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sh33pymd

Hong Kong Budget 2020: HK$10,000 cash handouts for all adult permanent residents among raft of relief measures

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Source: HKFP/SCMP/On.cc

Edited by sh33pymd@asianeu.net/forums/

bkn-20200226112100611-0226_00822_001_01p.jpg?20200226190223

Financial Secretary Paul Chan Mo-po is announcing a huge relief package for Hongkongers. Photo: K.Y. Cheng

Dozens of members from pro-democracy groups in Hong Kong protested outside the Legislative Council ahead of the budget speech. Photo: Joanathan Wong

Hong Kong permanent residents aged 18 and above will each receive a cash handout of HK$10,000 (US$1,200) in a HK$120 billion (US$15 billion) relief deal rolled out by the government to ease the burden on individuals and companies, while saving jobs.

Financial Secretary Paul Chan Mo-po confirmed an earlier Post report when he unveiled the payment during his budget speech on Wednesday morning, along with a full guarantee on loans taken out by companies to pay wages and taxes. He has been under intense pressure from lawmakers to dip into the government's large fiscal reserves of about HK$1.1 trillion to help the city ride out the economic slump. The economy has been battered by the 

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, sparked by the now-withdrawn extradition bill. The relief package of HK$120 billion doubles last year’s sum.

KEY MEASURES

  • Every Hong Kong permanent resident aged above 18 will receive HK$10,000 in cash, while the government also offers 100 per cent guarantee to Hong Kong companies taking low interest loans
  • Individuals will receive rebates in salary and property tax, other government fees and a month of lower public housing rent
  • The monthly allowance for low income families will be doubled and fees waived for public examinations to get into universities
  • Lower profit tax for companies, government rents and rates to be reduced, electricity bills will be subsidised
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that is a good news for hong kong people. it is probably because hong kong is so rich and have a lot of money. they have done similar thing before.

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It is time to help Hongkongers after so many things happened to the city.

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