Income for retirees needed

(November 20, 2017)

Retirees need a regular and reasonable income, with the number of non-working senior citizens expected to grow substantially in the next decade.
 
Secretary for Labour & Welfare Dr Law Chi-kwong made the statement to the media today, noting Hong Kong’s poverty situation is expected to get worse due to an ageing population.
 
 “Given the increasing number of retirees in Hong Kong and the growth is something around 4 to 5 % currently that will grow up to 7 %, 8 % or even 10 % in a decade's time, we will expect, because of a lack of regular income for the elderly, (it) would have a significant impact on the number of elderly living below the official poverty line. “
 
Dr Law reiterated the poverty line is drawn according to 50% of the median household income, which will rise due to a general income increase in Hong Kong.
 
He said while in the past few years, both the household and individual median income surpassed inflation, the Government’s welfare programme is only annually adjusted according to inflation.
 
“Therefore, there will be a growing gap between the poverty line and our welfare programme which is purely adjusted on inflation. These are all statistical, but on the other hand as I said, we still have a lot to do to improve our existing programmes.”
 
Dr Law said the Government hopes to protect more needy families through its upgraded versions of the Low-income Working Family Allowance and Old Age Living Allowance.