Bowtie, Merck partner for Hong Kong fertility subsidies

Over two-thirds of respondents feel work pressure affects their desire to have children.

Life insurer Bowtie, Merck and Hong Kong’s Primary Care Education Foundation have partnered to launch the "Family Matters Initiative" to address Hong Kong's declining fertility rate.

As highlighted in the United Nations Population Fund’s "Annual Report 2023." The Census and Statistics Department notes a 77% decrease in fertility rates among women aged 20-24 over the past 30 years, while rates for women aged 40-44 have risen by 91%.

The initiative aims to create a family-friendly work environment with educational and fertility subsidies, encouraging employees to build families and support Hong Kong's long-term development. 

The "Primary Care Education Foundation x Merck x Bowtie Family Support Needs Survey 2024," involving about 200 employees, found that financial burdens are a major deterrent to having children. 

About 67% of respondents believe a family income over $100,000 is needed for childcare expenses.

Over two-thirds (76%) feel work pressure affects their desire to have children. Nearly 80% think at least $6 million is needed to raise a child to age 22.

However, less than a third of respondents said their companies had fertility-encouraging measures. Whilst 84% hope for more flexible working arrangements for childcare.

Over half would consider having children if their companies provided more incentives (51%) and want the government to prioritise financial support (57%).

However, 71% find current government fertility incentives insufficient.

To support this initiative, Merck will provide HK$280,000 in fertility subsidies per employee, covering fertility testing, egg freezing, and various infertility treatments. 

This aims to reduce the financial burden of IVF and encourage higher birth rates. 

Tony Cheng, Managing Director of Merck Hong Kong & Macau, emphasised the initiative's goal to improve employees' quality of life and positively impact Hong Kong's fertility rate.

PCEF, Merck, and Bowtie will also promote fertility knowledge through videos and articles. Fred Ngan, Co-Founder and Co-CEO of Bowtie, expressed their commitment to cultivating a family-friendly work culture and raising awareness about childbearing. 

PCEF Chairman Kwan Chi-kang called for more companies to join the initiative and collaborate with the government to support higher birth rates, aiming for the vision of "Building Family, Building Hong Kong."