Secretary for Labour & Welfare Matthew Cheung says the Government has begun a study on the sustainability of the three pillars of the economic security system for elders - retirement saving, a social security net and voluntary pension schemes.

Speaking at public events to celebrate Senior Citizens' Day's 30th anniversary today, Mr Cheung said it is the Government's responsibility to provide timely assistance and services to seniors in need.

"But, at the same time, we should consider carefully if the community could cope in the long term in face of an ageing population. We should also ensure that our non-contributory social security and welfare system which is based on a simple tax regime is sustainable."

He called on all sectors of the community to put their heads together on the way forward in this issue.

Old age allowance to rise

He said measures are in place for elders in need. Singleton elders on Comprehensive Social Security Allowance receive a monthly average of $3,600.

"It is expected that the increased Old Age Allowance rate of $1,000 will be disbursed before the Lunar New Year early next year to express our gratitude to 470,000 recipients.

"The increase will incur an additional annual expenditure of about $2 billion. This clearly demonstrates the Government's commitment to the wellbeing of our elderly."