From mid-1970s, Asian societies have experienced unprecedented economic growth, and have invested in the development of their own welfare regimes, which offers support to the individual even though public funding is limited. Welfare development received growing attention in Asia. The financial crisis that began in 1997 signified a drastic change in the policy context. The future of Asian economy and employment is bleak, and governments must face the risk of shrinking public resources in response to increasing social demands. The paper discussed the risks of our welfare system, and the weaknesses of public sector, community and private welfare in meeting these increasing social demands after the financial crisis, as observed in Hong Kong and other Asian societies. Although work income and occupational welfare will still be the primary protection systems of individuals and families, partly due to the dominance of neo-liberalism in the global economy and the free market system in this region. However, given the possibility of increasing vulnerability to unemployment in the future, it is also necessary to install a stronger collective system of social security and policies to pool resources together to share the risks. Of course, these initiatives will require a redefinition of the notion of citizenship and the contract that exist among individuals, and between the state and its citizens.