Does HK need a universal retirement protection scheme?

Updated: 2013-01-04 13:34

By Nellie Fong Wong Kut-man(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

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 not in need will not get OALA. 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 for whether Hong Kong needs a Universal Retirement Protection Scheme (URP), 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.

主站蜘蛛池模板: 亚洲中文字幕在线无码一区二区| 国产亚洲欧美在在线人成| 中文字幕在线永久视频| 欧美三级中文字幕在线观看 | 国产成人vr精品a视频| 99国产欧美久久久精品| 成人精品一区二区久久| 九九视频在线观看视频23| 欧美黑人巨大videos精| 午夜爽爽爽男女污污污网站| 麻豆女神吴梦梦| 国产精品高清一区二区三区不卡| 一本大道无码人妻精品专区| 日本毛茸茸的丰满熟妇| 亚洲中文字幕第一页在线| 热久久国产精品| 午夜看黄网站免费| 青草影院内射中出高潮| 国产精品久久久久影院嫩草| 99爱在线精品视频网站| 性欧美video在线播放| 久久久久国产一区二区| 最近高清日本免费| 亚洲日韩中文字幕在线播放| 男女性潮高清免费网站| 啊用力嗯快国产在线观看| 顶级欧美色妇xxxxx| 国产精品igao视频网网址| 97国产在线观看| 奇米777在线视频| 三个黑人上我一个经过| 日日摸夜夜搂人人要| 久久精品视频国产| 欧美亚洲777| 亚洲欧洲免费无码| 熟妇人妻一区二区三区四区| 公和我在厨房好爽中文字幕| 老师你的兔子好软水好多的车视频 | 日韩精品一区二区三区在线观看| 亚洲无成人网77777| 爱情岛论坛亚洲永久入口口|