More incentives needed to keep elderly Hongkongers in workforce amid growing poverty: experts

They point to raft of policies and incentives in Singapore and Japan aimed at keeping older residents working

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The charity noted worsening circumstances among older residents, with more than 580,000 people aged 65 and above living under the poverty line, up by 42.9 per cent from 2019.Photo: Edmond So

Published: 8:30am, 4 Oct 2024Updated: 9:44am, 4 Oct 2024

Hong Kong needs more incentives to keep older residents in the workforce to tackle growing poverty among the elderly, experts have said, pointing to the experiences of Singapore and Japan where grants and laws are in place to encourage employers to keep seniors working beyond retirement age.

They said policies to incentivise businesses to employ elderly staff and encourage older residents to continue working were crucial for an ageing society such as Hong Kong.

The calls were made after a report released by the local branch of an international charity on Wednesday put the spotlight on the city’s widening wealth inequality with a highlight on impoverished elderly.

“Hong Kong is facing worsening population ageing with a labour shortage and a low labour force participation rate,” labour sector lawmaker Chau Siu-chung said.

“We urge the government to step up support and encourage employment among the elderly to tackle the greying population and help lift older residents out of poverty.”

Oxfam Hong Kong revealed that more than 1.39 million people were living in poverty in the first quarter of this year, a rate of 20.2 per cent, up from 19.5 per cent last year and 18.3 per cent in 2019.