Hong Kong to send welfare cash to retirees’ mainland Chinese bank accounts from July

Hong Kong will allow elderly welfare recipients retiring in Guangdong and Fujian to have cash assistance directly sent to their mainland Chinese bank accounts from July as part of a much-awaited arrangement, the city’s leader has said.

Chief Executive John Lee Ka-chiu announced the coming scheme launch in a social media post on Wednesday during a visit to Fujian, where he met elderly Hong Kong residents living in the province at a tea party.

He said the new service would “further facilitate the elderly in receiving their allowances for a more secure retired life”.

The measure was announced in last year’s policy address and led to the signing of memorandums of understanding between the Social Welfare Department and the Bank of China (Hong Kong) and the Industrial and Commercial Bank of China (Asia) in November.

Under the arrangement, Hong Kong elderly recipients retiring in Guangdong and Fujian can have their portable cash assistance paid directly into their mainland bank accounts with either of the two banks.

The covered welfare payments include Comprehensive Social Security Assistance (CSSA) under the “Portable CSSA Scheme”, as well as the Old Age Living Allowance and the Old Age Allowance under the Social Security Allowance Scheme’s Guangdong and Fujian measures.