Old Age Pension Reforms in Mainland China and Hong Kong: Towards Better Risk Governance?
1566.ris
—
Octet Stream,
1 kB (1504 bytes)
Both Mainland China and Hong Kong are facing a rapidly ageing population, with the peak to pay for the mounting social insurance entitlements or the non-contributory universal Old Age Allowance in 2033, when it is estimated that about 1 in 4 persons in Hong Kong would be aged 65 and above. To curb the anticipated risk in the crisis of social security payments for the aged, Mainland China has implemented major reforms in the Labour Insurance System since 1990 and introduced a multi-tier Old Age Pension System with contributions from both employers and workers. Hong Kong, though having implemented the Mandatory Provident Fund Scheme since December 2000, is still unable to bring about an adequate income protection scheme for old people. A proposal to change the non-contributory Old Age Allowance into a means-tested monthly allowance in late 2008 by the Chief Executive of the HKSAR Government met with large uproar and was then shelved. This paper examines the attempts made by policy makers in Mainland China and the HKSAR in reforming the social security systems for the aged, and comments on the effectiveness of their risk governance.
JOUR
Ngan, Raymond M.H.
2009
Journal of Comparative Asian Development
8
1
125-148
1533-9114
10.1080/15339114.2009.9678476
1566