New HK$10 billion public annuity scheme can be expanded if popular, Chief Executive CY Leung says
City’s leader also planning visit to Pearl River Delta to seek views on ‘bay area’ plan
The city’s new HK$10 billion public annuity scheme can be expanded if it proves popular, according to Chief Executive Leung Chun-ying.
“The initial response to the scheme was positive, according to our assessment,” Leung said before attending the Executive Council meeting on Tuesday morning.
The government announced on Monday that the Hong Kong Mortgage Corporation would launch in the middle of next year a HK$10 billion public annuity scheme under which retirees will be able to invest a lump in exchange for a guaranteed monthly income until death.
People aged 65 and above will be allowed to invest between HK$50,000 and HK$1 million. With the amount earmarked, the corporation could accept 10,000 retirees each putting in HK$1 million or up to 200,000 retirees each paying in the minimum amount.
“The initiative reflects the government’s focus on the elderly’s needs and tackling poverty,” the outgoing leader said.