In a bid to tackle Hong Kong’s plummeting fertility rates, life insurer Bowtie, pharmaceutical giant Merck, and the Primary Care Education Foundation have launched the “Family Matters Initiative.” This collaborative effort aims to create a family-friendly work environment through educational programs and fertility subsidies, hoping to encourage employees to start families and support Hong Kong’s long-term development.
The urgency of the initiative is underscored by data from the United Nations Population Fund’s “Annual Report 2023.” The Census and Statistics Department of Hong Kong has recorded a staggering 77% decrease in fertility rates among women aged 20-24 over the past three decades. Conversely, fertility rates for women aged 40-44 have surged by 91%.
The “Primary Care Education Foundation x Merck x Bowtie Family Support Needs Survey 2024” shed light on the primary deterrents to having children. Financial burdens topped the list, with about 67% of the surveyed 200 employees stating that a family income exceeding $100,000 is necessary for childcare expenses. Additionally, 76% of respondents cited work pressure as a significant factor diminishing their desire to have children. Nearly 80% believe that raising a child to the age of 22 requires at least $6 million.
Despite these financial and occupational pressures, less than a third of respondents reported that their companies have measures to encourage fertility. A vast majority (84%) expressed a desire for more flexible working arrangements to support childcare. Over half of the respondents indicated they would consider having children if their companies provided more incentives, and 57% urged the government to prioritize financial support for families. However, 71% of respondents deemed current government fertility incentives insufficient.
To alleviate some of these financial burdens, Merck has committed to providing HK$280,000 in fertility subsidies per employee. This subsidy will cover fertility testing, egg freezing, and various infertility treatments, aiming to reduce the financial strain of in vitro fertilization (IVF) and boost birth rates.
Tony Cheng, Managing Director of Merck Hong Kong & Macau, emphasized that the initiative seeks to improve employees’ quality of life while positively impacting Hong Kong’s fertility rate. The partnership will also promote fertility knowledge through educational videos and articles. Fred Ngan, Co-Founder and Co-CEO of Bowtie, expressed his commitment to fostering a family-friendly work culture and raising awareness about the importance of childbearing.
PCEF Chairman Kwan Chi-kang called on more companies to join the initiative and collaborate with the government to support higher birth rates, envisioning a future where “Building Family, Building Hong Kong” becomes a shared goal.
