An ageing population
·
Some Members have indicated that they would prefer to consider the MPF Bill at a more sedate pace. Some other Members have said that the Bill should be considered together with the subsidiary legislation. They believe therefore that discussion should be deferred until the next legislative session. Let me remind them that time is not on our side. As in many other parts of the world, the elderly in Hong Kong are living longer and forming an increasingly larger percentage of the population. For example, in 1991, life expectancy at birth was 74,9 years for males and 80.5 years for females, while life expectancy at 65 is 15.4 years for males and 19.0 years for females. The estimated number of persons aged 65 or above will increase from the present 560,000 to 1 million in the year 2016, and 1.9 million twenty years after that. Expenditure on CSSA payments to the elderly aged 60 or above continues to increase from $1,564 million in 1993/94 to $2,193 million in 1994/95, and a projected level of $2,778 million in 1995/96. Unless we make sensible advance provision, now, for these people, we will be faced with a considerable and ever- growing welfare burden. We cannot afford to wait any longer.
The MPF will ensure that the workforce will have financial security in their old age, and thus reduce the numbers who may potentially fall into the welfare net. Members will realise that by the year 2036, when nearly 20% of the HK SAR population will be 65 or over, the first batch of the youngest group of MPF contributors will be reaching retirement age.
Support from LegCo
One last point on the need for early enactment of the Bill. May I remind this Council that just four and a half months ago, on 8 March debate, Members voted in favour of the motion "That this Council urges Government to introduce as expeditiously as possible a mandatory, privately managed occupational retirement protection system with provision for the preservation and portability of benefits." In our efforts to enact the MPF Schemes Bill during the current legislative session, we are acting in accordance with Members' wishes.