The SUN HK : HK residents to get another $5k in spending vouchers

22 February 2023

FS Paul Chan presenting the new Budget before Legco

Financial Secretary Paul Chan pulled out a welcome surprise for many residents when he unveiled the Budget for the next financial year before the Legislative Council on Wednesday.

He announced that each adult permanent resident will be given $5,000 worth of spending vouchers in two instalments starting in April.

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“Having regard to the current economic situation, people's livelihood and the Government's financial position, I will issue electronic consumption vouchers again this year with a total value of $5,000 to each eligible Hong Kong permanent resident and new arrival aged 18 or above in two instalments,” said Chan.

And for the first time, people who come to Hong Kong on various admission schemes and as foreign students will be given vouchers worth $2,500.

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“In line with the arrangement for last year's scheme, eligible persons who have come to live in Hong Kong through different admission schemes or to study in Hong Kong will receive vouchers in half value, i.e. $2,500 in total,” Chan said.

It would appear from the statement that the only other people who will get the half-share are newly arrived mainland people, apart from foreigners who come here on student visas.

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The full details of the voucher handout will be announced soon.

Meanwhile, the finance chief also announced a series of measures to help ease the financial burden on the needy, like:

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1)       Reducing salaries or personal tax, subject to a ceiling of $6,000
2)      Providing rates concession for domestic properties, but capped at $1,000 per quarter
3)      Providing allowance to eligible social security recipients equal to one half of what they get in a month from their social welfare payouts
4)      Extending the public transport fare subsidy scheme to October 2023

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5)      Paying the examination fees for students taking the 2024 HKDSE
6)      Granting $1,000 subsidy to each eligible residential electricity account
7)      Increasing the basic child allowance and additional child allowance born during the year of assessment from $120,000 to $130,000

There was, however, no tax credit given to employers of foreign domestic helper, contrary to what had been reported in some media outlets earlier. Various lawmakers had endorsed the idea of giving financial support to employers by as much as $60,000, but the government obviously did not find it justified.