Chief Secretary Carrie Lam says the 2016-17 Budget strikes a pragmatic balance between maintaining fiscal prudence and addressing the needs of the public.
Speaking to the media today, Mrs Lam reiterated that this term of the Government is committed to promoting the welfare of the elderly and the disadvantaged.
She noted that recurrent expenditure on welfare in the 2016-17 Budget will grow by 13.4% to $66.2 billion, and will account for 19% of total recurrent expenditure.
She welcomed Budget initiatives like the Silver Bond and increasing tax allowances for maintaining a dependent parent or grandparent, which match with the Government’s rationale of caring the elderly.
