Last
February 2021, as part of the 2021 fiscal budget of Hong Kong, the government
announced a distribution of HK$5,000 (US$645) to all residents and new arrivals
18 years old and above. A measure that would benefit some 7.2 million residents
and would cost the government about HK$36 billion.
Photo courtesy of www.thestandard.com.hk
The handouts will be in the form of electronic spending coupons, to be distributed in stages of HK$1,000 per month, thru existing e-payment tools licensed by the Hong Kong Monetary Authority. Primary among those e-payment operators that the government may tap are Octopus, Alipay and PayMe. The measure aims to invigorate spending and boost consumer confidence, alleviating the impact of Covid-19 pandemic, that has seen a 6.1% decline in the economy.
It would also incentivize small and medium-sized merchants to install e-payment terminals in their establishments for them to benefit from the consumer activity the scheme would produce.
The government chose electronic payment for security and swiftness, after 80% of the applicants from last year's HK$10,000 handouts were made online.
As of
this writing, the application guideline and where to apply for the e-vouchers
has yet to be announced. However, it is eagerly anticipated by all, especially
those that did not qualify from last year's handouts.
Related
Government Link: Consumption
vouchers set
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