The launch of a life annuity scheme by the Mortgage Corporation will strengthen Hong Kong's retirement protection system.
Speaking to reporters today, Secretary for Labour & Welfare Stephen Sui said the scheme will allow the elderly, especially those with assets, to receive stable and continuous monthly payouts.
"Hong Kong adopts a multi-pillar retirement protection system. The proposed annuity scheme will strengthen one of the pillars in terms of voluntary savings."
He added the scheme will add to the measures proposed in the Policy Address to boost retirement protection.
"On the social welfare side we have introduced measures to enhance the Old Age Living Allowance.
"In terms of the public services, we have improved the Health Care Voucher. And also in terms of enhancing the pillar on our Mandatory Provident Fund, we have streamlined the procedures, lowered the administration fees, and also we have made proposals to gradually abolish the 'offsetting' arrangement involving the MPF."