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Saturday, Feb 04, 2023

Hong Kong sees 3.7pc increase in social security payments

Hong Kong sees 3.7pc increase in social security payments

The Social Welfare Department on Friday announced a 3.7 percent increase in the city’s social security payments.
The department said the standard payment rates under the Comprehensive Social Security Assistance Scheme and the rates of allowances under the Social Security Allowance Scheme, namely Old Age Allowance, Old Age Living Allowance, and Disability Allowance, will be adjusted upwards by 3.7 percent from February 1.

The adjustment will benefit around 1.5 million people, incurring an additional expenditure of around HK$2.262 billion per year.

The department also noted that in accordance with the established mechanism, the government will adjust the maximum rent allowance under the CSSA Scheme taking into account the year-on-year rate of change of the Consumer Price Index (A) rent index for private housing.

“While the maximum rent allowance should be reduced correspondingly from February 1 this year in accordance with the relevant mechanism, we are mindful that the evolving epidemic, challenging economic conditions and uncertain external environment would weigh on Hong Kong's economic growth in the near term. CSSA recipients will continue to be one of the most economically vulnerable groups amid such uncertainties. In this connection, the Government will maintain the maximum rent allowance at the current levels." A department statement wrote.
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