Wen Jiabao to HK: Retirement Can’t Rest on the Young

Why can’t the young support their parents anymore?

Premier Wen Jiabao urged Hong Kong to tackle deep-rooted problems and use its deep fiscal reserves to strengthen social security for the vulnerable; with ageing, fewer young people can afford to support the previous generation — family support alone no longer works. Critics say years of relying on old economic pillars and small-government inertia have left youth adrift.

What should retirement rest on?

Children or yourself — the answer is clearer than ever: all three pillars (MPF, personal savings, social security). Start managing your MPF mix early and let compounding do the work.