The asset limits for the Old Age Living Allowance and Guangdong Scheme will be relaxed once the Legislative Council passes the Appropriation Bill 2017, the Social Welfare Department announced today.
Subject to the council's approval, the new asset limits will take effect from the first day of the month of the bill passage.
In the 2017 Policy Address, the Government proposed to relax the asset limits for the OALA from $225,000 to $329,000 for single elderly, and from $341,000 to $499,000 for elderly couples.
The new asset limits also apply to Guangdong Scheme applicants.
The department said eligible elderly can submit application for both schemes from today. Their applications will be processed after the passage of the bill.
Another proposal to add one more tier of assistance under the OALA will be implemented in mid-2018 at the earliest. Its implementation date and details will be announced in due course.
