Scholar urges government to study universal retirement protection: HK$50 billion injection for HK$3,000 monthly pensions

Hong Kong’s MPF has long been criticised for failing to provide adequate retirement protection. Elderly Commission chairman Professor Chan Cheung-ming said he has asked the Labour and Welfare Bureau to launch public consultation on universal retirement protection, arguing the government must table research within its current term so the next administration can act on the framework.

How would the universal pension proposal work?

The alliance proposes pooling fruit-money and CSSA spending with half of MPF contributions into a fund, topped up by a HK$50 billion government injection, paying every citizen HK$3,000 a month — enough to run for 50 years. Organiser Au Yeung Kwun-tung said the current MPF, CSSA and fruit-money systems all inadequately protect low-income retirees.

What’s wrong with the current system?

Community organiser Ng Wai-tung criticised the CSSA regime: elderly people living with family cannot claim, while those in care homes can — contradicting the government’s ageing-in-place policy. He urged the government to fix the inconsistency. Until the system improves, workers should plan proactively: understand what MPF protection covers and use MPF funds to grow retirement savings.