Chief executive hopeful Henry Tang Ying-yen proposes granting eligible elderly people a monthly retirement subsidy of HK$3,000 in his long-awaited election platform, which was released yesterday.
The allowance would go to people aged 65 and over with a monthly income below HK$3,700 and assets of less than HK$186,000. Tang said it would cost HK$6.6 billion a year.
'Even if one in four people reach 65 in 2030, the annual cost incurred would be HK$20 billion. I'm confident that the government would find it affordable,' he said.
Under his scheme, which would benefit nearly 800,000 people, eligible recipients would continue to receive the old-age allowance, or 'fruit money', of HK$1,090.
The former chief secretary said elderly people who received Comprehensive Social Security Assistance (CSSA) could swap to the new subsidy. A person aged 60 or above receives a basic CSSA allowance of HK$2,820 a month and is eligible for housing and transport subsidies.
Tang's rival Leung Chun-ying had earlier proposed that elderly people who passed a means test be paid a higher old-age allowance.