Editorial | Hong Kong faces challenges of a longer lifespan
- The advice for people to buy a lifelong annuity is well-intentioned but is suited only for those who already have considerable savings; others will have to rely on the government
Living to 100 years old may seem unthinkable to many. Just as inconceivable is to continue working beyond the age of 70. But this is what the welfare minister is telling Hongkongers to get prepared for. And the solution, he said, was to go for the lifelong public annuity scheme for a stable income after retirement.
Commenting on the recent census data on mortality trends, Secretary for Labour and Welfare Law Chi-kwong said there could be more centenarians in future.
Figures showed that life expectancies for males and females had substantially improved from 74.1 years and 79.4 years respectively in 1986 to 82.9 years and 88 years by 2020. Assuming the death rates continued to improve, he said babies born last year could live up to 100 years old.
“It would be highly unlikely that they could retire at the age of 70,” he added.
That people around the world are expected to live and work longer is a phenomenon to be reckoned with. But the public could be excused for feeling unimpressed by Law’s advice. Many workers are struggling to lead a decent life at present, let alone planning for the future.