Why Was the Retirement System Called “Short Stilts”?

What did the civic group say in December 2010?

A group published a universal retirement protection submission calling the government’s three-pillar system “short stilts” and urging a universal central pension. Macau had launched its central provident fund in early 2010 while Hong Kong stalled; census projections put the 65-plus population near 2.5 million by 2039 — multiples of the then 890,000.

What are MPF’s gaps?

Some 2.8 million elderly, low earners, housewives and jobless people fall outside MPF; fees leave too little for retirement. Personal savings are a luxury for poor families; CSSA’s barriers deter applicants. While waiting for reform, workers should choose better funds — start at MPF fund comparison.

How would the proposal work?

Employers and employees each contribute 2.5% of salary, plus profits tax on enterprises earning over HK$10 million, plus merged fruit-money and elderly CSSA spending; a public body manages it with no financial-conglomerate middlemen, paying every citizen over 65 HK$3,000 a month immediately; seed funding would come from the fiscal surplus.