Key facts
- Hong Kong elderly welfare recipients retiring in Guangdong and Fujian can have cash assistance sent to mainland Chinese bank accounts from July.
- The service aims to facilitate easier access to allowances for retirees.
- Payments covered include Comprehensive Social Security Assistance (CSSA) and Old Age Allowances.
- Memorandums of understanding were signed with Bank of China (Hong Kong) and Industrial and Commercial Bank of China (Asia).
Hong Kong is set to launch a new service in July that will allow elderly welfare recipients living in mainland China's Guangdong and Fujian provinces to have their cash assistance directly deposited into their mainland bank accounts. Chief Executive John Lee Ka-chiu announced the initiative, stating it would "further facilitate the elderly in receiving their allowances for a more secure retired life."
The measure, first announced in last year's policy address, involves memorandums of understanding signed in November between the Social Welfare Department and two major banks: Bank of China (Hong Kong) and Industrial and Commercial Bank of China (Asia). This arrangement will enable Hong Kong's elderly residents who have retired in Guangdong and Fujian to receive portable cash assistance directly into their accounts with these banks.