Two elderly living allowance schemes will be merged, allowing all eligible people aged 65 or above to get HK$3,815 a month.
There are two types of Old Age Living Allowance in the existing welfare mechanism, and they will be merged in the second half of next year, Chief Executive Carrie Lam said.
"More lenient asset limits of the Normal Old Age Living Allowance will be adopted across the board, and eligible applicants will receive payment at the Higher Old Age Living Allowance rate," Lam said.
The allowance schemes provide a monthly allowance for local elderly people aged 65 or above that need financial support.
The normal allowance is HK$2,845. The asset limit for a single person applying for it is HK$365,000.
The higher allowance is HK$3,815, while the asset limit for a single applicant is HK$159,000.
The government also endeavored to lower the management cost of the Mandatory Provident Fund by implementing the eMPF Platform at full steam, and have the government pay MPF contributions for low-income workers.
