Latest news with #silverEconomy
South China Morning Post
09-07-2025
- Business
- South China Morning Post
Hong Kong minister hints at scrapping of MPF tax break proposal for elderly
Hong Kong's labour minister has dropped the biggest hint yet that authorities intend to scrap a proposal to raise the tax deduction amount for employers' voluntary pension contributions to older workers, a plan for encouraging greater workforce participation. Secretary for Labour and Welfare Chris Sun Yuk-han said on Wednesday that a government working group on promoting the silver economy decided that the proposed tax initiative 'complicated' the policy objective of the Mandatory Provident Fund (MPF). 'The restriction on employees receiving voluntary contributions also casts doubt on the effectiveness of the proposal,' he told lawmakers at a Legislative Council meeting. Asked by the Post whether the government had given up on the proposal, the Labour and Welfare Bureau said it had no further details to add. But lawmaker Lam Chun-sing said the minister's remarks suggested that authorities would not consider the proposal in the short term, a move he opposed. Financial Secretary Paul Chan Mo-po, in his 2023-24 budget blueprint, suggested increasing the tax deduction for employers' voluntary MPF contributions to staff aged 65 or above. The rate would have risen from 100 per cent to 200 per cent to help encourage the employment of elderly workers.
South China Morning Post
08-07-2025
- Business
- South China Morning Post
Hong Kong insurance market may grow 55% by 2032 as Greater Bay Area ages
Hong Kong's insurance business may expand by a compounded 55 per cent over the next eight years, driven by the so-called silver economy serving senior citizens and growth in the Greater Bay Area , industry experts said on Tuesday. Gross insurance premium in the city may jump to US$127 billion by 2032 from last year's US$82 billion, said Steve Finch, Manulife Financial's Asia president, citing industry forecasts. That growth is enabled by the 'depth and sophistication of Hong Kong's insurance sector, making it a centre of excellence', especially as integration between the city and the broader bay area continues to increase, Finch said during the 2025 China Conference organised by the Post The upbeat forecast underscores why Manulife (International), the Hong Kong and Macau pension unit of Canada's largest insurer, is betting on Hong Kong as it prepares to redomicile from Bermuda in November. The Toronto-headquartered insurer already gets 44 per cent of its earnings from Asia, with the region's contribution projected to reach 50 per cent by 2027. Steve Finch, president and CEO of Manulife Asia, speaks at SCMP's 2025 China Conference on July 8, 2025. Photo: Eugene Lee Another reason for Manulife's optimism is the bay area – a cluster of 11 cities around southern China's Guangdong province, including Hong Kong and Macau, that has a combined economy of almost US$2 trillion. Only 3.5 per cent of the total population of 86 million people in the region has health and life insurance, much lower than the 18 per cent in Hong Kong, providing ample opportunity for growth, Finch said. Insurers are already reporting robust sales in Hong Kong, with new life policies jumping 21.4 per cent last year to a record HK$219.8 billion (US$28.34 billion). One in four policies, or 28.6 per cent, was bought by mainland residents visiting the city, according to data from the Insurance Authority (IA).
CNA
17-06-2025
- Business
- CNA
Singapore's Perennial among those seeking to bank on China's silver economy
As China seeks to quickly address the fast-growing healthcare needs of its ageing population, this has presented opportunities for the private sector and foreign investors. Singapore real estate and healthcare firm Perennial Holdings has opened the first private tertiary general hospital in China to be wholly owned by a foreign company. Perennial also has a 3.5 million square feet site, about the size of 40 football fields, which combines eldercare facilities, hotels and a medical cluster. China's silver economy is touted to exceed US$4 trillion by 2035. Lauren Ong reports.
South China Morning Post
17-06-2025
- Business
- South China Morning Post
Hong Kong businesses, social groups create platform to plan for ‘silver economy'
Hong Kong businesses, social groups, a major bank and a think tank have jointly set up a platform to devise initiatives to make the city more elderly-friendly through the nurturing of a 'silver economy'. Advertisement The Alliance of Silver Economy Development was launched on Tuesday and aims to encourage collaboration between companies and social organisations. Alliance convenor and lawmaker Chan Hok-fung said local stakeholders had yet to come together to align and implement silver economy strategies, with the new platform aiming to connect all the sectors involved. 'Working with organisations such as Our Hong Kong Foundation, which focuses on research, while the alliance helps unite different stakeholders and initiate concrete and on-the-ground actions, could help push the silver economy,' he said after signing a collaboration memorandum with the foundation. The alliance features representatives from various sectors, such as the Bank of China (Hong Kong), the Hong Kong Council of Social Service, the Hong Kong Federation of Restaurants and Related Trades, the Our Hong Kong Foundation think tank and several lawmakers. Advertisement Government data showed the spending of people aged 60 and above reached HK$342 billion (US$43.6 billion) in 2024, accounting for 11 per cent of the city's gross domestic product, with the figure expected to rise. Ryan Ip Man-ki, vice-president of Our Hong Kong Foundation's Public Policy Institute, said the think tank expected more aggressive growth than the government's prediction that such spending would reach HK$496 billion in 2034.
South China Morning Post
15-06-2025
- Health
- South China Morning Post
Silver economy far from enough for rapidly ageing Hong Kong
By 2046, an estimated 36 per cent of Hong Kong's population will be over 65 . The Hong Kong government has announced 30 measures to promote the silver economy . While targeting the consumption power of the elderly may provide a much-needed boost to the economy, it is far from a solution to the mounting challenges posed by our rapidly ageing society. Advertisement As a carer for two wheelchair-bound parents, I face daily struggles that underscore the urgent need for a more comprehensive approach to ageing. These struggles are not unique to me but reflect systemic gaps that demand immediate attention. Other cities and countries have tackled these issues with foresight and innovation, and Hong Kong has much to learn from their successes. Hong Kong is far from being a wheelchair-friendly city . Stairways, kerbs and narrow pathways make navigating urban spaces a daily ordeal for those with mobility challenges and their carers. Singapore, by contrast, was recognised as one of 10 most accessible cities in the world in a 2022 travel survey. Compared to Hong Kong's barrier-free access manual, Singapore's barrier-free accessibility code seems to place a stronger emphasis on universal design principles, seamless connectivity between indoor and outdoor spaces, and the incorporation of assistive technologies as part of its smart city initiatives. In Hong Kong, the health system also poses significant barriers. Elderly people often require regular medical appointments for chronic conditions, but they face a stark choice between expensive private care and long waits for public services. Outside regular clinic hours, the only option for most people is the overcrowded accident and emergency departments of public hospitals. Elderly patients at the Accident and Emergency Department of Queen Elizabeth Hospital in Yau Ma Tei during a flu alert on January 11. Photo: Nora Tam Hong Kong needs to embrace teleconsultations at scale to improve healthcare accessibility. In Asia, Singapore has mainstreamed telehealth in both public and private healthcare systems.
