This website uses cookies to ensure you have the best experience. Learn more

Hong Kong Should Adopt A Universal Retirement Protection Scheme

1030 words - 5 pages

Given the aging population, it is estimated that one-third of the citizens would be elderly by 2039. Associated with this phenomenon, it is believed that poverty would increase its severity. Concerning whether Hong Kong should adopt Universal Retirement Protection (URP) scheme, the issue has been a controversy for many years. Refer to the Five-pillar framework suggested by the World Bank (Appendix 1), the comprehensive model is believed able to deliver financial support at a relative efficient and effective manner. However it has been evaluated that Hong Kong situation is under threat while ineffective and insufficient support unable to alleviate hardship of older adults’ life. ...view middle of the document...

Loopholes of current social security schemes
Saying the Comprehensive Social Security Assistance (CSSA) may support people financially but it is discovered that a significant number of impoverished older adults who are eligible for the social security protection are not receiving the assistance. The major reason is strongly linked with one’s dignity. Given that when older parents need to apply for CSSA, children has to declare that they are not going to provide support to their parents for which is commonly known as “bad son statement”. Yet under the teaching of traditional values, many refused applying the assistance. It is estimated that there are approximately 163,000 elderly eligible for CSSA but refuses to do so while the labeling effect is believed acting the crucial role (Oriental Daily, 2010). Despite stigmatization, the other problem found from CSSA is the rigorous mean-test that the asset limit for a single person aged 60 or above is $39,500. Resultantly, elderly who has some burial saving reached the ceiling and being ruled out. Seniors who are not receiving CSSA may apply non-mean-tested Old Age Allowance (OAA) or mean-tested Old Age Living Allowance (OALA) for which are under the Social Security Allowance (SSA) scheme. Successful applicant would receive $1180 and $2285 respectively per month but research highlighted the amount is insufficient for a healthy elderly to maintain basic living standard given the mean of basic expenditure is $3000 (Wong, 2005).

Ineffective existence saving scheme – Mandatory Provident Fund (MPF)
Further, MPF has been implemented since the year 2000 but its effectiveness in proving financial security after retirement is still doubted. High management fee and incomprehensive coverage of population of MPF are being criticized. For the former, it is suggested that management fees should be reduced as the expenses causing the shrink of saving. Under this circumstance, it is said that employee is unlikely to receive sufficient return to cover their needs after retirement if they contributed less than 30 years (Chan, 2012). For the latter, MPF is an occupational pension plan...

Find Another Essay On Hong Kong should adopt a Universal Retirement Protection Scheme

Should The Incinerator Be Built In Hong Kong?

774 words - 4 pages be a wanted solutions. Judging from the arguments mentioned above, I think having the state-to-the-art incineration plant is doing more good than harm to our community, it can perfectly tackle the municipal solid waste problem. In spite of the plant can reduce the mass and the volume of trash, it should not be the solely measure to cope with waste problem. We have to combine with different types of waste management solution, such as 4R, biological waste treatment, etc. I sincerely hope that Hong Kong residents will agree to construct an incinerator.

Discuss whether Hong Kong government should limite the daily quota of incoming mainland Chinese tourists

928 words - 4 pages Recently, Taiwan government announced that the daily quota of incoming mainland Chinese tourists will be 5000 people in the next year. The action of Taiwan government has aroused a great deal of controversy on whether Hong Kong government should imitate Taiwan to limit the incoming mainland Chinese tourists. Some people pointed out that it may have drawbacks on the Hong Kong economy. However, some local residents argue that it benefits Hong Kong

Should the Hong Kong SAR seize control of its country code top level domain ('ccTLD') to establish a "sovereign domain" in the manner described by Greg Hagen?

1424 words - 6 pages . Secondly, being an SAR Hong Kong will face a novel problem because it is unlikely that it has the jurisdiction to take a such a bold move since it has the potential of having wider foreign policy implications. Thirdly, if Hagen's solution is to work then all nations must take up this approach in unison, i.e. it is an 'all or nothing' solution. Thirdly, a condition precedent to this approach is that a nation state must have the resources to set up a

Promoting Judo to Tier A Elite Sport in Hong Kong

1451 words - 6 pages issue of whether Judo should be included in Hong Kong Elite Sports (Tier A) has been discussed for several years among scholars and universities in Hong Kong. Despite strong objection from HKSI, however, Judo should be included in the Hong Kong Elite Sports (Tier A), for it brings advantages to the spreading of Judo spirit, intensifies support for elite Judo athletes and the HKSI, and promotes Hong Kong’s economic growth. “Judo for all” has been

Islam as a Cultural Heritage in Hong Kong

1046 words - 4 pages Islam Culture Islam culture has not been very popular in Hong Kong. It has been always viewed by the public as an ethnic minorities’ religion and separated from our society. However, people have been ignoring the fact that this culture have established in Hong Kong for a long time. Back to the early 19th century, South Asian sailors and merchants were brought to Hong Kong by Europeans and they have started to promote this religion to people here

The Decentralization of Hong Kong as a Traffic Solution

1184 words - 5 pages Another suggested solution would be the decentralization of Hong Kong, in the sense of adding a new Central Business District outside of the current one. This would shift the concentrated movement towards the current CBD to another location, alleviating both above and underground congestions. Ideally, this would cut the traffic by almost a half in the current CBD, as it would be divided into two separate areas. The solution also has other

Should Committed Environmentalists Choose to Adopt a Vegan/Vegetarian Diet?

2213 words - 9 pages impacts, one solution would be to transfer to a vegetarian or even vegan diet. It is not necessarily ethical to prescribe one way of being for environmentalists all over the world, especially without thinking about differences in cultures. However, most committed environmentalists should adopt a vegetarian or vegan diet, with a few caveats. This is because (1) animal products are an inefficient source of protein in terms of environmental impact, (2

A Comparion of Two Musems on Hong Kong´s Maritime History

1063 words - 5 pages the operation of two museums, the obvious difference is that Hong Kong Museum of Coastal Defence belongs to the government, but Hong Kong Maritime Museum is private. Because of this, Hong Kong Museum of Coastal Defence has a large amount of budget for daily operation and that is why it is non-profitable and free of charge. However, as Hong Kong Maritime Museum is privately operated, it is profitable and charges from visitors. Many exhibits are also

Entrepreurship - Hung Fook Tong, A Hong Kong based Chinese Herbal drink company

3962 words - 16 pages IntroductionHong Kong people have become more health-conscious in the past decade. In 2003, the SARS epidemic in Hong Kong had cruelly taken away the lives of 300 people and left us with traumatic experiences. After such a painful lesson, people have realised the vulnerability of life and the importance of health. Their consumption on healthy products has surged considerably as a result. In order to explore the lucrative market of healthy

Gay couples should not be able to get married and adopt a child

544 words - 2 pages Elementary school and junior high school are the times in a child's life where he or she would get made fun of most. There is a lot of teasing, as well as, unnecessary words that are said to one another. During this period, a child must learn how to deal with words and how to stand up for himself or herself. However, if that child has a weakness, it would be a much harder time. Gay couples should not be able to get married and adopt a

Why People Should Adopt Rather Than Buy a Dog, an Outline

1498 words - 6 pages Kerwin Pasia COM-210 Kimbel Westerson 21 March 2014 Adoption of a Dog: Giving a Chance TOPIC: Why people should adopt rather than buy a dog GENERAL PURPOSE: To persuade SPECIFIC PURPOSE: To persuade my audience to adopt dogs rather than buying because they are being abused at puppy mills for the pet trade THESIS STATEMENT: Anyone can always think about buying a dog from a

Similar Essays

Implications Behind Pension Scheme And Savings Scheme In Retirement Protection

1178 words - 5 pages Introduction Retirement protection has become a concern in the world in recent years. Due to the existence of aging population and the improvement in living standards, people in developed regions started to demand for more social welfare. In the past, individuals would be self-independent or assisted by their next of kin (usually their children) financially when they retired. However problems emerged. Not everyone has the sufficient economic

Scheme $6000: A Benefit To Both The Government And The People Of Hong Kong Or Not?

2222 words - 9 pages The budget plan has announced the “Scheme $6,000” this year. It is a scheme that people who have Hong Kong Permanent Identity Card aged 18 or above can get $6000 from government. People who choose to defer receipt $6000 can have $200 bonus. It seems that it is a good policy for people: low-income group can have this subsidy to solve their financial problem; the others can save it, or use it to buy their favourite items. But when we think it

Should People Keep Pets In Hong Kong?

834 words - 4 pages Humans have kept pets since a long time ago, they are good helpers of us. Keeping pets is a part of our culture and lives, why should we concern about this? Pets are adorable. When a dog uses its shiny reflective eyes looking at you, a cat rubs her head against you , you feel the world is full of affection and love. Many of us, just like my little nephew, want one. However, is it suitable for keeping pet in Hong Kong? First, why people keep

Persuasive Essay Private Cars Should Be Banned In Hong Kong

590 words - 2 pages enjoyment.People may argue that with more people using private cars, car manufacturers enjoy more business, but that would also mean lower requirement for public vehicles and hence fewer jobs for bus drivers. If everyone believes that every family should own a car, public transport will no longer be in demand and many jobs will be lost to the local community.With all these disadvantages, I believe that establishing a law to ban private cars is the right thing to do. It not only helps save money, decreases the risk of car accidents, eases traffic flows, but also contributes to a better environment. I forcefully urge that we should ban private cars in Hong Kong.