HK introduces 30 measures to boost silver economy

Dining discounts and specially-designed soft meals are among the 30 measures to be rolled out to boost spending among Hong Kong’s rapidly growing elderly population, Deputy Chief Secretary for Administration Cheuk Wing-hing announced.

Cheuk, who chairs the Working Group on Promoting Silver Economy, noted the initiative also includes the certification of senior-friendly products, helping businesses market them effectively, and improving financial protections for older residents.

With seniors projected to make up over 35 percent of the city’s population by 2043, he highlighted the initiative’s role in energizing the local economy while developing better products and services tailored for the elderly at a press conference yesterday.

Commerce Secretary Algernon Yau Ying-wah, the working group’s vice-chair, said the measures will encourage businesses to better understand elderly needs. Policies include free admission for seniors and exclusive elderly discounts at retail fairs.

By the third quarter of this year, the government will partner with over 100 restaurants to provide senior-friendly dining options and meal concessions.

It will also work with major catering chains and the Hong Kong Council of Social Service to promote soft meals tailored for people who have trouble chewing and swallowing.

As for developing the silver industry, Yau indicated plans to actively foster a robust gerontechnology ecosystem, including accelerating the commercialization of research breakthroughs and expanding household adoption of age-friendly technologies.

To promote quality assurance of silver products, he expected the Hong Kong-developed “Care Food Standard” to be included as the first silver economy benchmark in the “Guangdong-Hong Kong-Macao Greater Bay Area Standards” before year-end.

The authority will also enhance the promotion of “HKMC Retire 3,” which covers the Reverse Mortgage Programme (RMP), and will further develop the local annuity market while strengthening financial management and anti-fraud education for the elderly.

Under Secretary for Labour and Welfare Ho Kai-ming stated that around 60 specialized job fairs for middle-aged and elderly job seekers will be held this year as part of efforts to unleash silver productivity.

Meanwhile, the Mandatory Provident Fund Schemes Authority welcomed the measures and stated it will actively promote education programs for older investors.

(Cheng Wong)