Secretary for Labour & Welfare Dr Law Chi-kwong said the Government has substantially improved the welfare component in the existing retirement protection system.

Elaborating on the initiatives outlined in the 2019 Policy Address, Dr Law pointed out today that the improved retirement protection system is more or less the same as those programmes advocated by people talking about universal pensions.

“Within welfare, on the issue of universal pension, we had done in the previous administration a consultation relating to different ways of improving our retirement protection schemes.

“In that series of consultations, at the end the Government decided not to go ahead with something that people called a universal pension.

“But today, basically if you look at the existing retirement protection system, we have substantially improved particularly one of the major pillars which is very much related to the welfare components.

“We have the Old Age Living Allowance, particularly the higher level of Old Age Living Allowance which we are giving now.

“Half of a million people are actually already receiving it, which is $3,585, which is exactly, or more or less the same as those programmes advocated by people talking about universal pensions.”

He added that the Government will also look at ways to improve the MPF “offsetting” mechanism.