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Diversity and Occasional AnarchyOn Deep Economic and Social Contradictions in Hong Kong$
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Yue Chim Richard Wong

Print publication date: 2013

Print ISBN-13: 9789888139446

Published to Hong Kong Scholarship Online: January 2014

DOI: 10.5790/hongkong/9789888139446.001.0001

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Can We Afford Old Age Social Security?

Can We Afford Old Age Social Security?

Chapter:
(p.181) 19 Can We Afford Old Age Social Security?
Source:
Diversity and Occasional Anarchy
Author(s):

Yue Chim Richard Wong

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888139446.003.0019

In the 2012 contest for chief executive, the two candidates, Leung Chun Ying and Henry Tang, both put forth proposals for old age social security support. In this chapter, the author estimates the long-term cost of the proposals made by Leung and Tang and compares them with the long-term cost of the current welfare payments for the elderly. Their proposals are also compared with the one put forward by Professor Chow Wing-sun. Among the three proposals, conspicuously Leung's is the most affordable one. It is important to separate the issues of poverty and financing old age support. This chapter discusses three critical factors which led to the formation of government-funded old age social security schemes in the West, and states that the public must think twice about allowing our politicians to follow the footsteps of British politicians in the past.

Keywords:   Old age social security, Old age support, Poverty, Elderly, Policies, Hong Kong, China, Economy

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