• Review and relax the approval threshold of elderly CSSA applications

    The Centre suggests the Government to consider exempting the requirement under CSSA for the children of elderly persons to sign the so-called ‘bad son statement’. This will allow the elderly to apply for CSSA on an individual basis. When assessing the amount of CSSA payable to the elderly, the Administration should also consider disregarding part of the cash assistance from their children, which would encourage these children to support their parents and improve the quality of life of the elderly.

  • Set up a ‘Public Pension’ and provide financial aid according to economic criteria

    The Centre recommends the Government to set up a ‘Public Pension’ to replace the existing OALA and OAA. A public pension payment of $3,200 per month will be paid to those aged 65 or above, with monthly income not more than $5,000 and net assets not more than $50,000. The amount of ‘Public Pension’ will be adjusted according to the income and asset levels of the elderly.

  • Abolish MPF offsetting mechanism and set up a matching grant

    MPF plays a crucial role in retirement protection. However, the accrued benefits for an employee might be reduced by one-half under the current offsetting mechanism. The Centre recommends the Government to abolish the MPF offsetting mechanism and strengthen the retirement protection function of MPF. In addition, the Government should set up a matching grant to encourage individual voluntary contribution and educate people to accumulate sufficient retirement savings.

  • Promote annuity market and enhance Reverse Mortgage Programme

    While retirement savings are important, financial planning is equally important. The Government should improve public education so that more people understand the merits of various annuity plans and means of managing longevity risk.