'Compromise Offer' Over Elderly Welfare Plan

"); jQuery("#212 h3").html("

"); });
2019-01-17 HKT 22:20
Sources have told RTHK that the government has floated a compromise proposal amid strong opposition to its plan to raise the minimum age for elderly welfare payments - but critics say it's not what is needed.
The move came later on Thursday, after lawmakers from all sides united in urging the administration to withdraw its plan to raise the age requirement from 60 to 65.
It’s understood officials are now proposing an additional allowance of about $1,000 for 60- to 64-year-olds, if they have proof from social workers that they cannot find work. The sources said the additional allowance could make up for the shortfall in comprehensive social security assistance (CSSA) payments.
The compromise was offered after legislators voted overwhelmingly to pass a non-binding motion to shelve original plan. The motion, moved by social welfare sector legislator Shiu Ka-chun, was passed by 51 votes for, two against and four abstentions. The motion also called for the government to review the entire CSSA scheme.
Lawmakers from the pro-establishment camp are said to have reacted favourably to the government compromise after meeting the Chief Executive, Carrie Lam.
But pan-democrats said it's not a workable or fair solution. They said that creating another means-tested allowance would make the welfare system even more complicated, and failed to deal with the root problem. They were also angered that Lam only invited pro-government legislators to the meeting.
Future Fintechs Hong Kong Subsidiary Seeks VASP And Asset Management Licenses
Future Fintech, a financial and digital technology services provider, announced that its wholly owned Hong Kong subsidi... Read more
Can Regulation Scale With Innovation? Inside The Stablecoin Plans Of HK And The U.S.
Back in 2022, stablecoins were still an emerging topic. Yet, they stirred enough flurry for the Hong Kong Monetary Auth... Read more
Cyberport Start-ups Forge Regional Fintech Ties At MyFintech Week 2025 In Malaysia
Cyberport led a delegation of its fintech start-ups to MyFintech Week 2025 (MyFW 2025), held in Kuala Lumpur from 4 to ... Read more
Hong Kongs Stablecoin Law Triggers Industry Concerns Over KYC Rules
Hong Kong’s newly implemented stablecoin law, in effect since 1 August, has sparked concern among some in the industr... Read more
Stopping Fraud At The Gate: The New Imperative For Registration & Transaction Monitoring
The Asia-Pacific fintech landscape is thriving, fueled by the rapid adoption of digital payments, online banking and al... Read more
Hong Kong Private Banks See 14% Growth, Hire 400 More Wealth Managers
Hong Kong’s private banking and wealth management sectors are poised for further growth in hiring and office expansio... Read more