Groups urge government to inject HK$50 billion for universal retirement protection paying HK$3,000 a month

The Alliance for Universal Pensions proposes the government inject HK$50 billion and revamp the current MPF and CSSA systems to set up a universal pension fund, guaranteeing every elderly person HK$3,000 a month — enough, it says, to run for 50 years.

Where would the money come from?

The alliance proposes combining current Old Age Allowance and CSSA spending with half of MPF contributions, topped up by a HK$50 billion government seed injection. Organiser Au Yeung Kwun-tung said the three existing pillars for the elderly — CSSA, fruit money and MPF — offer inadequate protection for low-income people, making universal pensions necessary.

What do the government and the Elderly Commission say?

Elderly Commission chairman Chan Cheung-ming agreed public consultation on universal retirement protection is needed, while conceding resistance within government would be considerable. He also proposed scrapping the requirement for children to sign the so-called “unfilial child letter” — currently children must declare themselves unable or unwilling to support parents before elderly parents can claim CSSA. Community organizer Ng Wai-tung called the policy self-contradictory, as it discourages children from living with their parents.

What role does MPF play in retirement protection?

MPF is only one pillar of retirement protection and cannot alone secure old age. Workers should understand where MPF fits in the system and review their MPF fund choices to prepare for retirement on multiple fronts.