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Universal retirement protection: Not good for elderly, Yan Oi Tong CEO

出自香港新聞網 - 樹仁新傳系學生實習習作

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Instead of "not good for elderly", it should be not good for Hong Kong as a whole. Why? Because it's got to be good for the elderly, but Hong Kong just couldn't afford it, according to Lu. Europe does not have a sovereign debt crisis because the EU, which includes England, has a central bank but the Euro zone countries doesn't have one. It just has a Euro crisis. You quoted Lu as saying "he did not hope that it would be a tough guide for charities to follow" but why would he say that? Lu told us about the story of how Yan Oi Tong initiated the idea of promoting environmental awareness through the "students environmental ambassadors" program, a rather avant-garde concept in those days that Lu fears would have been squashed today if the law is too strict.)


Universal retirement protection: Not good for elderly, Yan Oi Tong CEO--105065 2013年3月12日 (二) 17:29 (UTC)

Parran Lau

(12 March 2013) The chief executive officer of Yan Oi Tong said the proposal of the implementation of universal retirement protection was not a right way to improve the condition of retirement life in Hong Kong.

"A small city of Hong Kong with limited tax revenue cannot support the costs of whole protection scheme," said Lu Tak Ming, the CEO.

He cited the European sovereign debt crisis happening right now as an example to prove that many societies suffered from the huge burden of retirement protection. Lu said the debt crisis was further worsened as more and more citizens there requested for the protection from the government, increasing the burden of the countries, especially in those small countries like Spain and Portugal.

Lu said all sectors of Hong Kong should think whether the proposal was the only way to handle the problem of elderly welfare as he pointed out that there was no such kind of plan in the U.K. on the U.S.

Regarding to the proposal of introducing the Charity Law, Lu agreed to the legislation of the law because charitable organizations with varying in quality were intermingled in Hong Kong.

“Some organizations took a liking to the caring hearts of Hong Kong citizens and cheated them for money,” he said. “Licenses for some types of event like charity selling were also not required.”

Lu said there was a need for Hong Kong to set the Charity Law but he did not hope that it would be a tough guide for charities to follow.

The Law Reform Commission of Hong Kong published a consultation paper of the Charity Law in June 2011 so as to monitor charitable organizations.

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