Does HK need a universal retirement protection scheme?

    Updated: 2013-01-12 07:26

    By Nellie Fong Wong Kut-man(HK Edition)

      Print Mail Large Medium  Small 分享按鈕 0

    Editor's note: On Jan 4 issue's page H3, the author of the story "Does HK need a universal retirement protection scheme?" should have been Mrs Nellie Fong Wong Kut-man, , instead of Mr Fong Yun-wah. We sincerely apoligize to both Mrs Fong Wong Kut-man and Mr Fong Yun-wah for the mistake and republish the story today.

    There was a series of world turbulent events beginning in 1997, starting with the Asian financial turmoil in 1997-98, the IT bubble burst in 2001, the SARS epidemic in 2003 and the global financial crisis triggered by the collapse of Lehman Brothers in 2008.

    Despite all that, Hong Kong's economy had maintained positive growth in the past 10 years and this was very much due to having a "Closer Economic Partnership Arrangement" (CEPA) with the Chinese mainland. Tourism, consumer services and the real estate market did particularly well.

    With its dollar "pegged" to the US dollar, Hong Kong has to keep interest rates low in line with the US dollar, while the US continued its quantitative easing policy and maintains extremely low interest rates. As a result, most local Hong Kong residents' incomes have not kept up with inflation, particularly the elderly and unskilled workers. They are struggling. Hong Kong is a highly-developed city that should be able to take care of its elderly and needy.

    The offer by the HKSAR government of a monthly HK$2,000 Old Age Living Allowance (OALA) in addition to the existing Old Age Welfare Allowance, commonly known as "Fruit Money", is no doubt a move in the right direction. In order to ensure that only needy elderly citizens receive this OALA, an "assets declaration" was introduced. If it were not, how can anyone know if an elderly person really needs OALA?

    I see no reason to demand the removal of the "assets declaration" just because some are claiming "it is disrespectful to the elderly." The basic principle is that those who need OALA will get it and those who don't will not get it. In my opinion, for those in need, HK$2,000 a month is not enough, and the next step is to increase the OALA further.

    As to whether Hong Kong needs a Universal Retirement Protection (URP) scheme, that is an entirely different matter. OALA and URP are two different issues and should not be confused with each other. I believe Hong Kong should provide retirement protection to those in need. "Universal means universal to those in need and hence a "means test" mechanism has to be in place if a URP system is to be introduced. Retirement protection should not be universal for all, but universal to those in need. URP is not a universal cash handout nor a blind expansion of social welfare. Social welfare comes from taxation. We are obligated to assist the underprivileged, the low income elderly and those in need.

    The explosive rise of property prices in the past 10 years has made it increasingly difficult for the younger generation and low-income households to own a home of their own. It is therefore inevitable that many citizens are increasingly disgruntled. The government must step up its efforts to build affordable residential housing, either for rental or for ownership, for low-income households and the needy elderly.

    As a highly developed city, it is very difficult for Hong Kong to close its wealth gap, because skill-sets will raise the income bar higher and higher. If the wealth gap continues to grow, the disgruntlement and conflict between the haves and the have-nots will build up to a dangerous level.

    In my opinion, those who have benefited from CEPA offered by the central government in the last decade should consider helping the less fortunate Hong Kong residents. If the haves truly lend a hand to the have-nots, the conflict may lessen and only at that time Hong Kong will truly progress.

    The author is a HK member of the CPPCC and a chartered accountant.

    (HK Edition 01/12/2013 page3)

    无码中文人妻视频2019 | 亚洲中文精品久久久久久不卡| 自拍中文精品无码| 亚洲一区二区三区无码中文字幕| 无码精品A∨在线观看中文| 亚洲欧美成人久久综合中文网| 惠民福利中文字幕人妻无码乱精品 | 最近免费中文字幕大全免费版视频| 久久精品国产亚洲AV无码偷窥| 再看日本中文字幕在线观看| 中文字幕亚洲欧美日韩2019| 人妻无码第一区二区三区| 成人午夜福利免费无码视频| 精品人妻无码专区中文字幕| 曰韩无码AV片免费播放不卡| 国产麻豆天美果冻无码视频| 日韩精品人妻系列无码专区 | 亚洲AV无码专区国产乱码电影| 最好看最新的中文字幕免费| 中文字幕在线无码一区二区三区| 变态SM天堂无码专区| 久久久久久人妻无码| 亚洲av无码片在线播放| 亚洲中文字幕无码永久在线| 三上悠亚ssⅰn939无码播放| 大地资源中文第三页| 日本乱中文字幕系列观看| 中文无码久久精品| 人妻无码中文久久久久专区| AV色欲无码人妻中文字幕| 亚洲成av人片在线观看天堂无码| 日韩经典精品无码一区| 成?∨人片在线观看无码| 99无码熟妇丰满人妻啪啪| 无码精品一区二区三区免费视频| a级毛片无码兔费真人久久| 国产精品无码一区二区三级 | 免费无码又爽又黄又刺激网站 | 最近免费中文字幕MV在线视频3 | 中文精品久久久久人妻不卡| 人妻少妇精品视中文字幕国语|