Hong Kong has, by many measurements, the highest income disparity of any developed economy worldwide and of comparable Asian cities. The United We see ageing as a personal and private issue: irreversible changes to our lives due to declining health or income. That is why sensible individuals try to plan and save for old age, and caring families aim to look after their elderly.

Yet we must also accept that ageing is a community issue: a demographic trend in which older people form a growing proportion of the population. This has major consequences and implications for policy and for our lives. In economic terms, an ageing population will affect growth, labour markets, pensions, taxation, inter-generational transfers as well as consumption and savings patterns. In social terms, it will affect family composition and living arrangements, the frequency and type of diseases that occur in the population and the need for long-term health and social care.

Hong Kong is projected to have 8.89 million people by 2039, and the elderly will account for a much larger share of them; the proportion of over-65s will increase from 13 per cent today to 28 per cent during that time. Life expectancy is expected to rise by about four years, from 79.8 to 83.7 years for men and from 86.1 to 90.1 years for women. This means a big shift in the ratio of non-working elderly to the working population, from 171 retirees for every 1,000 workers today to 454 in 2039. 《.....More》