THE Liberal Party has unveiled a counter-proposal to the Government's proposed old-age pension scheme which includes the introduction of a compulsory provident fund.
The two-pronged plan would require employers and employees each to contribute five per cent of the employee's salary into a provident fund.
It would also increase old-age benefits under the Comprehensive Social Security Assistance scheme to cater for the most needy.
The party planned to submit the proposal to the Government and the Preliminary Working Committee (PWC) for consideration.
Party spokesman James Tien Pei-chun, a legislator, said the Liberals' plan would be more economically viable than the Government's.
He criticised the Government's scheme as an economic 'time bomb'.
In years to come, Hong Kong's decreasing number of workers would find it more and more difficult to support its ageing population, he said.