As public resources are limited, they should be spent on people who need help most.
Speaking at the television panel discussion forum for his 2017 Policy Address tonight, Chief Executive CY Leung said financing sustainability is essential for retirement protection.
He said total expenditure on social welfare has increased 55% in the past five years, with a major portion spent on the elderly, such as the old age living allowance and elderly healthcare.
Mr Leung said he is against the idea of using public money to give protection to people who can afford to support themselves.
The Policy Address proposes providing a higher monthly allowance per person under the allowance for eligible elderly in more financial need and to relax the asset limits for the allowance.
On the problems faced by Hong Kong’s young generation, he said many young people are worried about their career paths and whether they can put what they have learned in school to use.
The Government has adopted a multi-pronged approach in addressing their problems including boosting development in innovation and technology, Mr Leung said.
