Description of Visuals of the Video (3)
on Public Engagement Exercise on Retirement Protection
Description of
visuals:
The setting of a household living room appears. An old man is
standing at the centre.
Narrator:
Hello! There are more than 1 million elderly people in Hong
Kong, and their needs, family situations and health conditions are
very diverse.
Narrator:
To improve the retirement protection in Hong Kong, we should
take into account the different needs of every elderly person.
Description of
visuals:
A young man holding a money bag gradually turns old. At the same
time, the money bag that he is holding shrinks and becomes empty at
last.
Narrator:
Owing to various reasons, some people do not have enough
savings to financially support themselves after retirement.
Description of
visuals:
The old man throws away the empty money bag. He then falls onto a
big hand.
Narrator:
Our social security system can help these elderly people by
providing them with income protection in their old age.
Narrator:
For example, the Comprehensive Social Security Assistance
Scheme assists elderly people who cannot provide for themselves
to have their basic needs met.
Description of
visuals:
Super: “Comprehensive Social Security Assistance Scheme
Average monthly payment for elderly singletons: $5,548” appears.
Narrator:
The means test for the scheme is conducted on a household basis.
Self-occupied properties of elderly people are not counted as
assets in the means test.
Description of
visuals:
Super: “Old Age Living Allowance
appears.
Narrator:
The Old Age Living Allowance is specially designed for elderly
people aged 65 or above who have financial needs but are not
receiving Comprehensive Social Security Assistance.
Narrator:
The means test for this allowance is more lenient than that of the
Comprehensive Social Security Assistance Scheme. Elderly people
can apply on an individual basis or as a couple.
Narrator:
Apart from self-occupied properties not being counted as assets,
Monthly payment: $2,390”
the financial support provided by family members will not be
regarded as income.
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Description of
visuals:
Super: “2014 statistics Poverty Line” appears with a dotted line
under it. A number of elderly persons enter into the scene standing
under the dotted line, with Super: “Financial needs” besides them.
Narrator:
According to 2014 statistics, about 20,000 elderly people who were
under the poverty line and receiving the Old Age Living
Allowance indicated that they still had financial needs.
Description of
visuals:
Super: “Improve the Old Age Living Allowance” appears. A number
of characters of different age groups enter into the scene. Each of
them has a question mark above their head.
Narrator:
Do you agree to providing better retirement protection for elderly
people who have financial needs through improving the Old Age
Living Allowance?
Description of
visuals:
A consultation document appears in the scene, with Super: “Asset
Limit: $80,000 For reference only”.
Narrator:
The $80,000 asset limit set out in the consultation document is for
reference only.
Narrator:
If you consider that there are more elderly people in need of help,
you are welcome to propose other asset limits.
Description of
visuals:
The scene shows the layout of the thematic website of the Public
Engagement Exercise on Retirement Protection. Icon of the calculator
for the simulated “Those with financial needs” option appears at the
lower right hand corner of the homepage.
Narrator:
You may use the calculator on the retirement protection website
to calculate the additional government expenditure under
different levels for the asset limit.
Description of
visuals:
The scene shows a tree diagram, explaining that Social Security
includes Comprehensive Social Security Assistance Scheme, Old Age
Living Allowance, Disability Allowance, Old Age Allowance (Fruit
Money), and Super: “Age 70 Universal welfare” appear next to
Fruit Money.
Narrator:
Our social security also includes Disability Allowance and Old
Age Allowance
Narrator:
Old Age Allowance is commonly known as “fruit money”. All
elderly people reaching the age of 70 can apply. It is a form of
universal welfare without any means test.
Description of
An old man appears in the scene with a house next to him. The house
visuals:
subsequently changes into a bag of coins which in turn being
transferred into the hands of the old man. The old man is thinking of
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going on a vacation with his family.
Narrator:
For elderly people who have some assets, they can consider
converting their assets into cash flow to improve their living.
Narrator:
For example, the Reverse Mortgage Programme launched in 2011
allows elderly people to use their properties as collateral to
borrow from a bank. They will then receive a stable monthly
payout and will be able to continue to live in the original
property.
Narrator:
Upon the death of the elderly borrowers, their children or
inheritors may directly repay the loan to the bank or sell the
property for repayment.
Description of
visuals:
A young man then enters into the scene. Each of his hand is holding a
coin imprinted with Super: “MPF” and Super: “Personal Savings”.
The young man puts the coins into a “piggy bank” besides him
printed with a “$” sign. The “piggy bank” then moves under an icon
representing public body. The “piggy bank” becomes bigger and the
Super printed on it changes from “$” to “Annuity”. As the young
adult gradually turns old, he receives coins from the “piggy bank”
printed with “Annuity”.
Narrator:
In addition, there is a proposal for a Public Annuity Scheme.
Applicants would have to first pay a lump sum to a public body
for investment, in exchange for a fixed monthly income.
Narrator:
The advantage of the scheme is that elderly people could receive a
stable monthly income after retirement, without having to limit
their daily expenses owing to worries about the risk of outliving
their own savings.
Description of
Super: “iBond” and Super: “Silver Bond” appear in the scene. Super:
visuals:
“Retirement Savings Bond” then appears in between them and
increases in number until it covers the whole scene.
Narrator:
Some people have proposed the introduction of bonds designed
for facilitating citizens to save for their retirement. Such bonds
would be in addition to the inflation-linked iBond and the
upcoming Silver Bond specifically designed for the elderly people.
It is proposed that the quantity and term to maturity of such
retirement savings bonds must be larger and longer than that of
the iBond and the Silver Bond.
Description of
visuals:
An old man enters into the scene. Words and patterns of “Mortgage”,
“Annuity” and “Retirement Savings Bond” appear in the scene.
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Narrator:
Your views are welcomed on the improvement measures and
specific proposals with the respect of reverse mortgage, the public
annuity scheme and the retirement savings bond with a view to
helping the elderly.
Narrator:
Retirement protection is much more than income protection.
There are many in-kind public services which are also important
to the elderly. These include public housing, public healthcare,
community and residential care, the public transport fare
concession scheme and the Elderly Health Care Voucher Scheme.
Narrator:
These services are heavily subsidised by public money.
Narrator:
Apart from public housing, the elderly services are basically
universal in nature.
Description of
visuals:
Faces of a number of elderly persons appear over the map of Hong
Kong. Words and icons of “Healthcare”, “Housing”, “Residential
Care” and “Welfare” appear beside the faces.
Narrator:
With the rapid growth of the elderly population, the demand for
public services for the elderly will increase drastically.
Narrator:
To face the challenges ahead, we need to set aside adequate
resources to cope with the demand on one hand, while making
proper planning on land, manpower and models of service
delivery on the other.
Description of
visuals:
The old man appears again in the scene.
Narrator:
We need your views on how to better plan ahead for the above
public services.
Narrator:
Lastly, the public engagement exercise on retirement protection
has already started. Act now and send in your views.
Description of
visuals:
The scene changes to a consultation document gradually and displays
the following Super:
Public Engagement Exercise on Retirement Protection
Consultation period: December 22, 2015 – June 21, 2016
Website: rp.gov.hk
Enquiries: 3142 2303
Consultation document available at website or District Offices
Facebook: Public Engagement Exercise on Retirement Protection
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