The Hong Kong Monetary Authority’s retiring chief, Norman Chan Tak-lam, took one last opportunity to laud the retirement scheme he launched and claimed he could think of no better options for investing.
Chan stepped down after a 10-year career with the HKMA that began in 2009 and shared where he intends to invest his funds post-retirement.
«I could not think of any other retirement scheme than the public annuity, which can give a guaranteed monthly payment for a retiree to have a decent life, and there’s no need to worry about the highly volatile market risks and longevity,» «SCMP» quoted Chan as saying during a press conference on his last day in office.
Chan oversaw the launch of the said scheme in July 2018 which allows Hong Kong citizens aged 65 or above to invest up to $3 million to a scheme managed by the HKMA and receive «guaranteed» monthly income. The central bank adjusted for life expectancy and for every HK$1 million invested through the scheme men and women received HK$5,800 and HK$5,300, respectively.
Retirement Plans
Chan said his retirement plans include travel, sports and also the pleasure of enjoying elderly benefits such as the $2 price tag to any public transport and free entry to one of the local amusement parks during his birthday. And on returning to office, he did not rule out the option, adding that his candidacy for «any vacancy» was consistently ranked high.
«Every time there was any vacancy for a public office, I was always on the list of potential candidates,» he said. «[And] it always ended up as speculation. At the moment, I will enjoy my retirement life first.»
