Nearly half of Hongkongers making more than HK$20,000 a month aren't satisfied with their financial standing, a new Zurich survey indicates.

And 82 percent of those polled don't believe the benefits offered by their employers are good enough to attract potential employees.

Additionally, the study found that 60 percent didn't start planning for retirement until they were over 40.

Zurich International Life (ZIL), the life insurance arm of Zurich Group, said yesterday that it surveyed 400 of its clients regarding their attitude toward financial planning and corporate employee benefits. The results indicated that 48 percent aren't happy with their financial status.

More than a third of those surveyed admitted that they would make an employment decision based on the benefits packages offered.

Carlos Sabugueiro, ZIL's regional director, called it an "alarming message for employees".

"Companies in Hong Kong may suffer the consequences if they fail to offer competitive and rewarding benefits packages to executives demanding more from their employers," he said.

"Given the fact that so many top employers are competing for highly skilled and talented employees, not only locally but internationally, those destined to succeed are realizing the need to offer current and prospective employees a benefits package worthy of their abilities," Sabugueiro told reporters at a press conference.

The Swedish life insurer said Hong Kong companies don't provide their employees with enough life insurance and healthy-enough insurance benefits, apart from the Mandatory Provident Fund (MPF).

While most Hongkongers making more than HK$20,000 a month are offered an MPF by their employer, only a little more than half are offered life insurance. And just 48 percent are offered health insurance, while only 3 percent have the option to participate in an employee benefits package, the company said.

Sabugueiro called it "a big worry" that many people don't save enough for retirement, as the MPF alone won't sustain their lifestyles.

(HK Edition 06/12/2008 page2)