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Source: Hong Kong Information Services

The 10 initiatives announced by the Chief Executive aim to tackle Hong Kong’s long-term livelihood issues and should not be considered as one-off measures.

Chief Secretary Matthew Cheung made the statement after attending a radio programme today.

“The 10 measures proposed by the Chief Executive are meant to be institutional changes, not one-off relief measures.

“Unlike the Financial Secretary’s relief package, which are meant to be one-off measures.”

Citing the Old Age Living Allowance as an example, Mr Cheung said the Government is serious in its bid to tackle long-term problems.

The 10 measures include reforming the Old Age Living Allowance Scheme (OALA) by combining the normal OALA and higher one with a standard monthly payment rate of $3,585.

“In retirement protection, by making uniform the higher rate to apply for everybody – for the Old Age Living Allowance, it is a major step forward in improving old age protection, particularly retirement protection on that score.”

Changes to the allowance include raising the standardised asset limit to $500,000.

“We are talking about also increasing substantially the asset limit for applicants under the Old Age Living Allowance, again another very important breakthrough, which will benefit, we reckon, 150,000 people eligible for this particular relaxation.”

MIL OSI Asia Pacific News