Hong Kong educators took out HK$8.7 billion in pension funds in past academic year

Hong Kong public school teachers and principals took out HK$8.7 billion (US$1.1 billion) from two retirement fund schemes in the past academic year, a drop from the peak two years ago when a wave of emigration was cresting.

In the 2023-24 academic year, 2,603 teachers from subsidised and grant-receiving primary and secondary schools left the profession as a result of retirement, resignation or other reasons, down from 3,551 in 2021-22 and 3,334 in 2022-23.

The data was reported in the Subsidised Schools Provident Fund and Grant Schools Provident Fund annual reports that the Education Bureau released this week and last month respectively.

Teachers cashed out HK$8.7 billion in the previous academic year, down from HK$10.1 billion in 2022-23 and the peak of HK$10.7 billion in 2021-22.

Each teacher took out about HK$3.36 million on average last year, according to the Post’s calculations.

Before the emigration wave, about 2,000 teachers quit and cashed out about HK$5.2 billion from the two provident funds each year.