Jump to ContentJump to Main Navigation
Diversity and Occasional AnarchyOn Deep Economic and Social Contradictions in Hong Kong$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM HONG KONG SCHOLARSHIP ONLINE (www.hongkong.universitypressscholarship.com). (c) Copyright Hong Kong University Press, 2022. An individual user may print out a PDF of a single chapter of a monograph in HKSO for personal use.date: 30 June 2022

Economic Consequences of Universal Old Age Social Pensions

Economic Consequences of Universal Old Age Social Pensions

Chapter:
(p.189) 20 Economic Consequences of Universal Old Age Social Pensions
Source:
Diversity and Occasional Anarchy
Author(s):

Yue Chim Richard Wong

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888139446.003.0020

In this chapter, the author provides estimates of the long term cost of having a universal social pension scheme that offers every individual aged over 65 a fixed monthly payment. Universal schemes are particularly costly because everyone is eligible, and that Hong Kong's population is ageing rapidly and the total population growth is slowing down. This implies that more recipients will have to be supported by fewer contributors to the schemes. This chapter also compares the means-tested schemes with the universal non-means-tested ones. They are compared in terms of the tax revenue increase required to finance the larger old age social security expenditures as well as the years it will take to deplete the accumulated fiscal reserves of $600 billion. The author concludes that a modest payout under the means-tested scheme to help the impoverished in their old age is the only sensible policy option for Hong Kong.

Keywords:   Universal social pension scheme, Universal schemes, Means-tested schemes, Tax revenue, Fiscal reserves, Policies, Hong Kong, China, Economy

Hong Kong Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .