Universal pension would cost too much
There has been a heated debate about whether the Hong Kong government should introduce a universal retirement protection scheme and it has not been possible to reach a consensus.
I would be opposed to the implementation of such a scheme. This would be a long-term commitment and it would eventually mean that working people would have to pay more taxes to finance it. And taxes will keep rising because of the city’s ageing population. For young couples, this would be an additional reason why they might be reluctant to start a family, because of the high cost of raising a child here.
Hong Kong has never embraced welfarism. The government needs to ensure it continues to have a surplus in the years ahead. It must avoid taking on too great a financial burden, getting into serious debt and facing the same problems as Greece does now.
We should help the poor, but a universal pension is not the best way to do that. It would be a misallocation of resources. The government must focus on helping citizens living in poverty from all age groups.
Samuel Yu, Tseung Kwan O
Businesses will suffer from closed facilities