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HK Govt Reportedly Mulls Drawing Line: No More '$2 Scheme' for 60 Yr Old Elderly after Certain Yr
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The Labor and Welfare Bureau had previously indicated its expectation to announce the results of the review of the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities (the $2 Scheme); however, the latest Policy Address did not touch upon the topic. The political column of the Hong Kong Economic Journal today (25th) quoted sources as saying that there are serious concerns within the government about radically reducing the transport benefits for the elderly, fearing a backlash from the public. One of the options being considered is to “draw a line” in a certain year in the future, after which people aged 60-64 will no longer be eligible for the concession, the report quoted an Executive Council (ExCo) member as saying. Assuming the government draws the line after 10 years, people under 50 years old this year will need to be at least 65 years old to enjoy the concession. On the other hand, people over 50 years old this year will still be able to enjoy the concession when they reach 60 years old. The ExCo member analyzed that the crossed line has an advantage in expectation management, because people who “will be 60 years old in 8 or 10 years” may not have high expectations for the concessions. The 2024 Budget had proposed that expenditure on the “$2 Scheme” soared in recent years. In 2020/21, the Scheme involved $1.18 billion in government expenditure; in 2023/24, it spiked to $4.28 billion. And it is estimated that expenditure in 2024/25 will be $6.34 billion. AAStocks Financial News |
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