Remarks by SLW at media session regarding adjustment of Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities
The Secretary for Labour and Welfare, Mr Chris Sun, met the media today (March 23), regarding the adjustment of the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities ($2 Scheme). Following are Mr Sun's remarks at the media session:
Reporter: Good afternoon. Firstly, how would you assess the monetary impacts on the Government for the revised policy and the impact on beneficiaries who might have to take more expensive or longer routes after the policy takes effect? And secondly, any concrete timetable on when to review the policy and roll out the second phase, which would be the cap on the 240 trips per month? Thank you.
Secretary for Labour and Welfare: Thank you for your questions. The estimated annual savings arising from the new measure will be around $550 million, so as to save the public monies by putting in place a new measure. If you look at the number of transport routes that will be affected, it will be around 40 per cent. Currently, if you look at the number of routes taking into account all modes of transport, around 60 per cent of them have fares of $10 or below. That means about 40 per cent will be over $10. We will step up our promotion and publicity to put across all the messages to our elderly people and the disabled to make sure that they are fully informed about the new measure.
Of course, when we roll out the new measure, we will keep a very close watch over usage patterns and also all relevant statistics. I am going to share it with the public from time to time. We will also look at what is needed to make sure that all those elderly people and the disabled are fully informed about the new measure. To put it simply, the process is very simple because they do not have to apply. They do not need to do anything by themselves. What they need to know is just look at the fare. If it is $10 or below, no change. It will be $2. If it is over $10, that means they have to pay 20 per cent of the adult fare, and the rest of the 80 per cent will be fully borne by the government. Thank you very much.
(Please also refer to the Chinese portion of the remarks.)
The Secretary for Labour and Welfare, Mr Chris Sun, Photo source: reference image
FSTB welcomes Manulife (International) Limited's further expansion of investment and commitment in Hong Kong
The Financial Services and the Treasury Bureau (FSTB) extended its warm welcome to Manulife (International) Limited today (March 23) for its plan to expand investment and operation in Hong Kong, following its re-domiciliation to Hong Kong last December. The plan includes the further increase in AI investment and posting its Chief Artificial Intelligence Officer, Asia, to Hong Kong, fully demonstrating its unwavering confidence in Hong Kong as an international financial centre and a hub for AI development.
The Financial Services and the Treasury Bureau (FSTB), Photo source: reference image
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Manulife's AI investment expansion plan will help drive digital transformation and innovation application in the insurance industry, showcasing Hong Kong's regional leadership in the 'finance + AI' field. The FSTB will continue to work closely with regulators and the industry to actively encourage financial institutions to adopt AI in a responsible manner, continuously optimise the regulatory regime, promote the deep integration of AI and the financial sector, and help Hong Kong seize opportunities from the global technology revolution for further consolidation of its status as an international financial centre.
"During my visit to Canada in May last year, I personally showcased to Manulife's senior management the unique advantages of Hong Kong, bringing about the fruitful outcome of the company becoming the first insurance company re-domiciled to Hong Kong in December 2025 upon the implementation of the company re-domiciliation regime. Following the re-domiciliation, Manulife's posting of a key senior position related to AI to Hong Kong, coupled with plans to enhance investment in AI research, development and application, reaffirms the city's strategic importance within the group's global business portfolio and will surely inject new momentum into the local fintech ecosystem."
Mr Hui added, "The series of major initiatives of expansion of investment and operation in Hong Kong pursued by Manulife underscore not only the advantageous business environment of Hong Kong but also the persistent efforts by different parties. I would like to thank colleagues from our Bureau, the Companies Registry, the Insurance Authority and others for their continuous hard work in building a favourable environment for the insurance industry to develop. My gratitude also goes to the insurance sector for always maintaining a high professional standard, which makes the investment environment in Hong Kong even more attractive."
AI is a core engine for promoting the high-quality development of Hong Kong's financial sector. The 2026-27 Budget explicitly proposes building a complete ecosystem conducive to AI applications, and the FSTB's Policy Statement on Responsible Application of Artificial Intelligence in the Financial Market, issued in October 2024, articulates a "dual-track parallel" policy approach: promoting the safe and responsible application of AI by financial institutions, while emphasising the importance of cybersecurity, data privacy protection, and intellectual property protection, providing solid policy support for AI investment plans by institutions like Manulife.
The Government and regulator have made notable achievements in attracting investment for the insurance industry in recent years. Apart from Manulife's successful re-domiciliation and its plan to expand investment and operation in Hong Kong, the Insurance Authority also announced on March 3 the grant of authorisation to the captive insurer set up in Hong Kong by the China National Nuclear Corporation, reflecting Hong Kong's attractiveness to local and overseas enterprises as a hub for captive insurance in Asia. There are currently seven captive insurers in Hong Kong.
Manulife (International) Limited, Photo source: the official website of Manulife
