Attention TV/radio announcers: Please broadcast the following as soon as possible and repeat it at regular intervals: Here is an item of interest to swimmers. The Leisure and Cultural Serv… read more
Following is the speech by the Financial Secretary, Mr Paul Chan, at the 17th Asia Pacific Life Insurance Congress 2019 Hong Kong today (May 30):
Ms Lee (President of the Life Underwriters Association of Hong Kong, Ms Maggie Lee) , Mr Witayaweerasak (Chairman of the Asia Pacific Financial Services Association, Mr Banyong Witayaweerasak) , Mr Cheng (Chairman of the Asia Pacific Life Insurance Congress, Mr Henry Cheng), distinguished guests, ladies and gentlemen,
Good morning.
I’m pleased to join you today for the opening of the Asia Pacific Life Insurance Congress. This is the 17th edition of the Congress, and the second time it is held here in Hong Kong, Asia’s insurance capital.
I understand that some 10 000 of you are here for this much anticipated biennial event – the region’s largest gathering of life insurance professionals, financial advisors, and other industry practitioners and stakeholders.
You are in the right place as Hong Kong is surely the place to be when it comes to financial services. Earlier this year, the Global Financial Centres Index placed Hong Kong as the world’s third most competitive financial services centre, just behind New York and London.
And, earlier this month, Hong Kong was named the world’s most open economy in the Legatum Institute’s inaugural “Global Index of Economic Openness”. The London-based Institute examined the economic systems of nearly 160 economies, measuring how well each enables trade, competition and productivity. No one does it better than Hong Kong.
Our financial services sector accounts for about 18 per cent of Hong Kong’s GDP. And, let me add, our life insurance business is a critical component of that.
Much more than a business, life insurance helps enable the financial, and emotional, well-being of individuals.
To that end, the Hong Kong SAR Government is also working to better the retirement lives of our citizens.
Last month, we introduced a policy allowing tax deductions for qualifying deferred annuity payments as well as voluntary contributions to mandatory provident fund schemes.
Through this policy, we hope to encourage our working population to make early retirement savings, to cope with the financial risks that longevity can bring. Longevity is part of Hong Kong’s future. Indeed, our 65-and-over population is projected to more than double in the next 20 years.
We expect the new policy to raise retirement planning awareness, which can in turn expanding retirement planning. And that can also benefit the insurance industry as a whole.
The Government is committed to making life better for the people of Hong Kong at every stage of their lives. And I look forward to working with the life insurance sector to achieve that goal.
My thanks to the Asia Pacific Financial Services Association and the Life Underwriters Association of Hong Kong for jointly organising the Congress here in Hong Kong, where the world gathers to connect and excel.
I wish you all the best of business at the Congress and an enjoyable stay in Hong Kong, Asia’s world city. Thank you.
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The Social Welfare Department (SWD) today (May 30) invited eligible elderly persons to apply for the fifth batch of vouchers under the Pilot Scheme on Residential Care Service Voucher (RCSV) for the Elderly.
A spokesman for the SWD said that elderly persons who have been assessed as moderately impaired under the SWD’s Standardised Care Need Assessment Mechanism for Elderly Services and wait-listed for care-and-attention (C&A) places under the Central Waiting List (CWL) for Subsidised Long Term Care Services for the Elderly with application dates on or before the end of December 2018 (not including those who are holding or have utilised RCSVs, those whose status on the CWL is “inactive” or those who are offered subsidised placement) are eligible to apply for the fifth batch of RCSVs. Letters will be sent to the elderly persons concerned to invite them to join the Pilot Scheme. The closing date for applications is June 27. Successful applicants will be issued with RCSVs from the end of July onwards.
The spokesman said, “Adopting the ‘money-following-the-user’ principle, the Scheme provides an additional choice for elderly persons in need of residential care service by allowing them to choose the residential care homes for the elderly (RCHEs), from among the eligible RCHEs under the Pilot Scheme, that suit their needs. The Pilot Scheme has been implemented in three phases which were launched in March 2017, September 2017 and September 2018.”
Currently, there are a total of 106 RCHEs participating as Recognised Service Providers (RSPs) in different phases offering beds which accept RCSV holders. The RSPs include subvented homes, contract homes and self-financing homes providing non-subsidised residential care places for the elderly as well as private RCHEs which meet the requirements. Such requirements include meeting the space standard and staffing requirements of EA1 homes under the Enhanced Bought Place Scheme (EBPS). The SWD is now continuing to invite eligible RCHEs to apply for participating in the third phase of the Pilot Scheme as RSPs. It is expected that the numbers of RSPs and residential care places available for RCSV holders would increase gradually.
Under the principle of “users pay in accordance with affordability”, the Pilot Scheme adopts a sliding scale of co-payment at eight levels (Level 0 to Level 7). Elderly persons will be assessed on an individual basis in the means test in which both income and assets are taken into account in determining the co-payment level. The percentages of payment by elderly users range from 0 per cent at the lowest to 75 per cent at the highest. The current voucher value under the Pilot Scheme is $13,287 per month. The voucher value for 2019-20 and the service fee under the co-payment levels will be increased later. The new voucher value and service fee will be announced in due course. The RSP has to provide a “standard service package” under the voucher value for RCSV holders. The scope of the package is comparable to that of subsidised C&A places under the EBPS. Apart from choosing places at voucher value in RSPs, the Pilot Scheme also allows RCSV holders to make top-up payments to purchase enhanced or value-added services.
The spokesman added that the Residential Care Service Voucher Office of the SWD will provide support for RCSV holders, such as regular visits and assistance in switching RSPs when necessary.
For elderly persons who have received invitation letters or for eligible elderly persons as mentioned above, if they or their carers/family members have enquiries about the application for RCSVs, they may contact the aforementioned office on 3107 3280 or 3107 3290. The telephone lines will be operating from 9.30am to 1pm and from 2.30pm to 5pm on Mondays to Fridays, except public holidays.
For details of the Pilot Scheme and the list of RSPs, citizens may visit the SWD website (www.swd.gov.hk). Citizens may also browse the SWD Elderly Information Website (elderlyinfo.swd.gov.hk) to get more details on the manpower and facilities of each of the RSPs. read more
Attention TV/radio announcers: Please broadcast the following as soon as possible and repeat it at regular intervals: The Leisure and Cultural Services Department announced today (May 30… read more
The Education Bureau reminded parents today (May 30) that the results of the Central Allocation for entering Primary One in September this year will be released on Saturday (June 1).
“A total of 27,334 children took part in the Central Allocation for Primary One Admission (POA). Among them, 19,992 children were allocated to schools of their first three choices,” a spokesman for the bureau said.
“Taking into account discretionary places and the number of children allocated to schools of their first three choices, the overall satisfaction rate is 85.2 per cent.”
The Central Allocation of POA is composed of two parts. Ten per cent of the places for the Central Allocation, which are not restricted by school nets, are under Part A and parents may choose up to three schools in any school net. The remaining 90 per cent of the places for the Central Allocation are under Part B and parents are required to select schools in the school net/Choice of Schools List in respect of the applicant child. Of the children allocated places in the Central Allocation, 2,865 are under Part A and 24,469 are under Part B.
Parents who completed a Choice of Schools Form for the Central Allocation on January 26 or January 27 this year are advised to return to the Central Allocation Centre where they submitted their Choice of Schools Forms on Saturday or Sunday (June 1 or June 2) from 9.30am to 12.30pm or 1.30pm to 4.30pm to collect the Primary One Registration Form. They should bring their copy of the Application Form for Admission to Primary One or the Choice of Schools Form for identification purposes.
The Primary One Registration Form will show the name and address of the school to which the children are allocated, together with the dates for registration and some notes for parents. Parents are requested to complete the registration formalities within specified dates, meaning on either next Tuesday (June 4) or next Wednesday (June 5). Registration hours are as follows:
AM schools: 9am to noon
PM schools: 2pm to 5pm
Whole-day schools: 9am to noon and 2pm to 4pm
If parents cannot register their child with the allocated school within the specified dates and time, they must contact the school beforehand to make alternative arrangements, or they will forfeit the place allocated.
Upon registration, the Primary One Registration Form should be surrendered to the school. Parents should note that all places allocated are final. Requests for reallocation will not be entertained.
Should parents decide to give up the place allocated because of special circumstances, such as moving to another school net far from the school allocated, they need not register their child with the school. They are advised to go to the Education Bureau’s School Places Allocation Section, Office 2, 2/F, Manulife Financial Centre, 223 Wai Yip Street, Kwun Tong, Kowloon, to make necessary arrangements. They should bring along the Primary One Registration Form, the original and copies of documents showing proof of the new address, such as a rental contract, rates demand notes, or water or electricity bills bearing the name of the parent or the guardian of the child.
If parents find it necessary to transfer their child to another school after registration, they are strongly advised to obtain an assurance of acceptance from that school before they retrieve the Primary One Registration Form from the original school because retrieval of the registration form means cancellation of the allocated school place.
In the event of inclement weather on the day of announcement of results or on the day(s) designated for registration, parents should listen to announcements on radio and television for special arrangements.
Parents wishing to obtain general information regarding POA procedures can call the 24-hour enquiry service of the Education Bureau at 2891 0088. Further enquiries can be made to the School Places Allocation Section at 2832 7610 (for Hong Kong Island and Islands), 2832 7620 (for Kowloon), 2832 7635 (for New Territories West), 2832 7659 (for New Territories East) and 2832 7700/2832 7740 (for general enquiries) during office hours as well as from 9am to 4.30pm on June 1 and June 2. read more