709-105 46 2025 9 213 301 59.2 24 1 608 738 2.4 741-133 -87 2026 538 5 212 312 59.2 24-2 1,147 768 2.4 771 376 289 2027 1 211 322 59.2 13 6 612 796 2.4 799-187 102 2028 0 209 334 59.2 13 2 617 829 2.4 832-215 -112 2029 0 207 345 59.2 13-2 622 858 2.4 861-238 -351 2030 0 206 355 59.2 13-7 627 885 2.4 887-260 -611 2031 0 206 364 59.2 13-12 630 906 2.4 909-279 -890 2032 0 205 372 59.2 13-18 632 924 2.4 926-294 -1,184 2033 0 204 381 59.2 13-24 634 942 2.4 944-311 -1,495 2034 0 204 389 59.2 13-30 635 959 2.4 962-327 -1,822 2035 0 203 396 59.2 13-36 635 976 2.4 978-343 -2,165 2036 538 0 203 402 59.2 13-43 1,172 991 2.4 993 178-1,987 2037 0 203 407 59.2 2-40 632 1,004 2.4 1,006-375 -2,361 2038 0 203 412 59.2 2-47 629 1,018 2.4 1,020-391 -2,752 2039 0 203 417 59.2 2-55 626 1,029 2.4 1,032-406 -3,158 2040 0 202 421 59.2 2-63 621 1,039 2.4 1,042-420 -3,578 2041 0 202 424 59.2 2-72 616 1,045 2.4 1,048-432 -4,010 2042 0 202 426 59.2 2-80 610 1,051 2.4 1,054-444 -4,454 2043 0 201 429 59.2 2-89 602 1,056 2.4 1,058-456 -4,910 2044 0 201 431 59.2 2-98 595 1,061 2.4 1,063-468 -5,378 2045 0 200 432 59.2 2-108 586 1,065 2.4 1,068-482 -5,860 2046 0 199 433 59.2 2-117 577 1,070 2.4 1,072-495 -6,356 2047 0 198 434 59.2 2-127 567 1,074 2.4 1,076-510 -6,865 2048 0 197 435 59.2 2-137 556 1,077 2.4 1,080-523 -7,388 2049 0 196 436 59.2 2-148 545 1,080 2.4 1,082-537 -7,925 2050 0 195 436 59.2 2-159 534 1,082 2.4 1,084-550 -8,475 2051 0 194 436 59.2 2-170 522 1,083 2.4 1,085-563 -9,038 2052 0 193 437 59.2 2-181 510 1,083 2.4 1,086-576 -9,614 2053 0 192 437 59.2 2-192 498 1,085 2.4 1,088-590 -10,204 2054 0 191 438 59.2 2-204 486 1,090 2.4 1,092-606 -10,810 2055 0 190 439 59.2 2-216 473 1,093 2.4 1,095-622 -11,432 2056 0 188 439 59.2 2-229 460 1,095 2.4 1,097-638 -12,070 2057 0 187 439 59.2 2-241 446 1,096 2.4 1,098-652 -12,722 2058 0 186 439 59.2 2-254 432 1,096 2.4 1,099-667 -13,389 2059 0 185 439 59.2 2-268 418 1,096 2.4 1,098-680 -14,069 2060 0 184 439 59.2 2-281 404 1,096 2.4 1,098-694 -14,763 2061 0 183 440 59.2 2-295 389 1,096 2.4 1,098-709 -15,472 2062 0 182 440 59.2 2-309 373 1,095 2.4 1,097-723 -16,196 2063 0 181 439 59.2 2-324 357 1,091 2.4 1,093-736 -16,931 2064 0 181 437 59.2 2-339 341 1,084 2.4 1,087-746 -17,677 4 @ 2015 * 2015 94

2A * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0-2,000-4,000-4,010-6,000-8,000-10,000-12,000-14,000-16,000-17,677-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 95

6B 2015$ / @ * * 2015 538 349 209 112 1,208 497 2.4 500 709 709 2016 349 217 112 14 692 519 2.4 522 171 880 2017 349 224 112 18 703 542 2.4 544 159 1,038 2018 348 231 112 21 713 565 2.4 567 146 1,184 2019 347 240 112 24 723 591 2.4 593 130 1,314 2020 346 249 112 26 734 619 2.4 621 112 1,426 2021 344 259 112 29 744 648 2.4 651 93 1,519 2022 342 269 112 30 753 680 2.4 682 71 1,590 2023 339 279 112 32 762 713 2.4 715 47 1,637 2024 335 290 112 33 770 745 2.4 748 22 1,659 2025 332 301 112 33 778 779 2.4 781-3 1,657 2026 329 312 112 33 787 810 2.4 812-26 1,631 2027 327 322 112 33 794 840 2.4 842-48 1,583 2028 325 334 112 32 803 874 2.4 877-74 1,509 2029 322 345 112 30 810 905 2.4 907-98 1,411 2030 320 355 112 28 816 933 2.4 935-119 1,292 2031 319 364 112 26 822 955 2.4 958-136 1,157 2032 319 372 112 23 826 974 2.4 976-150 1,007 2033 318 381 112 20 831 993 2.4 995-164 842 2034 317 389 112 17 835 1,011 2.4 1,014-179 663 2035 316 396 112 13 838 1,029 2.4 1,031-193 470 2036 316 402 112 9 840 1,045 2.4 1,047-207 263 2037 316 407 112 5 841 1,059 2.4 1,061-220 43 2038 316 412 112 1 841 1,073 2.4 1,075-234 -191 2039 315 417 112-4 841 1,085 2.4 1,087-247 -438 2040 315 421 112-9 839 1,096 2.4 1,098-259 -697 2041 315 424 112-14 837 1,102 2.4 1,105-268 -964 2042 314 426 112-19 834 1,108 2.4 1,111-277 -1,241 2043 314 429 112-25 830 1,113 2.4 1,116-286 -1,527 2044 312 431 112-31 825 1,118 2.4 1,121-296 -1,823 2045 311 432 112-36 820 1,123 2.4 1,126-306 -2,129 2046 310 433 112-43 813 1,128 2.4 1,130-317 -2,446 2047 308 434 112-49 806 1,132 2.4 1,135-328 -2,774 2048 307 435 112-55 799 1,136 2.4 1,138-339 -3,114 2049 305 436 112-62 791 1,138 2.4 1,141-350 -3,464 2050 303 436 112-69 783 1,140 2.4 1,143-360 -3,824 2051 301 436 112-76 774 1,142 2.4 1,144-370 -4,194 2052 300 437 112-84 765 1,142 2.4 1,145-380 -4,574 2053 298 437 112-91 756 1,144 2.4 1,147-391 -4,964 2054 296 438 112-99 747 1,149 2.4 1,151-404 -5,368 2055 295 439 112-107 738 1,152 2.4 1,155-417 -5,785 2056 293 439 112-116 728 1,155 2.4 1,157-429 -6,214 2057 291 439 112-124 718 1,156 2.4 1,158-440 -6,654 2058 289 439 112-133 707 1,156 2.4 1,158-451 -7,105 2059 288 439 112-142 697 1,155 2.4 1,158-460 -7,565 2060 286 439 112-151 687 1,155 2.4 1,157-471 -8,036 2061 284 440 112-161 676 1,155 2.4 1,158-482 -8,518 2062 283 440 112-170 664 1,154 2.4 1,156-492 -9,011 2063 282 439 112-180 652 1,150 2.4 1,152-500 -9,510 2064 281 437 112-190 640 1,143 2.4 1,146-505 -10,016 4 @ 2015 * 2015 96

2B * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0-2,000-4,000-964 -6,000-8,000-10,016-10,000-12,000-14,000-16,000-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 97

6C 2015$ / @ * * 2015 2016 2017 471 412 224 1,107 553 2.4 556 551 2018 411 231 11 653 577 2.4 579 74 2019 409 240 12 662 604 2.4 606 56 2020 408 249 14 671 632 2.4 635 36 2021 406 259 14 679 663 2.4 665 14 2022 236 403 269 15 923 695 2.4 697 225 956 2023 400 279 19 698 728 2.4 731-33 923 2024 396 290 18 704 761 2.4 764-60 864 2025 392 301 17 710 795 2.4 798-88 776 2026 390 312 16 717 828 2.4 830-113 663 2027 236 387 322 13 958 858 2.4 860 98 760 2028 384 334 15 733 893 2.4 896-162 598 2029 381 345 12 738 924 2.4 927-189 409 2030 379 355 8 742 953 2.4 955-213 197 2031 378 364 4 746 976 2.4 978-232 -36 2032 236 377 372-1 984 995 2.4 997-13 -49 2033 376 381-1 755 1,015 2.4 1,017-262 -311 2034 374 389-6 757 1,033 2.4 1,036-279 -590 2035 373 396-12 757 1,051 2.4 1,053-296 -886 2036 373 402-18 757 1,067 2.4 1,070-313 -1,199 2037 236 373 407-24 991 1,082 2.4 1,084-92 -1,291 2038 372 412-26 759 1,096 2.4 1,099-340 -1,631 2039 372 417-33 756 1,109 2.4 1,111-355 -1,987 2040 371 421-40 752 1,119 2.4 1,122-370 -2,356 2041 371 424-47 748 1,126 2.4 1,128-381 -2,737 2042 236 371 426-55 978 1,132 2.4 1,135-157 -2,893 2043 370 429-58 740 1,137 2.4 1,140-399 -3,293 2044 368 431-66 733 1,142 2.4 1,145-412 -3,704 2045 367 432-74 725 1,148 2.4 1,150-425 -4,129 2046 365 433-83 716 1,152 2.4 1,155-438 -4,568 2047 364 434-91 707 1,157 2.4 1,159-453 -5,020 2048 362 435-100 696 1,160 2.4 1,163-466 -5,486 2049 360 436-110 686 1,163 2.4 1,165-479 -5,966 2050 358 436-119 675 1,165 2.4 1,167-493 -6,459 2051 356 436-129 663 1,167 2.4 1,169-506 -6,964 2052 354 437-139 652 1,167 2.4 1,169-518 -7,482 2053 353 437-150 640 1,169 2.4 1,171-531 -8,013 2054 351 438-160 628 1,174 2.4 1,176-548 -8,561 2055 349 439-171 616 1,177 2.4 1,180-564 -9,125 2056 346 439-183 603 1,180 2.4 1,182-579 -9,705 2057 344 439-194 589 1,181 2.4 1,183-594 -10,299 2058 342 439-206 575 1,181 2.4 1,183-608 -10,906 2059 341 439-218 562 1,180 2.4 1,183-621 -11,527 2060 339 439-231 548 1,180 2.4 1,182-635 -12,162 2061 337 440-243 533 1,180 2.4 1,183-650 -12,812 2062 335 440-256 518 1,179 2.4 1,181-663 -13,475 2063 334 439-270 503 1,175 2.4 1,177-675 -14,150 2064 333 437-283 487 1,168 2.4 1,170-684 -14,833 551 625 680 716 730 4 @ 2015 * 2015 98

2C * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0-2,000-4,000-6,000-2,737-8,000-10,000-12,000-14,000-16,000-14,833-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 99

6D 2015$ / @ * * 2015 538 342 209 1,089 435 2.4 438 651 651 2016 342 217 13 571 455 2.4 457 114 765 2017 341 224 15 580 474 2.4 477 104 869 2018 340 231 17 589 494 2.4 497 92 962 2019 339 240 19 598 517 2.4 520 79 1,040 2020 338 249 21 608 542 2.4 544 64 1,104 2021 337 259 22 618 568 2.4 570 48 1,152 2022 335 269 23 626 595 2.4 598 29 1,181 2023 332 279 24 634 624 2.4 626 8 1,189 2024 329 290 24 642 652 2.4 655-13 1,176 2025 326 301 24 650 681 2.4 684-34 1,142 2026 324 312 23 658 709 2.4 711-53 1,089 2027 322 322 22 666 735 2.4 737-72 1,017 2028 319 334 20 674 765 2.4 768-94 923 2029 317 345 18 681 792 2.4 794-114 809 2030 315 355 16 687 816 2.4 819-132 677 2031 314 364 14 692 836 2.4 839-147 530 2032 313 372 11 696 852 2.4 855-159 371 2033 311 381 7 700 869 2.4 872-172 199 2034 310 389 4 703 885 2.4 888-185 14 2035 309 396 0 705 900 2.4 903-198 -184 2036 308 402-4 707 915 2.4 917-210 -394 2037 308 407-8 707 927 2.4 929-222 -616 2038 308 412-12 707 939 2.4 941-234 -850 2039 307 417-17 707 950 2.4 952-245 -1,096 2040 307 421-22 706 959 2.4 962-256 -1,352 2041 307 424-27 704 965 2.4 967-264 -1,615 2042 307 426-32 701 970 2.4 973-272 -1,887 2043 306 429-38 696 974 2.4 977-280 -2,167 2044 305 431-43 692 979 2.4 981-289 -2,457 2045 303 432-49 687 983 2.4 986-299 -2,756 2046 302 433-55 680 987 2.4 990-309 -3,065 2047 300 434-61 674 991 2.4 994-320 -3,385 2048 299 435-68 666 994 2.4 997-330 -3,715 2049 298 436-74 659 996 2.4 999-340 -4,055 2050 296 436-81 651 998 2.4 1,001-349 -4,404 2051 295 436-88 643 1,000 2.4 1,002-359 -4,763 2052 294 437-95 635 1,000 2.4 1,002-367 -5,130 2053 293 437-103 627 1,002 2.4 1,004-377 -5,507 2054 291 438-110 619 1,006 2.4 1,008-389 -5,896 2055 290 439-118 610 1,009 2.4 1,011-401 -6,297 2056 288 439-126 601 1,011 2.4 1,013-412 -6,710 2057 286 439-134 591 1,012 2.4 1,014-423 -7,133 2058 285 439-143 581 1,012 2.4 1,014-433 -7,566 2059 283 439-151 571 1,011 2.4 1,014-443 -8,009 2060 281 439-160 561 1,011 2.4 1,013-453 -8,461 2061 279 440-169 550 1,011 2.4 1,014-464 -8,925 2062 278 440-179 539 1,010 2.4 1,013-474 -9,399 2063 277 439-188 527 1,007 2.4 1,009-482 -9,880 2064 276 437-198 515 1,001 2.4 1,003-488 -10,368 4 @ 2015 * 2015 100

2D * i 1,400 1,200 1,000 800 600 400 200 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 ii 4,000 2,000 0-2,000-1,615-4,000-6,000-8,000-10,000-12,000-10,368-14,000-16,000-18,000-20,000 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 2057 2059 2061 2063 2064 * 101

7A 2015$ * 2015 209 99 308 1.28% 2016 217 105 321 1.31% 2017 224 109 333 1.33% 2018 231 113 344 1.35% 2019 240 118 358 1.38% 2020 249 122 372 1.41% 2021 259 128 386 1.44% 2022 269 133 402 1.48% 2023 279 139 418 1.52% 2024 290 145 435 1.56% 2025 301 150 451 1.61% 2026 312 155 467 1.65% 2027 322 159 481 1.68% 2028 334 165 499 1.73% 2029 345 169 514 1.76% 2030 355 173 528 1.79% 2031 364 175 539 1.81% 2032 372 177 549 1.83% 2033 381 178 559 1.84% 2034 389 180 568 1.86% 2035 396 181 577 1.87% 2036 402 183 585 1.87% 2037 407 185 592 1.88% 2038 412 187 600 1.89% 2039 417 189 606 1.89% 2040 421 190 611 1.89% 2041 424 191 614 1.88% 2042 426 191 618 1.88% 2043 429 191 620 1.88% 2044 431 192 623 1.88% 2045 432 193 625 1.88% 2046 433 194 627 1.88% 2047 434 195 629 1.88% 2048 435 196 631 1.89% 2049 436 196 632 1.88% 2050 436 196 633 1.89% 2051 436 197 633 1.89% 2052 437 197 633 1.89% 2053 437 197 634 1.89% 2054 438 198 636 1.90% 2055 439 199 637 1.90% 2056 439 199 638 1.90% 2057 439 200 638 1.90% 2058 439 199 638 1.90% 2059 439 199 638 1.90% 2060 439 198 638 1.90% 2061 440 198 638 1.91% 2062 440 197 637 1.91% 2063 439 196 635 1.90% 2064 437 194 631 1.89% * 102

7B 2015$ * 2015 209 62 271 1.13% 2016 217 64 281 1.15% 2017 224 67 290 1.16% 2018 231 69 300 1.18% 2019 240 72 312 1.20% 2020 249 75 324 1.22% 2021 259 78 337 1.26% 2022 269 81 350 1.29% 2023 279 84 363 1.32% 2024 290 88 377 1.36% 2025 301 91 392 1.40% 2026 312 95 406 1.43% 2027 322 98 420 1.47% 2028 334 101 435 1.51% 2029 345 105 449 1.54% 2030 355 108 463 1.57% 2031 364 110 474 1.59% 2032 372 112 484 1.61% 2033 381 115 495 1.63% 2034 389 117 505 1.65% 2035 396 119 515 1.66% 2036 402 121 523 1.67% 2037 407 122 529 1.68% 2038 412 124 536 1.69% 2039 417 125 542 1.69% 2040 421 126 547 1.69% 2041 424 127 551 1.69% 2042 426 128 554 1.69% 2043 429 128 557 1.69% 2044 431 129 559 1.68% 2045 432 129 562 1.69% 2046 433 130 563 1.69% 2047 434 130 565 1.69% 2048 435 130 566 1.69% 2049 436 131 566 1.69% 2050 436 131 567 1.69% 2051 436 131 567 1.69% 2052 437 131 568 1.69% 2053 437 131 568 1.69% 2054 438 131 569 1.70% 2055 439 132 570 1.70% 2056 439 132 571 1.70% 2057 439 132 571 1.70% 2058 439 132 571 1.70% 2059 439 132 571 1.70% 2060 439 132 571 1.71% 2061 440 132 572 1.71% 2062 440 132 571 1.71% 2063 439 131 570 1.71% 2064 437 131 568 1.70% * 103

1. 2. 15 80 80 90 90 3. / 80/90 1% 104

4. 5. 6. 7. 105

106 1994 2005 partial pre-funding 1993 1997 2005

107 a b c 201365 1973 70 201365 65 6970 1973 5% 12 $7,100 5% $30,000

485 57 24 # * x 2/3 x = ^ * 12 # $22,500 $15,000 $22,500 x 2/31 ^ $390,000 65 426 2000 485B 2000 6 89 99 /279C 279D / 5% 5% 15% 108

/ 58 60 58 60 1950 109

110 65 18 65 70 2,000 65 160 65 190 5,000 8,000

111 24 () 2013 2014 2012 6 65 65100% 2 2013 9 2014 2011 55

15 7 1515 a 7 b 7 c 30 15 15 49 65 65 / 1515 64 65 15 64 50% 112

http: //www.fstb.gov.hk/tb/tc/report-of-the-working-group-on-longterm-fiscal-planning.htm http: //www.cpu.gov.hk/tc/research_reports/archives/archives_all.html http: //www.statistics.gov.hk/pub/b11302522013xxxxb0100.pdf http: //www.povertyrelief.gov.hk/pdf/poverty_report_2014_c.pdf http: //www.worldbank.org/en/topic/pensions http: //www.legco.gov.hk/ http: //www.swd.gov.hk http: //www.censtatd.gov.hk http: //www.hkhs.com/index.asp?lang=chi https: //www.housingauthority.gov.hk http: //www.hkmc.com.hk/chi/ http: //www.imf.org/external/chinese/index.htm/ http: //www.mpfa.org.hk/tch/main/index.jsp http: //www.labour.gov.hk http: //www.oecd.org/social/ http: //www.ha.org.hk https: //www.cpf.gov.sg/members 113 http //www.globalpensionindex.com/