Transcript of remarks by SLW on life annuity scheme

     Following is the transcript of remarks by the Secretary for Labour and Welfare, Mr Stephen Sui, on the life annuity scheme after attending the inauguration ceremony of the Po Leung Kuk 2017-18 Board of Directors today (April 11):

Reporter: (Regarding the) ... public annuity scheme, do you think it is sufficient to support the elderly in Hong Kong?

Secretary for Labour and Welfare: As I just said, Hong Kong adopts a multi-pillar retirement protection system. The proposed annuity scheme will strengthen one of the pillars in terms of voluntary savings. As announced in the recent Policy Address, we have proposed a series of initiatives to strengthen various pillars. On the social welfare side we have introduced measures to enhance the Old Age Living Allowance. In terms of the public services, we have improved the Health Care Voucher and also various elderly services, including elderly care services and medical care services. And also in terms of enhancing the pillar on our Mandatory Provident Fund (MPF), we have streamlined the procedures, lowered the administration fees, and also we have made proposals to gradually abolish the "offsetting" arrangement involving the MPF, the severance payment and the long service payment.

(Please also refer to the Chinese portion of the transcript.)

Ends/Tuesday, April 11, 2017
Issued at HKT 16:15