Raise elderly allowance to HK$5,000
The Old Age Living Allowance was introduced by the government in 2013 to supplement the living expenses of elderly people of 65 and above who are in need of financial support.
Its objective was “poverty alleviation”; hence it is a means-tested scheme so it benefits only the needy. The original amount was HK$2,200 per month, which has since been raised to HK$2,390.
Why give money to old rich people (which would be the case if the much-desired universal pension scheme principle is accepted), rather than utilise it for other useful purposes? This paltry sum would hardly make any difference to them.
Nevertheless, the government wants to do more for the elderly in need, which is why it embarked on a public consultation exercise on retirement protection. I have some suggestions for the government to consider.
First, it should raise the age of eligibility from the existing 65 to 70.
Second, there should be no fixed retirement age. Let a person continue working as long as he is mentally and physically alert and active.
