The Government will put in place supporting measures to help employers adapt to the abolition of the practice of using accrued benefits attributable to employers’ Mandatory Provident Fund (MPF) mandatory contributions to offset severance payment (SP)/long service payment (LSP) payable to employees (“the offsetting arrangement”), which will take effect no later than 2025.

The appointee will be required to provide professional inputs from the actuarial perspective to facilitate the formulation of the implementation details of the related supporting measures, including:

(i) conducting financial and actuarial analyses and projections (including the long-term projections of SP and LSP expenses and cash flow projections) in consultation with relevant bureaux/ departments;
(ii) conducting analysis on the actual utilisation of the Government subsidy to share out employers’ SP/LSP expenses, and reconciliating with the actuarial assumptions of the utilization projections;
(iii) formulating actuarial calculation and performing claims and/or risk management analyses to quantify any behaviour changes of employers/ employees arising from the abolition of the offsetting arrangement and the implementation of supporting measures; and ensuring the process is robust to support any policy decision based on the projection and actuarial results;
(iv) developing solutions for combatting moral hazard and abuse arising from the implementation of the supporting measures based on the findings at (iii) and analysing the effectiveness of the measures;
(v) providing support and advice in the actuarial aspects of the supporting measures to ensure their long-term financial sustainability; and
(vi) carrying out other duties as assigned by the supervisors.

Candidate should -

(i) have a Bachelor’s degree in Actuarial Science or any related disciplines from a Hong Kong University or equivalent; and

(ii) have fellow membership of at least one of the following-
(a) the Society of Actuaries, the United States of America;
(b) the Institute and Faculty of Actuaries, the United Kingdom;
(c) the Institute of Actuaries, Australia;
(d) the Casualty Actuarial Society, the United States of America; or
(e) other equivalent internationally recognised actuarial professional bodies; and

(iii) After the election to the above fellow membership, have at least 18 months’ full-time actuarial experience in the insurance industry. Experience related to health insurance product design and development is preferred ; and

(iv) meet the Language Proficiency Requirement:
(a) Level 3 or above in Chinese Language and English Language in the Hong Kong Certificate of Education Examination (HKCEE) or Hong Kong Diploma of Secondary Education Examination (HKDSEE) or equivalent; and
(b) be able to speak fluent Cantonese and English.